What is KYC procedure

KYC stands for Know Your Customer. It is a fundamental practice with financial institutions to protect themselves from fraud and losses resulting from illegal funds and transactions. This standard procedure is carried out before a bank or other financial institution allows a customer to engage in any form of financial transaction with them.

As an entity who operates from Europe, we are subject to European regulations, and we must abide by the laws of Europe. However, we don’t run a deep check on your background. All we do is collect just a minimum set of documents from our clients, necessary to stay compliant with the law.

Since we are not a banking institution as such, we are exempt to strict regulations. The law allows us to make KYC procedure optional for you, and, as our client, you don’t have to submit any documents whatsoever if you don’t wish to.  It should be noted, though, that there are certain limitations to the customers whose identity is not verified.

Please see this article for more related information.

However, if you chose to get your identity verified, please be kind to do it properly. We only ask for your passport or driver’s license and a selfie where you hold either of these two documents. Users who fail to provide these documents as requested may get denied the submission and asked to start the verification procedure all over again.