If you are prompted with this notice “You need to pass KYC first.” while navigating through Spot Trade, this means that your account is not yet ID and Selfie verified.
Please be informed that the complete features and functionalities of Spot Trade will only be made available for users who are at least ID and selfie verified.
What is KYC?
KYC, or Know Your Customer, is a mandatory process used by financial institutions and cryptocurrency platforms to verify the identity of their users. The primary goal of KYC is to prevent fraud, money laundering, and other illicit activities by ensuring that businesses know who their customers are.
Importance of KYC Verification
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Access to Full Features
Only users who have completed ID and selfie verification can access all functionalities of Spot Trade. -
Security
KYC helps protect your account from unauthorized access and ensures that transactions are secure.
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Regulatory Compliance
Financial regulations require platforms like Coins.ph to perform KYC checks to comply with anti-money laundering (AML) laws.
Understanding KYC not only helps in complying with regulations but also enhances user security. By verifying your account identities, Coins.ph can better protect users from potential scams and fraudulent activities. This proactive approach ensures a safer trading environment.
Frequently Asked Questions
What happens if I don't complete KYC?
You'll have limited access to Coins.ph services and won't be able to use fiat and trading features.
Can I use Coins.ph without KYC verification?
Basic features are available, but full functionality requires Identity verification.
How often do I need to update my KYC?
Typically, you'll need to verify your information if there are significant changes or upon platform request.