Cryptocurrency is a wonderful new technology that takes our interaction with money to the whole new level. Blockchain technologies capture much attention from a range of investors, companies, banks, and offers massive potential for a range of industries. Being at its early days, however, crypto becomes an easy means for fraudulent activities, such as running fake ICO projects, hacking traders’ accounts and stealing money, and traffic on the darknet. Legislators all over the world are concerned at these issues and require cryptocurrency services to implement KYC that stands for Know Your Customer procedure and aims to reveal the real customer identity.
The Question of Trust and Security
Here at Changelly, we know how crucial transparency and anonymity are in the crypto world. We try to strike a balance between providing a smooth and flexible exchange process for everyone and following the regulations that in some cases may put strict limitations on crypto.
Hence, we prepared this handy guide to show what actually happens when Changelly user falls within the KYC procedure so that you are able to see that there’s nothing inconvenient about this process.
How Changelly KYC Works
As you send funds to the address provided by Changelly, the exchange process begins.
‘Waiting for the exchange’ step consists of three stages, namely: getting confirmation, exchanging crypto assets, sending to user’s wallet
In case you fall within KYC, you’ll see ‘Transaction is on hold’ step, which means that your transaction is being checked by Changelly’s KYC provider – SumSub.
If you’ve already passed verification procedure through SumSub before, choose “I already have a verified account” then enter your existing login and password.
In case you’re a new user choose this user type, then provide your email and create a password for SumSub network, then press ‘Create account’ button.
To verify your email address enter a verification code sent you by email and click ‘Verify’ button.
To start your identity verification press ‘Upload new documents’. Prepare one of the following documents: passport, National ID, or driving license. Don’t forget to make sure that the chosen document is valid.
Enter your first name and last name in the provided fields then click the next step.
Upload a photo of yourself with the document.
The right way of making a photo is illustrated in a picture that is marked with the green tick.
Choose the country of your identity and the ID type. Download a photo of your document and click to the next step.
Check all the provided information once again and click next.
Starting from this moment, the system will review your documents. The process usually takes from 1 to 3 minutes, but might take up to 24 hours.
Once you see the phrase ‘The verification procedure has been 90% completed’, you will get the final resolution within 2 minutes.
As you successfully pass the KYC procedure, your transaction will be pushed forward, and you will be redirected back to the exchange processing page.
That’s it! Congratulations on successful KYC passing.
The initial idea of anonymity that gave birth to crypto turned out to be a double-edged sword. On the one hand, crypto services should respect and protect users’ right to have privacy and stay anonymous. On the other hand, cryptocurrency exchanges should not support illegal activities by giving an opportunity to hide traces forever. However, there is no denying that KYC implementation has become a side-effect of the mass crypto adoption we can’t ignore.