Before anyone starts trading on the Crypto.com exchange platform, he’ll need to verify who he is. When you set up an account, you’ll normally be directed to go through the know-your-customer (KYC) solution.
This is a formal identity verification method that leading exchange platforms require for anyone who wants to buy and sell cryptocurrencies.
What is a KYC solution?
KYC stands for “know your customer” as well as “know your client.” It is the process in which a customer’s identity is confirmed and verified. KYC solution is common with all financial institutions and money services, including banks, stockbrokers, and cryptocurrency exchanges.
One may create a Crypto.com account without passing through the KYC process, but the account will have constraints until verification is done.
The most common restriction is the app simply not allowing you to put in money or buy crypto. Occasionally, it could put a maximum amount of money you’re able to deposit.
How Does KYC work?
Different crypto exchanges handle KYC differently. Here’s the proof you will normally need to provide during the KYC process:
- Your date of birth
- Social Security number
- Your residential address
They will also ask you for a photo of valid government-issued identification. It can be a state ID card, driver’s license, or passport.
Also Read: How to Upgrade Crypto.com Card?
How Long Does Crypto.com Take To Verify?
Crypto.com Verification may take a few minutes to several business hours. After you submit the requested information and a photo of your ID, Crypto.com will use that to verify your identity.
This verification is a delicate process that can take minutes to hours and several business days, depending on how busy the system is, country of application, picture qualities, etc.
Crypto.com Verification Process
Verification with Crypto.com exchange requires an advanced level feature, and once this is done, you will not be asked for details again to transact on the platform.
These features include:
- Crypto deposit on Crypto.com
- Buy and sell of cryptocurrencies
- Crypto withdrawals will have a maximum equivalent to 100 BTC per day.
During the advanced verification process, the following fields are required:
- First and Last name
- Date of Birth(DOB)
- Email address
- Phone number to receive a one-time passcode (OTP)
- ID submission
- A digital photo
Many Crypto.com App users who connect their accounts to the trading platform are left at this verification level. Now, What types of documents are satisfactory for proof of your address verification?
Firstly, for residential address verification proof, one of the following documents bearing your name (granted within 3 months) is accepted:
- A detailed invoice for utilities
- Correspondence from a Government agency
- A statement issued by a bank or any other financial institution.
To capture your documents in an accepted format by Crypto.com, follow this guide:
- Take its full form with all four corners; note that a partial scan of any document is not accepted.
- Take a printed document or a soft copy through your computer screen
- Ensure to keep the document unchanged, except when screening bank account or card numbers.
- Capture the document in portrait mode to confirm the full document is taken. Please do not capture it in landscape mode for any reason.
Also Read: Is Crypto.com FDIC & SIPC Insured?
Crypto.com Process Time
Crypto.com takes 5 minutes to 3 hours to process the withdrawal request. Everyone wants to withdraw from Crypto.com once they’ve gained some cryptocurrency. But how long does the platform take to process your request?
As long as your identity and payment are confirmed and verified on the app, it might take between 5 minutes and 3 hours to get completed.
Crypto.com Sending Verification Code
A one-time pin (OTP) is usually sent to Crypto.com users on verification to confirm their phone number.
But sometimes unexpected errors could occur. see the list below and how to handle them:
1. Incorrect Phone Number or Email Address
Please ensure that you enter the correct phone number or email address.
2. The Email Service Provider may have Blocked the Message from being Delivered
You probably should report his type of notification or treat it as junk information. For SMS, Contact your service provider to stop blocking such information. While for Email, Search in the spam mailbox for the verification message.
3. Your Phone may have Blocked the Verification Message
Check your SMS blocklist. Go to Messaging, click on “blocked,” tap the three-dot menu, and see if the message entered the blocked message list.
4. Poor Network Connection
The verification message may have been delayed due to a poor network on your phone. Please wait for a while or obtain another verification code after the penalty for the previous one is due. If you have reached the limit for verification code requests, try again after 24 hours.
Also Read: How to Set Up Fiat Wallet on Crypto.com?
Can I Use Crypto.com Without Verification?
Yes! You can use the Crypto.com app without verification. Still, Crypto.com Exchange keeps to its agreements with customers.
They need to collect every information necessary to give you the good user experience you deserve.
Users enjoy unlimited access to the app and advanced features only when verified accounts are in place. In other words, it is impossible to enjoy all the Crpto.com exchange offers if your account is not verified.
In a global economy where everything is increasing, financial establishments are more susceptible to fraud.
Know Your Customer (KYC) solutions are formulated to guard this financial institution against money laundering and terrorist financing.
KYC tries to ensure a customer’s identity, recognize the nature of customers’ activities and qualify that the supply of money is authentic, and monitor money laundering threats associated with customers. If crypto exchanges do not do this, they are liable for criminal activities.