At CoinPayments, making certain 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 information safety rules, making certain your info is safe and personal.
We perceive that verification can generally 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 while 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 stage. We’ll additionally show the way to contact assist should you encounter any points.
Let’s get began.
Verification Tiers
For “Complete Transaction Quantity,” we rely funds, deposits, withdrawals, and transfers in the direction of the quantity limits. This consists of all transactions carried out on the consumer interface or via API exercise, whatever the cryptocurrency used, so long as it has a optimistic Bitcoin trade charge (AnyCoin/BTC) and is supported for every transaction kind.
Please word that we might dynamically alter the verification necessities for every Stage or account kind primarily based on international AML/CTF and counterparty danger 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 consumer, as the necessities might range relying on particular person circumstances and the ever-changing regulatory panorama.
Tier 1: Primary Verification
To start out utilizing the CoinPayments platform, all customers should full our Primary Verification course of, also referred to as Tier 1. This preliminary verification is designed to be fast and straightforward, permitting you to begin transacting with minimal trouble.
By finishing this tier, you’ll be able to:
- 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 following tier and unlock larger transaction limits and extra options, you’ll need to offer further info and full additional verification steps, which might be coated within the Verification Necessities part of this information.
Tier 2
When your complete 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’ll be able to:
- Transact as much as $100,000 USD in lifetime quantity, together with deposits, withdrawals, and API exercise.
- Proceed utilizing the CoinPayments platform with none cost 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’ll need to offer additional info and full the required verification steps, which might be coated within the Verification Necessities part of this information.
When you’ve got any questions or encounter points through the Tier 2 verification course of, please contact our assist group by following the steps within the “Resolving Id Verification Points” part on the finish of this web page.
Tier 3
When your complete 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 larger limits and entry to superior options.
The system will routinely activate cost limitations, and also you’ll must go Tier 3 verification to raise these limits.
By finishing Tier 3 verification, you’ll be able to:
- 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 cost 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 might be displayed in your Dashboard, informing you concerning the choice to improve to a Enterprise/Company Account or stay a Private Account. This alternative lets you choose the account kind that most accurately fits your wants and necessities.
To progress to the following tier and unlock even larger transaction limits and extra options, you’ll need to finish the required verification steps, which might be coated within the Verification Necessities part of this information.
When you’ve got any questions or encounter points through the Tier 3 verification course of, please contact our assist group 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 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 must function at a better stage and require tailor-made verification to satisfy their particular wants.
Do you have to select to keep up a Private account, you’ll be topic to a transaction restrict of $1,000,000 USD. In the event you require larger limits or further options, it’s possible you’ll want to contemplate upgrading to a Company account.
By finishing Tier 4 verification, you’ll be able to:
- Function your account as Company or Private, relying on your small business wants and construction.
- Entry options and advantages particular to your chosen account kind.
- 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’ll need to submit a request to our assist group indicating your desire for a Company or Private account. Our compliance group will then evaluation your request and information you thru the required steps to finish the verification course of.
As soon as our compliance group has reviewed and authorized your request, your account might be up to date to the chosen kind (Company or Private), and also you’ll acquire entry to the corresponding options and advantages.
When you’ve got any questions or require help through the Tier 4 verification course of, please contact our assist group 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 stage 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 complete 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’ll be able to:
- 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 stage
To finish Tier 5 verification as a Private account, you’ll need to offer further info and documentation, as specified within the Verification Necessities part of this information. Our compliance group will evaluation your submission and work with you to finish the improved due diligence course of.
Upon efficiently approving your improve request, you’ll obtain e-mail affirmation, and the transaction limits in your Private account might be eliminated.
Nonetheless, Company accounts might want to full the Know Your Enterprise (KYB) course of via our accomplice, RiskScreen (now KYC360), to realize full approval. This course of is crucial to make sure compliance with worldwide rules and keep the safety of our platform.
To finish verification as a Company account, you’ll need to comply with the KYB workflow via RiskScreen (now KYC360), as outlined within the later part of this information. Our compliance group will help you all through the method and guarantee a easy expertise.
When you’ve got any questions or require help through the Tier 4 verification course of, please contact our assist group 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 numerous verification steps. These necessities assist us adjust to international rules, stop 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 suggestions that will help you full every step efficiently.
Selfie Verification
We require customers to submit a dwell selfie as a part of our identification verification course of. This step helps us affirm that the individual creating the account is similar as the person depicted within the offered identification paperwork.
To correctly take and submit a selfie for verification, comply with these pointers:
- Guarantee that you’re in a well-lit space with a plain background.
- Maintain your system at eye stage and look instantly into the digicam.
- Take away any hats, sun shades, or different equipment that will obscure your face.
- Be sure your face is absolutely seen and never coated by hair or fingers.
- Preserve a impartial facial features and hold your mouth closed.
- Seize the selfie and evaluation it to make sure it meets the above standards.
Merely face the digicam and ensure your face is inside the body. You can too 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 accomplished the necessities:
In case your selfie is rejected, evaluation the offered suggestions and retake the selfie following the rules above. In the event you proceed to face points, contact our assist group for help.
Telephone and Electronic mail Verification
To reinforce the safety of your account and be certain that we will talk with you successfully, we require customers to confirm their cellphone quantity and e-mail handle.
Suggestions for a profitable cellphone and e-mail verification:
- Double-check that your cellphone quantity and e-mail handle are entered accurately.
- Guarantee that you’ve entry to the cellphone quantity and e-mail handle offered.
- A digital cellphone quantity or a disposable e-mail handle will not be accepted for verification functions.
- Whitelist the CoinPayments e-mail handle to forestall verification emails from being marked as spam.
Finishing cellphone and e-mail verification helps shield your account from unauthorised entry and ensures you obtain necessary communications from our group.
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 certain that your Proof of Handle (POA) doc meets the next standards:
- The doc should be issued inside the final 3 months.
- Your full title and residential handle should be clearly seen.
- The doc should be in a format that can’t be simply altered, resembling a PDF or a transparent {photograph}.
When you’ve submitted your Proof of Handle (POA), our group will evaluation your doc and e-mail you as quickly because the verification is full.
In case your Proof of Handle (POA) is rejected, you’ll obtain an e-mail with the rationale for the rejection and directions on resubmitting a sound doc.
When you’ve got questions or encounter points whereas submitting your Proof of Handle (POA), please contact our assist group for assist.
Supply of Funds (SOF)
Supply of funds (SOF) refers back to the origin of the cash utilized in a specific 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’ll be requested to specify your Supply of funds (SOF) from among the many following choices:
- Income
- Securities
- Royalties/Dividends from Branches
- Monetary Assist 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 almost all 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) just isn’t listed among the many obtainable 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.
When you’ve got a number of sources of funds, please choose essentially the most vital or related one. In some circumstances, our compliance group 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 likely embody income from gross sales, investments, loans, or different business-related revenue.
Please contact our assist group for steering when you have any questions or considerations about offering your Supply of funds (SOF) info.
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 small business.
Finishing the Business Questionnaire is a vital step within the verification course of and by offering the requested info, you show your dedication to transparency and assist us keep a trusted, compliant platform for all our customers.
Please be certain that all info offered within the Business Questionnaire is correct, full, and up-to-date. Our compliance group will evaluation the submitted questionnaire and will request further documentation or clarification if wanted.
When you’ve got any questions or considerations whereas filling out the Business Questionnaire, please contact our assist group for assist.
Upgrading to a Company Account
In the event you’re a enterprise or service provider requiring larger transaction limits, further options, and enhanced assist, upgrading to a CoinPayments Company account may be the precise alternative.
Advantages of upgrading to a Company Account:
- Greater 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 Assist: As a Company account holder, you’ll obtain precedence assist from our devoted group of consultants, making certain that your inquiries and points are addressed promptly.
- Customised Options: Company accounts can entry tailor-made options and integrations designed to streamline cost processing and reporting for companies.
- Diminished Charges: In some circumstances, Company accounts could also be eligible for decreased transaction charges, serving to you get monetary savings in your cost processing prices.
KYB (Know Your Enterprise) – Step-by-Step Information
To improve to a Company account, you must 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 identification of enterprise entities, assessing their fame, and evaluating potential dangers.
By conducting KYB checks, companies can shield themselves towards monetary losses, authorized penalties, and reputational harm.
To provoke the KYB course of, comply with 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 group manually critiques your entry and schedules a name to debate the advantages of upgrading. In the event you resolve to proceed, a hyperlink to begin verification with our accomplice RiskScreen (Now KYC360) might 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 e-mail inbox. This code is required to proceed with the Know Your Enterprise (KYB) course of via our accomplice, RiskScreen (Now KYC360).
You must have acquired an e-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 e-mail inbox for the verification code. The e-mail containing the code might be despatched to the identical handle you used to create your CoinPayments account.
After getting situated the e-mail with the verification code:
- Enter the code within the designated subject.
- Click on “Submit” or “Confirm” to proceed with the KYB course of.
Please word 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.
In the event you haven’t acquired the e-mail with the verification code, please:
- Verify your spam or spam folder.
- Wait a couple of minutes, as there could also be a slight delay in receiving the e-mail.
In the event you nonetheless haven’t acquired the code, click on on “Ship a brand new verification code” to request a brand new one.
In the event you proceed to expertise issues receiving the verification code, please contact the CoinPayments assist group for additional help.
After getting 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 e-mail, present the required normal, personnel, enterprise, and monetary info, together with particulars of authorised individuals, administrators and supreme useful proprietor(s).
Disclose political publicity and full KYC steps for every Director or UBO.
Signal to verify the info submitted by your organization/group is genuine.
Step 4
As a part of the KYB course of, you’ll be required to add legitimate paperwork which are no older than three months and in English. These paperwork assist us confirm your small business’s identification, construction, and monetary standing. Please guarantee that you’ve 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)
- Listing of certificates of shareholders (not older than 3 months)
- Listing 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 word 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 certain that they meet the next standards:
- All paperwork should be legitimate and up-to-date and issued inside the final three months.
- Paperwork should be in English. In case your unique paperwork are in one other language, please present a licensed English translation.
- Scans or images of paperwork should be clear, legible, and full. Low-quality or partial pictures might delay the verification course of.
Step 5
After importing your paperwork efficiently, you’ll see a “Knowledge Assortment Progress – Full” notification.
This display confirms that your info and paperwork have been submitted for evaluation. At this level, it’s possible you’ll safely shut the window.
Notice: If further paperwork are wanted primarily based 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 e-mail with hyperlinks to confirm firm shareholders and/or representatives.
Step 6
After your service provider account has been reviewed and authorized, you’ll obtain an e-mail informing you about your account standing and offering additional directions.
Within the e-mail, you can see KYC hyperlinks for every of your organization’s Administrators and Final Useful Homeowners (UBOs). Every Director and UBO should efficiently full and go the KYC course of on your service provider account to obtain closing approval.
If any Director or UBO fails to go the KYC course of, your service provider account may even be rejected. Subsequently, 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 e-mail.
When you’ve got any questions or considerations concerning the Director/UBO KYC course of or your service provider account standing, please contact our assist group for assist.
Resolving Id Verification Points
In the event you 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 via your verification dashboard, please comply with the steps beneath to contact our buyer assist group for help.
Step 1
Go to https://www.coinpayments.internet/supwiz and choose “Login/2FA/KYC Points” from the Assist Wizard’s difficulty 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 offered.
Step 4
After agreeing to the assist guidelines, copy the assist code generated by the system. You will want this code when creating a brand new assist ticket at https://coinpay.freshdesk.com/
Fill out the assist kind with particulars concerning the points you might have and connect any related recordsdata or pictures. Be sure 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 difficulty.
In the event 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 group is devoted to serving to you resolve any identification verification points it’s possible you’ll 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 are going to promptly request them to expedite the onboarding course of. In case your submission meets our preliminary necessities, you’ll obtain an e-mail with hyperlinks to confirm firm shareholders and/or representatives.
