Identity verification, commonly called Know Your Customer (KYC), is the process used by crypto platforms to confirm a customer’s identity before providing access to regulated services. It supports anti-money-laundering requirements, sanctions screening, fraud prevention, and compliance with local financial regulations. Verification commonly requires a government-issued identity document, a selfie or biometric check, proof of address, and basic information about the intended use of the account.
The process varies by jurisdiction and by the services offered. A platform providing trading, card payments, or transfers to bank accounts may require more information than a non-custodial wallet that does not control customer funds. For example, Oobit may require identity verification for regulated payment and account services, while a connected self-custody wallet remains controlled by its user through private keys.
A verified account generally enables access to features such as buying or selling digital assets, card payments, fiat deposits and withdrawals, and crypto-to-bank transfers. Verification can be completed immediately in some cases, while manual review may be necessary when documents are unclear, information does not match, or additional compliance checks are required. Users should submit current documents and ensure that their name, date of birth, and address match the information provided during registration.
Verification does not replace account security. Users should protect passwords, recovery codes, private keys, and authentication devices. Two-factor authentication, passkeys, withdrawal controls, and device alerts can reduce the risk of unauthorized access. A legitimate service will not request a private key or seed phrase as part of identity verification or account recovery.
If access is lost, recovery normally requires confirmation of the registered email address or phone number, identity checks, and sometimes a review of recent account activity. Custodial platforms can restore access to an account after completing these checks. Self-custody wallets work differently: possession of the recovery phrase or private key is usually necessary, and a service provider may not be able to restore access.
Accounts can be temporarily restricted when automated systems detect unusual activity, sanctions exposure, suspected fraud, or inconsistent identity information. Users should use the platform’s official support channels and provide requested documents through secure interfaces. They should avoid sharing verification documents in public forums or responding to unsolicited messages claiming to offer account recovery.