Why does my account need to be verified?
Since Koinal serves in the payment process, it is subject to the compliance rules & regulations. In addition, user verification history on the exchange platform where the user account is held is independent of Koinal's responsibilities. All the required security checks are to be completed regarding the volume & type of financial transaction.
On the other hand, these checks will provide a safer purchasing experience for all the Koinal users as well.
As users continue on transacting, they may be requested for sending their verification documents such as a national ID Card, passport, or driver's license. Depending on the case, additional documents may be requested such as proof of address or source of funds.
What type of documents are requested?
You will be requested to submit proof of identity and proof of address. In accordance with the conditions, your purchasing history, and other requirements, you might be asked to submit other documents as well; i.e., a selfie holding up your ID, ...
How can I upload my verification document afterwards?
Since your order is still on KYC_Waiting status, we are still waiting for your document uploads, and your ID verification process has not been started yet. Please upload your documents for your existing order by following the steps below: 1. Click ...
Is Koinal subject to the regulations of the Financial Conduct Authority?
SG Veteris Ltd. has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a crypto asset business until 9 July 2021, pending the determination of our ...
Format & size limits of uploaded KYC verification documents?
Please upload your documents in one of the following file formats: PDF / JPG / JPEG / PNG In addition, please keep in mind that the maximum size limit per file is 5Mb. In other words, each document you upload can be up to 5 MB. In case you ...
What is KYC?
The 'Know Your Customer' (KYC) is an obligatory verification process in financial services. It requires users to verify their identity, location, etc., and prove they are competent to use the financial services offered. KYC process is an important ...