Everyone who wants to trade on the Crypto.com exchange platform must first prove his identity. When you create an account, you’ll usually be directed to complete the know-your-customer (KYC) process.
Leading exchange platforms need this sort of formal identification verification for everyone who wants to buy and sell bitcoins.
What is a KYC solution?
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KYC refers to both knowing your customer and knowing your client. It is the process of confirming and verifying a customer’s identification. All financial institutions and money services, including banks, stockbrokers, and cryptocurrency exchanges, use KYC solutions.
A Crypto.com account can be created without going through the KYC process, however the account will be restricted until verification is completed.
The most prevalent restriction is that the software does not allow you to deposit money or purchase cryptocurrency. It may occasionally place a limit on the quantity of money you can deposit.
How Does KYC work?
KYC is handled differently by different crypto exchanges. Throughout the KYC procedure, you will typically be required to produce the following proof:
- Date of your birth
- Social Security number
- Your residential address
They will also want a photograph of a legitimate government-issued ID. A state ID card, a driver’s license, or a passport can all be used.
Also Read: How Can You Update Your Crypto.com Card?
How Long Does Crypto.com Take To Verify?
cryptocurrency.com Verification might take anywhere from a few minutes to several hours. Crypto.com will verify your identity after you submit the requested information and a photo of your ID.
Depending on how busy the system is, the country of application, picture quality, and other factors, this verification can take minutes to hours and several business days.
Crypto.com Verification Process
Verification on the Crypto.com exchange demands an advanced level function, and after you’ve completed it, you won’t be asked for any more information to transact on the site.
These characteristics include:
- Crypto.com accepts cryptocurrency deposits.
- Cryptocurrency purchases and sales
- Bitcoin withdrawals will be limited to a maximum of 100 BTC per day.
The following fields are necessary during the advanced verification process:
- Last and first names
- Nationality
- DOB (Date of Birth)
- Email address
- A one-time passcode (OTP) will be sent to this phone number.)
- ID submission
- A digital photo
Many users of the Crypto.com App who connect their accounts to the trading platform are stuck at this level of verification. What kinds of documents are acceptable as proof of your address verification?
To begin, one of the following documents carrying your name (issued within three months) is recognized as proof of residence address:
- Utility bill with all the details
- Official correspondence from the government
- A bank or other financial institution issues a statement.
Follow this guide to capture your papers in a Crypto.com-acceptable format:
- Take the document in its entirety, including all four corners; a partial scan of any document is not acceptable.
- Take a hard copy or a printed document through your computer screen.
- Except when screening bank account or card numbers, keep the document unmodified.
- To ensure that the entire document is captured, capture it in portrait mode. For whatever reason, do not capture it in landscape mode.
Also Read: Is Crypto.com insured by the FDIC and SIPC?
Crypto.com Process Time
The withdrawal request is processed within 5 minutes to 3 hours on Crypto.com. After gaining some cryptocurrency, everyone wants to withdraw from Crypto.com. Nevertheless, how long does it take the platform to process your request?
It could take anywhere from 5 minutes to 3 hours to complete as long as your identity and payment are confirmed and verified on the app.
Crypto.com Sending Verification Code
On verification, Crypto.com users are usually sent a one-time pin (OTP) to authenticate their phone number.
Nonetheless, unanticipated errors can happen. See the list below for details on how to deal with them:
1. Incorrect Phone Number or Email Address
Please double-check that your phone number or email address is correct.
2. The Email Service Provider may have Blocked the Message from being Delivered
You should probably report or disregard this type of notice. To stop such information from being blocked in SMS, contact your service provider. In the case of email, look for the verification message in the spam folder.
3. Your Phone may have Blocked the Verification Message
Examine your SMS blocking list. Check the blocked message list by going to Messaging, clicking on blocked, then tapping the three-dot menu.
4. Poor Network Connection
Your phone’s network may have caused the verification message to be delayed. Please wait a moment or acquire a new verification code once the old one’s penalty has been paid. If your verification code requests have reached their limit, try again in 24 hours.
Also Read: How Can I Make a Fiat Wallet on Crypto.com?
Can I Use Crypto.com Without Verification?
Yes! You can use the Crypto.com app without having to verify your identity. Notwithstanding this, Crypto.com Exchange honors its customer agreements.
They must gather all relevant information in order to provide you with the excellent user experience you deserve.
Only users with verified credentials have unlimited access to the app and advanced features. In other words, if your account is not verified, you will be unable to take advantage of all of the Crpto.com exchange offers.
Final Thoughts
Financial institutions are more vulnerable to fraud in a global economy where everything is increasing.
To protect this financial institution from money laundering and terrorist funding, Know Your Customer (KYC) solutions have been developed.
KYC aims to verify a customer’s identity, recognize the nature of their activities, verify that the money supply is genuine, and track money laundering risks linked with them. If crypto exchanges do not comply, they risk being held responsible for illicit activity.
