To adapt to the evolving regulatory environment and ensure the highest quality of service for users, platforms in certain regions provide products that comply with relevant legal frameworks. These measures are designed to offer secure and reliable services. For instance, to qualify for stablecoin trading, users must complete specific verification steps to obtain recognition as a Professional Investor. Failing to do so will render users ineligible for such transactions.
This guide provides a clear, step-by-step walkthrough to help you complete your personal KYC verification. You can check your current verification status at any time via the Verification Level section on your account page.
Required Verification Steps
The following verifications are mandatory to gain full access to supported products and services:
- Proof of Identity
- Name Screening
- Cryptocurrency Knowledge Test
- Risk Tolerance Assessment
- Proof of Address
- Professional Investor Certification and Declaration
- Customer Agreement
Step-by-Step Verification Process
Step 1: Accessing the Verification Portal
Hover your cursor over the profile icon in the top navigation bar, then click on Account and Security.
Step 2: Initiating Identity Verification
Click the Verify button next to Identity Verification to enter the verification portal.
Step 3: Understanding the Verification Interface
The identity verification page is divided into two sections: "Current Pending Verification Steps" and "Subsequent Verification Steps." This is because some verifications are interdependent; you must complete basic verifications before proceeding to more advanced ones. Any verification item with a clickable Verify Now button is currently available for you to complete.
Detailed Breakdown of Each Verification
(A) Proof of Identity
- Select the country or region that issued your identity document and choose your document type to upload your proof of identity. Then click Confirm.
- Before you begin, ensure you have a valid physical ID document ready.
- You will need to take clear, well-lit photos of both the front and back of your document.
- Make sure the photos clearly display your full name and date of birth.
- After uploading the document photos, you will be prompted to complete a facial recognition scan using your device's camera.
(B) Name Screening
This step typically begins automatically once your identity proof is successfully verified. In most cases, name screening is conducted simultaneously with identity verification. However, in specific circumstances, you may be contacted via your registered email to provide additional information. Please be sure to check your email inbox regularly.
(C) Proof of Address
- Accepted documents include utility bills, bank statements, tax bills, or government-issued certificates of residence.
- The proof of address must have been issued within the last three (3) months. Documents older than this will be rejected.
- Please note that only proof of a local residential address is accepted for this specific verification.
- The verification process can take up to 2 hours to complete.
(D) Cryptocurrency Knowledge Test
- This questionnaire and test are designed to assess your understanding of virtual assets, including the associated risks.
- If you lack this knowledge, it is highly recommended that you review the general risk disclosure statements and educational materials available online.
- After confirming you understand the nature and risks of crypto assets, you can retake the knowledge test.
(E) Risk Tolerance Assessment
- This assessment helps you understand your personal risk profile based on your capacity and willingness to withstand financial risk.
- The results of this questionnaire are not investment advice nor should they be considered a solicitation to buy or sell any financial product.
- If your test results indicate that your risk tolerance is not suitable for cryptocurrency trading, you will not pass the assessment.
- You can retake the risk tolerance test if your financial situation changes. A limit of 3 retries every two weeks is typically enforced.
(F) Professional Investor Certification and Declaration
- You need to verify your status as a Professional Investor by uploading relevant supporting documentation.
- The system generally accepts files in .jpeg, .jpg, .png, .gif, and .pdf formats, with a maximum file size of 50 MB.
- Verification is usually completed within 24 hours.
Note on Eligibility: A Professional Investor is typically defined as an individual who, at the time of declaration, owns an investment portfolio of cash and securities with a value of at least HKD 8 million. This can be considered across one or more of the following:
- Portfolio in a personal account.
- Portfolio in a joint account with a closely associated person.
- The individual's share of the portfolio in a joint account with one or more non-associated persons.
- A company whose principal business is investment holding and is wholly owned by the individual.
(G) Customer Agreement
After completing all the above verifications, review and accept the platform's terms and conditions.
Congratulations! Your identity verification is now complete. You are now eligible to access the platform's supported products and services!
To review the information you submitted during the identity verification process, you can usually click an "eye" icon. Note that you will likely need to enter a two-factor authentication (2FA) code to access this sensitive information. For a deeper understanding of secure trading practices, you can explore more strategies on advanced platform features.
Frequently Asked Questions
What is KYC and why is it necessary?
KYC, or "Know Your Customer," is a standard verification process used by financial service providers to confirm the identity of their clients. It is a crucial regulatory requirement designed to prevent fraud, money laundering, and other illicit activities, ensuring a safer environment for all users.
What if my Proof of Address document is rejected?
If your document is rejected, first ensure it is from the accepted list, is recent (within 3 months), and clearly shows your name and address. The image must be clear and legible. If it meets all criteria but was still rejected, contact customer support for specific guidance.
I failed the Cryptocurrency Knowledge Test. What should I do?
This is a common hurdle. The best course of action is to thoroughly study the educational materials, risk disclosures, and other resources provided by the platform. Once you feel more confident in your understanding of crypto assets and their risks, you can retake the test.
How often do I need to update my KYC information?
You typically only need to complete full KYC once. However, you may be prompted to reverify your identity or update certain documents if your account shows unusual activity, your documents expire, or there are significant changes in regulatory requirements.
What defines a Professional Investor?
The definition is based on regulatory guidelines and primarily hinges on the value of your investment portfolio, often requiring a minimum value (e.g., HKD 8 million). The criteria for what assets are included in this valuation can include cash, securities, and other specific financial instruments as defined by local regulations.
Is my personal data safe during this process?
Reputable platforms invest heavily in security and operate in compliance with data protection laws. Your personal information is encrypted and used strictly for regulatory compliance and security purposes. Always verify you are on the official website before submitting any sensitive data. To ensure you're using the most secure methods, view real-time tools available for account protection.