At CoinPayments, guaranteeing the safety and compliance of our platform is a high precedence. We require all customers to finish Identification 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 high monetary establishments worldwide. These platforms absolutely adjust to GDPR and different information safety laws, guaranteeing your data is safe and personal.
We perceive that verification can generally be daunting, so we’ve designed a easy, tiered method 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 rapidly whereas offering extra 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 easy methods to contact assist in case you encounter any points.
Let’s get began.
Verification Tiers
For “Whole Transaction Quantity,” we rely funds, deposits, withdrawals, and transfers in direction of the amount limits. This consists of all transactions carried out on the consumer interface or by way of API exercise, whatever the cryptocurrency used, so long as it has a constructive Bitcoin alternate fee (AnyCoin/BTC) and is supported for every transaction sort.
Please notice that we might dynamically regulate the verification necessities for every Degree or account sort based mostly on international AML/CTF and counterparty danger necessities (e.g., journey rule) and native compliance insurance policies (e.g., reporting and licensing). Because of this not all KYC sections will apply to each consumer, as the necessities might differ relying on particular person circumstances and the ever-changing regulatory panorama.
Tier 1: Fundamental Verification
To start out 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 simple, permitting you to begin transacting with minimal trouble.
By finishing this tier, you possibly can:
- Transact as much as $20,000 USD in lifetime quantity, together with deposits, withdrawals, and API exercise.
- Entry primary options of the CoinPayments platform.
To progress to the following tier and unlock larger transaction limits and extra options, you will want to offer extra data and full additional verification steps, which can be coated 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 larger transaction limits and extra options.
By finishing Tier 2 verification, you possibly can:
- 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 following tier and unlock even larger transaction limits and extra options, you will want to offer additional data and full the required verification steps, which can be coated within the Verification Necessities part of this information.
When you have any questions or encounter points in the course of the Tier 2 verification course of, please contact our assist staff by following the steps within the “Resolving Identification 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 important transaction volumes who require larger limits and entry to superior options.
The system will mechanically activate fee limitations, and also you’ll have to cross Tier 3 verification to raise these limits.
By finishing Tier 3 verification, you possibly can:
- 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 can 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 selection lets you choose the account sort that most accurately fits your wants and necessities.
To progress to the following tier and unlock even larger transaction limits and extra options, you will want to finish the required verification steps, which can be coated within the Verification Necessities part of this information.
When you have any questions or encounter points in the course of the Tier 3 verification course of, please contact our assist staff by following the steps within the “Resolving Identification Verification Points” part on the finish of this web page.
Tier 4
Advancing to Tier 4 requires a guide 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 have to function at the next degree and require tailor-made verification to satisfy their particular wants.
Must you select to take care of a Private account, you’ll be topic to a transaction restrict of $1,000,000 USD. If you happen to require larger limits or extra options, chances are you’ll want to think about upgrading to a Company account.
By finishing Tier 4 verification, you possibly can:
- Function your account as Company or Private, relying on your online business 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 larger limits for Company accounts.
To provoke the Tier 4 verification course of, you will want to submit a request to our assist staff indicating your choice for a Company or Private account. Our compliance staff will then evaluate your request and information you thru the required steps to finish the verification course of.
As soon as our compliance staff has reviewed and permitted your request, your account can be up to date to the chosen sort (Company or Private), and also you’ll acquire entry to the corresponding options and advantages.
When you have any questions or require help in the course of the Tier 4 verification course of, please contact our assist staff by following the steps within the “Resolving Identification Verification Points” part on the finish of this web page.
Tier 5
Tier 5 verification is the highest verification degree obtainable 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.
In case you are 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 can 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 possibly can:
- 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
- Keep your standing as a Private account whereas working at the next degree
To finish Tier 5 verification as a Private account, you will want to offer extra data and documentation, as specified within the Verification Necessities part of this information. Our compliance staff 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 can be eliminated.
Nonetheless, Company accounts might want to full the Know Your Enterprise (KYB) course of by way of our associate, RiskScreen (now KYC360), to realize full approval. This course of is crucial to make sure compliance with worldwide laws and keep the safety of our platform.
To finish verification as a Company account, you will want to observe the KYB workflow by way of RiskScreen (now KYC360), as outlined within the later part of this information. Our compliance staff will help you all through the method and guarantee a easy expertise.
When you have any questions or require help in the course of the Tier 4 verification course of, please contact our assist staff by following the steps within the “Resolving Identification 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 laws, forestall fraudulent actions, and keep a protected consumer setting.
On this part, we’ll information you thru the totally different verification necessities, offering detailed directions and ideas that will help you full every step efficiently.
Selfie Verification
We require customers to submit a reside selfie as a part of our identification verification course of. This step helps us verify that the individual creating the account is similar as the person depicted within the supplied identification 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 gadget at eye degree and look immediately into the digital camera.
- Take away any hats, sun shades, or different equipment that will obscure your face.
- Make certain your face is absolutely seen and never coated by hair or fingers.
- Keep a impartial facial features and preserve your mouth closed.
- Seize the selfie and evaluate it to make sure it meets the above standards.
Merely face the digital camera and ensure your face is throughout the body. You may as well proceed the KYC course of in your cellphone by clicking the “Proceed on cellphone” hyperlink.
If the digital camera doesn’t seize your picture correctly, you may see this web page:
After finishing the selfie step, you will notice a affirmation display screen indicating that you’ve got accomplished the necessities:
In case your selfie is rejected, evaluate the supplied suggestions and retake the selfie following the rules above. If you happen to proceed to face points, contact our assist staff for help.
Cellphone and E-mail Verification
To boost the safety of your account and be sure that we are able to talk with you successfully, we require customers to confirm their cellphone quantity and electronic mail handle.
Ideas 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 supplied.
- 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 staff.
Proof of Handle (POA)
As a part of our verification course of, we require customers to submit a legitimate Proof of Handle (POA) doc. This step helps us verify 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 screen:
Please be sure that your Proof of Handle (POA) doc meets the next standards:
- The doc should be issued throughout the final 3 months.
- Your full identify and residential handle should be clearly seen.
- The doc should be in a format that can’t be simply altered, corresponding to a PDF or a transparent {photograph}.
When you’ve submitted your Proof of Handle (POA), our staff 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 legitimate doc.
When you have questions or encounter points whereas submitting your Proof of Handle (POA), please contact our assist staff 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 Business Questionnaire or the Account Improve for Retailers Questionnaire, you can 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 Forex 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) is just not listed among the many obtainable choices, please select “Different” and supply a short rationalization.
Offering correct details about your Supply of funds (SOF) is essential for sustaining the integrity of our platform and complying with regulatory necessities.
When you have a number of sources of funds, please choose essentially the most important or related one. In some instances, our compliance staff might request extra documentation to confirm your Supply of funds (SOF).
For enterprise accounts (Service provider accounts), you can 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 revenue.
Please contact our assist staff for steering when you have any questions or considerations about offering your Supply of funds (SOF) data.
Business Questionnaire
As a part of our verification course of, you might be required to finish a questionnaire. This questionnaire is designed to collect important details about you and your online business.
Finishing the Business Questionnaire is a important step within the verification course of and by offering the requested data, you display your dedication to transparency and assist us keep a trusted, compliant platform for all our customers.
Please be sure that all data supplied within the Business Questionnaire is correct, full, and up-to-date. Our compliance staff will evaluate the submitted questionnaire and will request extra documentation or clarification if wanted.
When you have any questions or considerations whereas filling out the Business Questionnaire, please contact our assist staff for assist.
Upgrading to a Company Account
If you happen to’re a enterprise or service provider requiring larger transaction limits, extra options, and enhanced assist, upgrading to a CoinPayments Company account is likely to be the correct selection.
Advantages of upgrading to a Company Account:
- Larger Transaction Limits: Company accounts have entry to considerably larger 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 staff 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 decreased transaction charges, serving to you get monetary savings in your fee processing prices.
KYB (Know Your Enterprise) – Step-by-Step Information
To improve to a Company account, you should undergo our KYB verification course of. KYB is obligatory and ensures CoinPayments complies with monetary laws and reduces dangers to its purchasers. It entails verifying the identification of enterprise entities, assessing their fame, 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 start out 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 staff manually critiques your entry and schedules a name to debate the advantages of upgrading. If you happen to resolve to proceed, a hyperlink to begin verification with our associate RiskScreen (Now KYC360) can be emailed to you.
Step 2
Click on “Ship Verification Code for RiskScreen (Now KYC360)“, you’ll obtain a novel verification code in your registered electronic mail inbox. This code is required to proceed with the Know Your Enterprise (KYB) course of by way of our associate, RiskScreen (Now KYC360).
It’s best to have obtained an electronic mail containing a novel 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 can be despatched to the identical handle you used to create your CoinPayments account.
After you have situated 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 notice 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 on your particular verification.
If you happen to haven’t obtained the e-mail with the verification code, please:
- Verify your spam or unsolicited mail folder.
- Wait a couple of minutes, as there could also be a slight delay in receiving the e-mail.
If you happen to nonetheless haven’t obtained the code, click on on “Ship a brand new verification code” to request a brand new one.
If you happen to proceed to expertise issues receiving the verification code, please contact the CoinPayments assist staff 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 common, 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 substantiate the information submitted by your organization/staff is genuine.
Step 4
As a part of the KYB course of, you can be required to add legitimate paperwork which might be no older than three months and in English. These paperwork assist us confirm your online business’s identification, 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)
- Record of certificates of shareholders (not older than 3 months)
- Record 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 notice that the paperwork marked with an asterisk (*) are obligatory, whereas the others could also be relevant relying in your firm’s construction and jurisdiction.
When getting ready your paperwork for add, be sure that they meet the next standards:
- All paperwork should be legitimate and up-to-date and issued throughout the final three months.
- Paperwork should be in English. In case your unique paperwork are in one other language, please present an authorized English translation.
- Scans or images of paperwork should 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 “Knowledge Assortment Progress – Full” notification.
This display screen confirms that your data and paperwork have been submitted for evaluate. At this level, chances are you’ll safely shut the window.
Notice: If extra paperwork are wanted based mostly in your firm’s nation of incorporation, area, or possession construction, we are going to 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, you can find KYC hyperlinks for every of your organization’s Administrators and Final Useful House owners (UBOs). Every Director and UBO should efficiently full and cross the KYC course of on your service provider account to obtain ultimate approval.
If any Director or UBO fails to cross the KYC course of, your service provider account will 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 ultimate approval, and you can be notified through electronic mail.
When 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 staff for assist.
Resolving Identification Verification Points
If you happen to encounter any points with identification verification, such because the add of unsupported paperwork or poor high quality of submitted recordsdata, and the issue can’t be simply resolved by way of your verification dashboard, please observe the steps under to contact our buyer assist staff 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 following step.
Step 3
Learn and ensure your settlement to the assist guidelines by checking the field supplied.
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’ve gotten 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.
If you happen to haven’t begun your KYC course of but, please log into your account at https://www.coinpayments.internet/login to get began.
Our assist staff is devoted to serving to you resolve any identification verification points chances are you’ll encounter. We admire your cooperation and understanding all through the verification course of.
If extra paperwork are wanted based mostly in your firm’s nation of incorporation, area, or possession construction, we are going to 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.
