At CoinPayments, guaranteeing the safety and compliance of our platform is a prime precedence. We require all customers to finish Id Verification to realize this. This course of helps us meet regulatory necessities and protects our customers from potential fraud and monetary crimes.
To streamline the verification course of, we’ve partnered with main verification platforms, SumSub and RiskScreen (now KYC360), trusted by prime monetary establishments worldwide. These platforms absolutely adjust to GDPR and different knowledge safety rules, guaranteeing your data is safe and personal.
We perceive that verification can typically be daunting, so we’ve designed a easy, tiered strategy that applies to all customers, whether or not you’re a person or a enterprise. Our verification course of is easy and user-friendly, permitting you to begin transacting shortly whereas offering further verification as your exercise on the platform grows.
On this tutorial, we’ll information you thru the totally different verification tiers, explaining the necessities and advantages at every degree. We’ll additionally display find out how to contact assist should you encounter any points.
Let’s get began.
Verification Tiers
For “Whole Transaction Quantity,” we depend funds, deposits, withdrawals, and transfers in direction of the amount limits. This consists of all transactions carried out on the person interface or by API exercise, whatever the cryptocurrency used, so long as it has a optimistic Bitcoin alternate charge (AnyCoin/BTC) and is supported for every transaction sort.
Please be aware that we might dynamically alter the verification necessities for every Degree or account sort primarily based on international AML/CTF and counterparty threat necessities (e.g., journey rule) and native compliance insurance policies (e.g., reporting and licensing). Which means not all KYC sections will apply to each person, as the necessities might range relying on particular person circumstances and the ever-changing regulatory panorama.
Tier 1: Fundamental Verification
To begin utilizing the CoinPayments platform, all customers should full our Fundamental Verification course of, often known as Tier 1. This preliminary verification is designed to be fast and straightforward, permitting you to begin transacting with minimal problem.
By finishing this tier, you may:
- Transact as much as $20,000 USD in lifetime quantity, together with deposits, withdrawals, and API exercise.
- Entry fundamental options of the CoinPayments platform.
To progress to the subsequent tier and unlock increased transaction limits and extra options, you will have to offer further data and full additional verification steps, which shall be lined within the Verification Necessities part of this information.
Tier 2
When your whole transaction quantity exceeds $20,000 USD (together with deposits, withdrawals, or API exercise), you’ll be required to finish Tier 2 verification. This tier is designed for customers needing increased transaction limits and extra options.
By finishing Tier 2 verification, you may:
- Transact as much as $100,000 USD in lifetime quantity, together with deposits, withdrawals, and API exercise.
- Proceed utilizing the CoinPayments platform with none fee limitations as much as the Tier 2 quantity restrict.
To progress to the subsequent tier and unlock even increased transaction limits and extra options, you will have to offer additional data and full the required verification steps, which shall be lined within the Verification Necessities part of this information.
If in case you have any questions or encounter points in the course of the Tier 2 verification course of, please contact our assist crew by following the steps within the “Resolving Id Verification Points” part on the finish of this web page.
Tier 3
When your whole transaction quantity exceeds $100,000 USD (together with deposits, withdrawals, or API exercise), you’ll be required to finish Tier 3 verification. This tier is designed for customers with vital transaction volumes who require increased limits and entry to superior options.
The system will mechanically activate fee limitations, and also you’ll must go Tier 3 verification to carry these limits.
By finishing Tier 3 verification, you may:
- Transact as much as $1,000,000 USD in lifetime quantity, together with deposits, withdrawals, and API exercise.
- Proceed utilizing the CoinPayments platform with none fee limitations as much as the Tier 3 quantity restrict.
- Entry superior options and advantages tailor-made for high-volume customers.
After efficiently finishing Tier 3 verification, a banner shall be displayed in your Dashboard, informing you in regards to the choice to improve to a Enterprise/Company Account or stay a Private Account. This alternative means that you can choose the account sort that most closely fits your wants and necessities.
To progress to the subsequent tier and unlock even increased transaction limits and extra options, you will have to finish the required verification steps, which shall be lined within the Verification Necessities part of this information.
If in case you have any questions or encounter points in the course of the Tier 3 verification course of, please contact our assist crew by following the steps within the “Resolving Id Verification Points” part on the finish of this web page.
Tier 4
Advancing to Tier 4 requires a handbook verification course of, which begins together with your request to replace your account to both a Company or Private account. This tier is designed for customers who must function at a better degree and require tailor-made verification to fulfill their particular wants.
Do you have to select to take care of a Private account, you’ll be topic to a transaction restrict of $1,000,000 USD. When you require increased limits or further options, you could want to think about upgrading to a Company account.
By finishing Tier 4 verification, you may:
- Function your account as Company or Private, relying on your corporation wants and construction.
- Entry options and advantages particular to your chosen account sort.
- Transact as much as $1,000,000 USD in lifetime quantity for Private accounts, with the potential for increased limits for Company accounts.
To provoke the Tier 4 verification course of, you will have to submit a request to our assist crew indicating your desire for a Company or Private account. Our compliance crew will then evaluate your request and information you thru the required steps to finish the verification course of.
As soon as our compliance crew has reviewed and permitted your request, your account shall be up to date to the chosen sort (Company or Private), and also you’ll acquire entry to the corresponding options and advantages.
If in case you have any questions or require help in the course of the Tier 4 verification course of, please contact our assist crew by following the steps within the “Resolving Id Verification Points” part on the finish of this web page.
Tier 5
Tier 5 verification is the highest verification degree out there on the CoinPayments platform, designed for customers with substantial transaction volumes and particular enterprise necessities.
This tier is split into two distinct paths, relying on whether or not you’re a Private or Company account.
If you’re a Private account in Tier 4 and your whole transaction quantity has reached the $1,000,000 USD restrict (together with deposits, withdrawals, or API exercise), you’ll be required to finish Tier 5 verification. This enhanced due diligence course of is critical to take away the transaction restrict and guarantee uninterrupted entry to your account.
By finishing Tier 5 verification as a Private account, you may:
- Take away the $1,000,000 USD transaction restrict and proceed utilizing your account with out disruptions
- Entry personalised assist and advantages tailor-made for high-volume Private accounts
- Preserve your standing as a Private account whereas working at a better degree
To finish Tier 5 verification as a Private account, you will have to offer further data and documentation, as specified within the Verification Necessities part of this information. Our compliance crew will evaluate your submission and work with you to finish the improved due diligence course of.
Upon efficiently approving your improve request, you’ll obtain electronic mail affirmation, and the transaction limits in your Private account shall be eliminated.
Nonetheless, Company accounts might want to full the Know Your Enterprise (KYB) course of by our associate, RiskScreen (now KYC360), to realize full approval. This course of is important to make sure compliance with worldwide rules and preserve the safety of our platform.
To finish verification as a Company account, you will have to observe the KYB workflow by RiskScreen (now KYC360), as outlined within the later part of this information. Our compliance crew will help you all through the method and guarantee a easy expertise.
If in case you have any questions or require help in the course of the Tier 4 verification course of, please contact our assist crew by following the steps within the “Resolving Id Verification Points” part on the finish of this web page.
Verification Necessities
To make sure the safety and integrity of our platform, we require our customers to finish varied verification steps. These necessities assist us adjust to international rules, stop fraudulent actions, and preserve a secure person surroundings.
On this part, we’ll information you thru the totally different verification necessities, offering detailed directions and suggestions that can assist you full every step efficiently.
Selfie Verification
We require customers to submit a reside selfie as a part of our id verification course of. This step helps us affirm that the particular person creating the account is similar as the person depicted within the offered id paperwork.
To correctly take and submit a selfie for verification, observe these pointers:
- Guarantee that you’re in a well-lit space with a plain background.
- Maintain your machine at eye degree and look straight into the digicam.
- Take away any hats, sun shades, or different equipment which will obscure your face.
- Make certain your face is absolutely seen and never lined by hair or palms.
- Preserve a impartial facial features and hold your mouth closed.
- Seize the selfie and evaluate it to make sure it meets the above standards.
Merely face the digicam and ensure your face is inside the body. It’s also possible to proceed the KYC course of in your cellphone by clicking the “Proceed on cellphone” hyperlink.
If the digicam doesn’t seize your picture correctly, you would possibly see this web page:
After finishing the selfie step, you will note a affirmation display indicating that you’ve got accomplished the necessities:
In case your selfie is rejected, evaluate the offered suggestions and retake the selfie following the rules above. When you proceed to face points, contact our assist crew for help.
Cellphone and E-mail Verification
To boost the safety of your account and be sure that we will talk with you successfully, we require customers to confirm their cellphone quantity and electronic mail handle.
Suggestions for a profitable cellphone and electronic mail verification:
- Double-check that your cellphone quantity and electronic mail handle are entered appropriately.
- Guarantee that you’ve got entry to the cellphone quantity and electronic mail handle offered.
- A digital cellphone quantity or a disposable electronic mail handle will not be accepted for verification functions.
- Whitelist the CoinPayments electronic mail handle to forestall verification emails from being marked as spam.
Finishing cellphone and electronic mail verification helps defend your account from unauthorised entry and ensures you obtain essential communications from our crew.
Proof of Handle (POA)
As a part of our verification course of, we require customers to submit a sound Proof of Handle (POA) doc. This step helps us affirm your residential handle and adjust to regulatory necessities.
To submit your Proof of Handle (POA), please present one of many paperwork listed on the next display:
Please be sure that your Proof of Handle (POA) doc meets the next standards:
- The doc have to be issued inside the final 3 months.
- Your full identify and residential handle have to be clearly seen.
- The doc have to be in a format that can’t be simply altered, reminiscent of a PDF or a transparent {photograph}.
When you’ve submitted your Proof of Handle (POA), our crew will evaluate your doc and electronic mail you as quickly because the verification is full.
In case your Proof of Handle (POA) is rejected, you’ll obtain an electronic mail with the explanation for the rejection and directions on resubmitting a sound doc.
If in case you have questions or encounter points whereas submitting your Proof of Handle (POA), please contact our assist crew for assist.
Supply of Funds (SOF)
Supply of funds (SOF) refers back to the origin of the cash utilized in a selected transaction. As a part of our dedication to sustaining a safe and compliant platform, we require customers to offer details about their SOF throughout verification.
When finishing the Industrial Questionnaire or the Account Improve for Retailers Questionnaire, you’ll be requested to specify your Supply of funds (SOF) from among the many following choices:
- Income
- Securities
- Royalties/Dividends from Branches
- Monetary Help from State/Worldwide Our bodies
- Loans/Credit
- Crypto Foreign money Buying and selling/Mining
- Actual Property
- Investments
- Different (please point out)
Please choose the choice that the majority precisely represents the first supply of the funds you’ll use to carry out transactions on the CoinPayments platform.
In case your Supply of funds (SOF) will not be listed among the many out there choices, please select “Different” and supply a quick rationalization.
Offering correct details about your Supply of funds (SOF) is essential for sustaining the integrity of our platform and complying with regulatory necessities.
If in case you have a number of sources of funds, please choose essentially the most vital or related one. In some instances, our compliance crew might request further documentation to confirm your Supply of funds (SOF).
For enterprise accounts (Service provider accounts), you’ll be required to offer details about your organization’s supply of funds. This will embrace income from gross sales, investments, loans, or different business-related earnings.
Please contact our assist crew for steering when you have any questions or considerations about offering your Supply of funds (SOF) data.
Industrial Questionnaire
As a part of our verification course of, you’re required to finish a questionnaire. This questionnaire is designed to assemble important details about you and your corporation.
Finishing the Industrial Questionnaire is a crucial step within the verification course of and by offering the requested data, you display your dedication to transparency and assist us preserve a trusted, compliant platform for all our customers.
Please be sure that all data offered within the Industrial Questionnaire is correct, full, and up-to-date. Our compliance crew will evaluate the submitted questionnaire and should request further documentation or clarification if wanted.
If in case you have any questions or considerations whereas filling out the Industrial Questionnaire, please contact our assist crew for assist.
Upgrading to a Company Account
When you’re a enterprise or service provider requiring increased transaction limits, further options, and enhanced assist, upgrading to a CoinPayments Company account may be the correct alternative.
Advantages of upgrading to a Company Account:
- Larger Transaction Limits: Company accounts have entry to considerably increased transaction limits in comparison with Private accounts, permitting you to course of bigger volumes of funds and transfers.
- Devoted Help: As a Company account holder, you’ll obtain precedence assist from our devoted crew of specialists, guaranteeing that your inquiries and points are addressed promptly.
- Customised Options: Company accounts can entry tailor-made options and integrations designed to streamline fee processing and reporting for companies.
- Diminished Charges: In some instances, Company accounts could also be eligible for diminished transaction charges, serving to you lower your expenses in your fee processing prices.
KYB (Know Your Enterprise) – Step-by-Step Information
To improve to a Company account, it is advisable to undergo our KYB verification course of. KYB is necessary and ensures CoinPayments complies with monetary rules and reduces dangers to its shoppers. It includes verifying the id of enterprise entities, assessing their popularity, and evaluating potential dangers.
By conducting KYB checks, companies can defend themselves in opposition to monetary losses, authorized penalties, and reputational harm.
To provoke the KYB course of, observe these steps:
Step 1
To begin your KYB course of, please go to https://www.coinpayments.internet/kyb and click on on the “Improve to a Company account” button.
Fill out the shape.
After filling out the shape, our compliance crew manually opinions your entry and schedules a name to debate the advantages of upgrading. When you resolve to proceed, a hyperlink to begin verification with our associate RiskScreen (Now KYC360) shall be emailed to you.
Step 2
Click on “Ship Verification Code for RiskScreen (Now KYC360)“, you’ll obtain a singular verification code in your registered electronic mail inbox. This code is required to proceed with the Know Your Enterprise (KYB) course of by our associate, RiskScreen (Now KYC360).
You need to have obtained an electronic mail containing a singular verification code. This code serves as a two-factor authentication (2FA) measure to make sure the safety of your account and the KYB course of.
Please examine your registered electronic mail inbox for the verification code. The e-mail containing the code shall be despatched to the identical handle you used to create your CoinPayments account.
After you have positioned the e-mail with the verification code:
- Enter the code within the designated area.
- Click on “Submit” or “Confirm” to proceed with the KYB course of.
Please be aware that the verification code is exclusive for every request and can expire after a brief interval. The code proven within the picture, “371477”, is for reference solely and won’t work in your particular verification.
When you haven’t obtained the e-mail with the verification code, please:
- Test your spam or spam folder.
- Wait a couple of minutes, as there could also be a slight delay in receiving the e-mail.
When you nonetheless haven’t obtained the code, click on on “Ship a brand new verification code” to request a brand new one.
When you proceed to expertise issues receiving the verification code, please contact the CoinPayments assist crew for additional help.
After you have efficiently entered the verification code, it is possible for you to to proceed with the KYB course of.
Step 3
After receiving the verification code out of your registered electronic mail, present the required normal, personnel, enterprise, and monetary data, together with particulars of authorised individuals, administrators and supreme helpful proprietor(s).
Disclose political publicity and full KYC steps for every Director or UBO.
Signal to verify the info submitted by your organization/crew is genuine.
Step 4
As a part of the KYB course of, you’ll be required to add legitimate paperwork which can be no older than three months and in English. These paperwork assist us confirm your corporation’s id, construction, and monetary standing. Please guarantee that you’ve got the next paperwork prepared for add:
- Incorporation paperwork
- Proof of handle of UBO and/or consultant (not older than 3 months)
- Article of Affiliation/Memorandum of Affiliation
- Extract from Commerce Registry (not older than 3 months)
- Checklist of certificates of shareholders (not older than 3 months)
- Checklist of certificates of Administrators (not older than 3 months)
- Firm construction if there are greater than 2 layers (not older than 3 months)
- Newest monetary assertion of the corporate
Please be aware that the paperwork marked with an asterisk (*) are necessary, whereas the others could also be relevant relying in your firm’s construction and jurisdiction.
When making ready your paperwork for add, be sure that they meet the next standards:
- All paperwork have to be legitimate and up-to-date and issued inside the final three months.
- Paperwork have to be in English. In case your authentic paperwork are in one other language, please present an authorized English translation.
- Scans or images of paperwork have to be clear, legible, and full. Low-quality or partial photographs might delay the verification course of.
Step 5
After importing your paperwork efficiently, you’ll see a “Information Assortment Progress – Full” notification.
This display confirms that your data and paperwork have been submitted for evaluate. At this level, you could safely shut the window.
Notice: If further paperwork are wanted primarily based in your firm’s nation of incorporation, area, or possession construction, we’ll promptly request them to expedite the onboarding course of. In case your submission meets our preliminary necessities, you’ll obtain an electronic mail with hyperlinks to confirm firm shareholders and/or representatives.
Step 6
After your service provider account has been reviewed and permitted, you’ll obtain an electronic mail informing you about your account standing and offering additional directions.
Within the electronic mail, one can find KYC hyperlinks for every of your organization’s Administrators and Final Helpful Homeowners (UBOs). Every Director and UBO should efficiently full and go the KYC course of in your service provider account to obtain closing approval.
If any Director or UBO fails to go the KYC course of, your service provider account can even be rejected. Due to this fact, it’s essential that every one Administrators and UBOs full their KYC verification promptly and precisely.
As soon as all Administrators and UBOs have efficiently handed their KYC verification, your service provider account will obtain closing approval, and you’ll be notified by way of electronic mail.
If in case you have any questions or considerations in regards to the Director/UBO KYC course of or your service provider account standing, please contact our assist crew for assist.
Resolving Id Verification Points
When you encounter any points with id verification, such because the add of unsupported paperwork or poor high quality of submitted recordsdata, and the issue can’t be simply resolved by your verification dashboard, please observe the steps beneath to contact our buyer assist crew for help.
Step 1
Go to https://www.coinpayments.internet/supwiz and choose “Login/2FA/KYC Points” from the Help Wizard’s challenge classes.
Step 2
Click on on “KYC Points” to proceed to the subsequent step.
Step 3
Learn and make sure your settlement to the assist guidelines by checking the field offered.
Step 4
After agreeing to the assist guidelines, copy the assist code generated by the system. You have to this code when creating a brand new assist ticket at https://coinpay.freshdesk.com/
Fill out the assist type with particulars in regards to the points you may have and fasten any related recordsdata or photographs. Make certain to incorporate the assist code you copied in Step 3.
As soon as your assist ticket is submitted, a buyer assist consultant will contact you to help with resolving your account verification challenge.
When you haven’t begun your KYC course of but, please log into your account at https://www.coinpayments.internet/login to get began.
Our assist crew is devoted to serving to you resolve any id verification points you could encounter. We admire your cooperation and understanding all through the verification course of.
If further paperwork are wanted primarily based in your firm’s nation of incorporation, area, or possession construction, we’ll promptly request them to expedite the onboarding course of. In case your submission meets our preliminary necessities, you’ll obtain an electronic mail with hyperlinks to confirm firm shareholders and/or representatives.
