What do I need to know about KYC on Venly?
What is KYC?
KYC stands for "Know your customer". It is a process that businesses use to verify the identity of their customers. Venly is implementing KYC to comply with European MiCA (Markets in Crypto Assets) regulations. The implementation of KYC on Venly is a necessary step to prevent fraud and other illegal activities, and ensure that you are as secure as possible while exploring the market.
What actions require KYC?
KYC is required for the following actions:
Withdrawing funds from the Venly Market
Transferring native and ERC20 tokens (NFTs do not require KYC)
Note: you can still sign up for a Venly Wallet without going through KYC. It’s only required when one of the above actions is performed.
Note: You can withdraw up to 1000 USDC every 30 days without needing to go through KYC. If you want to withdraw more than this amount, you will need to go through the KYC process first.
How is KYC verification handled on Venly?
KYC verification on Venly is handled by Veriff. You will only need to provide a picture of a valid ID document and a selfie.
A valid ID document such as a
Driver’s License
Government-issued photo ID
Passport
PAN card
Voter ID Card
Veriff will then verify the validity of these documents. If the documents are valid, you will be considered verified and can continue with the requested action.
The KYC process (taking pictures of the ID documents and the selfie) can be completed using a laptop webcam or a phone camera.
What else is happening with KYC on Venly Market?
In the future, users in the market who have already gone through the KYC process will have a verified badge next to their account name.
KYC stands for "Know your customer". It is a process that businesses use to verify the identity of their customers. Venly is implementing KYC to comply with European MiCA (Markets in Crypto Assets) regulations. The implementation of KYC on Venly is a necessary step to prevent fraud and other illegal activities, and ensure that you are as secure as possible while exploring the market.
What actions require KYC?
KYC is required for the following actions:
Withdrawing funds from the Venly Market
Transferring native and ERC20 tokens (NFTs do not require KYC)
Note: you can still sign up for a Venly Wallet without going through KYC. It’s only required when one of the above actions is performed.
Note: You can withdraw up to 1000 USDC every 30 days without needing to go through KYC. If you want to withdraw more than this amount, you will need to go through the KYC process first.
How is KYC verification handled on Venly?
KYC verification on Venly is handled by Veriff. You will only need to provide a picture of a valid ID document and a selfie.
A valid ID document such as a
Driver’s License
Government-issued photo ID
Passport
PAN card
Voter ID Card
Veriff will then verify the validity of these documents. If the documents are valid, you will be considered verified and can continue with the requested action.
The KYC process (taking pictures of the ID documents and the selfie) can be completed using a laptop webcam or a phone camera.
What else is happening with KYC on Venly Market?
In the future, users in the market who have already gone through the KYC process will have a verified badge next to their account name.
Updated on: 20/12/2022
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