KYC

KYC stands for Know Your Customer. This is a procedure for identifying traders. Depending on the platform, KYC might include different verification steps. The term “KYC” came to the crypto industry from exchange trading and banking. The identification procedure is beneficial both for the platform and for the user who carries out transactions.

The KYC procedure is necessary to prevent fraudulent activities, money laundering and terrorist financing. To pass KYC, the user needs to provide some of his/her data so that the company that makes payments can make sure that the user is not involved in illegal transactions.

What does KYC give to a cryptocurrency owner?

The KYC ensures the safety of the user and the platform on which he/she is authenticated. If the exchange requires the KYC, you can be sure that it operates in the legal field. Usually, to push users to pass KYC, the crypto exchanges limit the number of financial transactions, trading volume or amounts for deposit and withdrawal. Passing KYC you provide additional security for your funds. Because for interaction with you, the attacker will meet the limits due to the lack of verification. Also, in case of loss of your funds from the exchange, you can count on their refund. Thus, passing KYC is beneficial for the exchange and the traders who trade on it.

KYC policy levels

You might face several levels of KYC requirements.

  1. No KYC. Some platforms don’t require KYC but might use additional restrictions or conditions. For example, on Bitcoin Global, you don’t need to pass the KYC, but some traders might ask you for identification documents to complete the transaction.
  2. Basic procedure. Includes verification of part of the documents and opens part of the exchange functionality.
  3. Full procedure. In this case, you provide a full package of required documents and all restrictions on the input, output and conduct of transactions are removed from you.

Levels of passing KYC

We can define KYC levels by the amount of data provision. Usually, each level opens up new opportunities for the trader to work with the platform.

  1. Level 0: email address verification. To do this, you need to follow the link sent by email. This will confirm that the email address you provided exists and is active.
  2. Level 1: basic information. At this stage, the user needs to provide his full name, date of birth and phone number.
  3. Level 2: identity verification. To pass this level, you need to provide documents confirming that you are you. This is usually a passport, driver's license or another identity document. Most often, you need to take a photo with your document so that you can see your face and the details in the document.
  4. Level 3: address. At this level, you need to provide information about your location. Usually, this is a receipt for utility bills or communication services or an extract from a bank or card account with a bank seal.

Does Bitcoin Global require KYC?

Our platform doesn’t require KYC verification, so you can quickly and conveniently exchange fiat and cryptocurrencies. Each trader establishes the exchange rules and documents that the seller/buyer must provide. We check the profiles of some users and mark them with the “Trusted user” icon. This means that the user has passed our verification and has confirmed liquidity. If you would like to become a “Trusted user”, write to us at [email protected]

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