Tips for passing cryptocurrency identity verification (KYC). Where cryptocurrencies are concerned, getting your hands on them these days often requires more than just a Bitcoin wallet. With concerns about money laundering and terrorist financing on the rise, many countries have put in place regulations to reduce criminal activity and ensure the safety of users.
The standard practice for cryptocurrency service providers such as Oobit as well as most exchanges out there thus involves a potentially tedious KYC process. KYC stands for “Know Your Customer”, and involves collecting the personal details and verify the actual identity of a customer for due diligence and traceability reasons.
Maintaining trust and security without compromising personal data
With Oobit, we believe that it is possible to align with regulations, support the right to data privacy and ensure that customers have a smooth user experience when being onboarded in the cryptocurrency purchase process. Using cutting edge technologies such as Optical Character Recognition (OCR) and facial liveness detection can help to speed up the process while ensuring user data is kept secure and private at all times, as is implemented in Oobit Pass.
Tips for successfully passing cryptocurrency identity verification (KYC)
We’re not here to just talk about the advantages of Oobit Pass, however. Here are some tips that work across all KYC procedures you may come across when registering for a cryptocurrency exchange or provider:
- Always prepare beforehand when registering for KYC services and platforms. Documents you require are often listed at registration. A common list includes your Driver’s License, Passport, Identity cards, bank statements, proof-of-address and sometimes a recent photograph.
- Don’t use photographs older than 3 to 5 months, as they may be a factor for rejection by some platforms
- Avoid any blur or using an old camera, as any blurriness may impact the assessment quality
- Find a place with good lighting from multiple directions; avoid shadows, hanging lights and taking a picture with backgrounds or non-consistent background colors.
- Avoid wearing any headdress (unless for religious requirements), facial coverings, jewellery or objects that may obscure your face.
- Many exchanges perform checks to ensure you are not submitting somebody else’s documents; this may come in the form of following a set of instructions to take photographs with a certain hand sign or action, recording you in a short video clip or asking you to write a date and name on a piece of paper.
- Make sure your name is filled in correctly in the digital forms including the exact spacing as identified by your identification documents; even a missing space or wrong letter will likely disqualify your KYC submission.
- Ensure that you have a good internet connection when performing the KYC; some services require an always-on connection during the process in order to prevent tampering and malicious activity.
- Check if the service you are submitting with is reputable or is in alignment with GDPR policies before you register; your personal data can be compromised and used in identity theft if you are not careful.
How Oobit Pass can transform your KYC experience
Oobit Pass is a powerful KYC solution that can be integrated with any cryptocurrency service providers. It reduces wait time and delays during submission, secures the data with military-grade encryption and employs advanced OCR and liveness detection technologies to push you through to trading in the shortest time possible.
Best of all, you will only need to do your KYC once, as our technology allows you to re-use your submission to register for multiple different services without compromising your data!
Not supported by your favorite exchange yet? Let them know we are here and interested to work with them – drop them an email, link to our page, and CC us in the email – and we’ll get in touch with them as soon as possible!