At CoinPayments, guaranteeing the safety and compliance of our platform is a prime 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 prime monetary establishments worldwide. These platforms absolutely adjust to GDPR and different knowledge safety laws, guaranteeing your info is safe and personal.
We perceive that verification can typically 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 shortly while offering further verification as your exercise on the platform grows.
On this tutorial, we’ll information you thru the completely different verification tiers, explaining the necessities and advantages at every degree. We’ll additionally display easy methods to contact assist in the event 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 amount limits. This contains all transactions carried out on the consumer interface or by way of API exercise, whatever the cryptocurrency used, so long as it has a optimistic Bitcoin change price (AnyCoin/BTC) and is supported for every transaction sort.
Please be aware that we might dynamically regulate the verification necessities for every Stage or account sort primarily based 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 fluctuate 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 straightforward, 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 fundamental options of the CoinPayments platform.
To progress to the following tier and unlock larger transaction limits and extra options, you will want to supply further info and full additional verification steps, which shall 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 supply additional info and full the mandatory verification steps, which shall be coated within the Verification Necessities part of this information.
When you have any questions or encounter points through the Tier 2 verification course of, please contact our assist workforce 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 routinely activate fee limitations, and also you’ll must go Tier 3 verification to carry 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 shall 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 alternative means that you can choose the account sort that most closely 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 mandatory verification steps, which shall be coated within the Verification Necessities part of this information.
When you have any questions or encounter points through the Tier 3 verification course of, please contact our assist workforce 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 along with your request to replace your account to both a Company or Private account. This tier is designed for customers who must function at the next degree and require tailor-made verification to satisfy their particular wants.
Must you select to keep up a Private account, you’ll be topic to a transaction restrict of $1,000,000 USD. Should you require larger limits or further options, it’s possible 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 workforce indicating your desire for a Company or Private account. Our compliance workforce will then overview your request and information you thru the mandatory steps to finish the verification course of.
As soon as our compliance workforce has reviewed and accepted your request, your account shall 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 through the Tier 4 verification course of, please contact our assist workforce 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 out there 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.
If you’re 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’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 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 supply further info and documentation, as specified within the Verification Necessities part of this information. Our compliance workforce will overview 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 shall be eliminated.
Nonetheless, Company accounts might want to full the Know Your Enterprise (KYB) course of by way of our accomplice, RiskScreen (now KYC360), to realize full approval. This course of is crucial to make sure compliance with worldwide laws and preserve 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 workforce will help you all through the method and guarantee a easy expertise.
When you have any questions or require help through the Tier 4 verification course of, please contact our assist workforce 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 preserve a protected consumer setting.
On this part, we’ll information you thru the completely different verification necessities, offering detailed directions and suggestions that can assist you full every step efficiently.
Selfie Verification
We require customers to submit a reside selfie as a part of our id verification course of. This step helps us affirm that the individual creating the account is similar as the person depicted within the offered id 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 machine at eye degree and look immediately into the digital camera.
- Take away any hats, sun shades, or different equipment that will obscure your face.
- Ensure 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 overview it to make sure it meets the above standards.
Merely face the digital camera and ensure your face is inside the body. It’s also possible to 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 would possibly see this web page:
After finishing the selfie step, you will note a affirmation display screen indicating that you’ve accomplished the necessities:
In case your selfie is rejected, overview the offered suggestions and retake the selfie following the rules above. Should you proceed to face points, contact our assist workforce for help.
Telephone and E mail Verification
To reinforce the safety of your account and make sure that we will talk with you successfully, we require customers to confirm their cellphone quantity and electronic mail tackle.
Ideas for a profitable cellphone and electronic mail verification:
- Double-check that your cellphone quantity and electronic mail tackle are entered appropriately.
- Guarantee that you’ve entry to the cellphone quantity and electronic mail tackle offered.
- A digital cellphone quantity or a disposable electronic mail tackle is probably not accepted for verification functions.
- Whitelist the CoinPayments electronic mail tackle to stop verification emails from being marked as spam.
Finishing cellphone and electronic mail verification helps defend your account from unauthorised entry and ensures you obtain necessary communications from our workforce.
Proof of Tackle (POA)
As a part of our verification course of, we require customers to submit a sound Proof of Tackle (POA) doc. This step helps us affirm your residential tackle and adjust to regulatory necessities.
To submit your Proof of Tackle (POA), please present one of many paperwork listed on the next display screen:
Please make sure that your Proof of Tackle (POA) doc meets the next standards:
- The doc should be issued inside the final 3 months.
- Your full identify and residential tackle 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 Tackle (POA), our workforce will overview your doc and electronic mail you as quickly because the verification is full.
In case your Proof of Tackle (POA) is rejected, you’ll obtain an electronic mail with the rationale for the rejection and directions on resubmitting a sound doc.
When you have questions or encounter points whereas submitting your Proof of Tackle (POA), please contact our assist workforce 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 supply details about their SOF throughout verification.
When finishing the Industrial 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 Help from State/Worldwide Our bodies
- Loans/Credit
- Crypto Foreign money 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 out there 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 probably the most important or related one. In some circumstances, our compliance workforce might request further documentation to confirm your Supply of funds (SOF).
For enterprise accounts (Service provider accounts), you’ll be required to supply 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 workforce for steerage in case you have any questions or considerations about offering your Supply of funds (SOF) info.
Industrial Questionnaire
As a part of our verification course of, you’re required to finish a questionnaire. This questionnaire is designed to assemble important details about you and your online business.
Finishing the Industrial Questionnaire is a vital step within the verification course of and by offering the requested info, you display your dedication to transparency and assist us preserve a trusted, compliant platform for all our customers.
Please make sure that all info offered within the Industrial Questionnaire is correct, full, and up-to-date. Our compliance workforce will overview the submitted questionnaire and should request further documentation or clarification if wanted.
When you have any questions or considerations whereas filling out the Industrial Questionnaire, please contact our assist workforce for assist.
Upgrading to a Company Account
Should 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 appropriate alternative.
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 workforce of consultants, 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.
- Decreased Charges: In some circumstances, Company accounts could also be eligible for lowered transaction charges, serving to you lower your expenses in your fee processing prices.
KYB (Know Your Enterprise) – Step-by-Step Information
To improve to a Company account, that you must undergo our KYB verification course of. KYB is necessary and ensures CoinPayments complies with monetary laws and reduces dangers to its shoppers. It includes verifying the id of enterprise entities, assessing their status, 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.web/kyb and click on on the “Improve to a Company account” button.
Fill out the shape.
After filling out the shape, our compliance workforce manually critiques your entry and schedules a name to debate the advantages of upgrading. Should you resolve to proceed, a hyperlink to begin verification with our accomplice RiskScreen (Now KYC360) shall 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 accomplice, 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 verify your registered electronic mail inbox for the verification code. The e-mail containing the code shall be despatched to the identical tackle you used to create your CoinPayments account.
After getting positioned 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 be aware 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 to your particular verification.
Should you haven’t obtained the e-mail with the verification code, please:
- Examine your spam or unsolicited mail folder.
- Wait a couple of minutes, as there could also be a slight delay in receiving the e-mail.
Should you nonetheless haven’t obtained the code, click on on “Ship a brand new verification code” to request a brand new one.
Should you proceed to expertise issues receiving the verification code, please contact the CoinPayments assist workforce 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 electronic mail, present the required basic, personnel, enterprise, and monetary info, 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 info submitted by your organization/workforce is genuine.
Step 4
As a part of the KYB course of, you’ll be required to add legitimate paperwork which can be no older than three months and in English. These paperwork assist us confirm your online business’s id, construction, and monetary standing. Please guarantee that you’ve the next paperwork prepared for add:
- Incorporation paperwork
- Proof of tackle 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)
- Checklist of certificates of shareholders (not older than 3 months)
- Checklist 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 be aware 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, make sure 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 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 info and paperwork have been submitted for overview. At this level, it’s possible you’ll safely shut the window.
Observe: 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 electronic mail with hyperlinks to confirm firm shareholders and/or representatives.
Step 6
After your service provider account has been reviewed and accepted, 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 go the KYC course of to your service provider account to obtain remaining 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 remaining approval, and you’ll 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 workforce for assist.
Resolving Identification Verification Points
Should you encounter any points with id verification, such because the add of unsupported paperwork or poor high quality of submitted information, and the issue can’t be simply resolved by way of your verification dashboard, please observe the steps under to contact our buyer assist workforce for help.
Step 1
Go to https://www.coinpayments.web/supwiz and choose “Login/2FA/KYC Points” from the Help Wizard’s problem 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 have 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 could have and fix any related information or photographs. Ensure 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 problem.
Should you haven’t begun your KYC course of but, please log into your account at https://www.coinpayments.web/login to get began.
Our assist workforce is devoted to serving to you resolve any id verification points it’s possible you’ll encounter. We recognize 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 electronic mail with hyperlinks to confirm firm shareholders and/or representatives.
