Know your customer (KYC) is a way for an exchange (or company) to verify your personal identity. For cryptocurrency exchanges this is important, as it allows them to assess the potential risks of you as a customer. It is also required to comply with regulations such as anti-money laundering.
One of COSS’s traits as an exchange is to comply with regulations as much as is possible and this is what helps set COSS apart from other exchanges.
Completing KYC is also important for you as it gives you a new level of access to the exchange. By completing KYC, you will be able to trade in fiat currencies such as USD, GBP and EUR. You can also enjoy a higher daily withdrawal limit, from 2 BTC to 100 BTC.
What You Will Need to Complete COSS KYC
To ensure that you can complete your KYC application, here’s what you are going to need:
- A mobile phone (will need to receive a verification code)
- Passport or government issued ID
- Proof of address (bank statement or utility bill preferred)
- A camera to take a selfie with – your personal ID and a piece of paper with COSS.io, the date and your name written on it
Filling Out the KYC Form
The first step of the know your customer process is to verify your phone number. Your phone number is needed for security reasons, such as support being able to contact you in case of issues with your account.
You will receive a text message from COSS with your four-digit verification code that you will need to enter before being able to move on to the next step.
The second step of the KYC process involves filling out your personal details using the form on coss.io, which looks like the image below.
The residential address details you enter in to this form must match the address details on the documents that you submit.
The next page is where you will upload your documents. For the government ID, you can also submit a passport, which is preferred. Whichever document you upload must have:
- Date of Birth
Suitable Documents for Proof of Address
The guidance directly from COSS for documents accepted are listed below in order of preference:
- Bank Statements issued within 3 months of application
- Utility bills issued within 3 months of application
- A tax assessment issued within the year
- Tenancy contracts issued within the year with the legal name of the customer, a residential address, a date of issue, and lastly, your signature alongside the landlord’s signature
- Government Correspondence
- Confirmation Letter written in English from Employer confirming your name and address printed on the company letterhead
Handwritten documents will not be accepted, but screenshots/PDFs of official documents will be. Most bank accounts offer monthly statements in PDF format that would be suitable for your proof of residency.
Any documents other than bank statements or utility bills must be translated into English. You can censor private information (such as bank balances) if you prefer as long as COSS is able to verify your full name, address and date of issue.
Uploading Your Photo and Proof
The final step of the process is to upload an image of yourself with your proof of identity and some information to prove that the photo has been uploaded for the purposes of COSS KYC verification.
Above is an example of the type of photo you should upload. It needs to be a good quality photo against a white or off-white background that clearly shows your face. You will also need to be holding your proof of identity with the image and information visible. As well as this, you should write your name, today’s date and COSS.io on a piece of paper and hold this behind your ID, but so it is still visible.
Once you have a photo that you are happy with, press submit. This will send your whole application to the KYC department. They will review your application and notify you if you have been successful or not.
The KYC Review Process
The KYC process is variable in how long it takes, but is usually completed within a few hours. Do not be surprised if it takes up to a couple of days, as it depends on the volume of applications being received.
If you fail your application, the KYC team will reply to you with details on what aspects of the application were not suitable. You should correct the issues and resubmit your application.
Once successful, you will be able to receive the full benefits of trading on coss.io!