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How to verify my account

How to verify my account

4 min reading

Read the article and discover how to verify your bit4you account

Verify account

How to verify my account

Introduction

The implementation of new criteria for the identification and authentication of cryptocurrency exchanges users elicited a substantial amount of critical comments. The KYC (Know Your Client) method requires all financial institutions, including cryptocurrency exchanges, to identify and verify each client’s identity. This must be completed before they would make transactions. These measures protect businesses against the risk of collaborating with fraudsters and criminals while also ensuring the protection of consumer assets. This previously served primarily as a company’s internal policy, but for the past 5 years, KYC has been entrenched as a clear legal procedure.

What is KYC and why is it needed?

KYC, or “know your customer,” refers to the process of identifying and validating clients’ identities. KYC is generally used by a service anytime someone attempts to create an account at an exchanger or execute a financial transaction. The KYC process often includes such steps as identity verification and citizenship; screening the user for involvement in illicit activities; investigating the source and destination of funds; searching for suspicious transactions or analyzing an excessive number of transactions.

The primary goal of KYC is to screen out people who are ineligible to access the service for some reason. Such groups of people as minors, illegal immigrants, and persons having a criminal record cannot use services of cryptocurrency trading platforms. Then, the information gathered in the database will be shared with law enforcement authorities to help them investigate crimes.

The implementation of new laws reduces the danger of dealing with fraudsters while increasing client financial protection. The KYC procedures and the adoption of AML policies in the operation of cryptocurrency exchanges ensure transaction security, cryptocurrency payment implementation, transaction monitoring, and risk assessment. It is critical to realize that the trading platform must ensure the security of your data and take all reasonable precautions to prevent information from leaking.

How to verify your account on bit4you?

If you already have an account on bit4you and are up to start trading cryptocurrency, you must proceed with your verification. There are 2 levels of verification on bit4you. To start, log in to your account and go to the settings, clicking on the button in the right corner. Then, choose Account verification in the Account section. There you will see four stages you need to complete. First of all, confirm your email address by entering it in the field. Soon you will receive a letter with a confirmation link. This was your first step on the way to trading without limits! Then, the first level of verification is to confirm your identity via itsme, ID card, or passport. In case you selected ID or passport, start with choosing your country. Then, upload the scan of your passport, driver’s license, or identity card. Finish this stage by scanning a QR code or sending a link by your email and following further instructions. Important to note, that you can start verification procedures only via the website. 

After that, verify your address by entering your street and house number, city, postal code, and country. The next step is to upload your utility bill, which should not be older than 3 months from the date of submission. After that, the bit4you team will verify all the information. If you confirm your email, identity, and address, after 24 hours you will be notified that your verification is successful. Important to note that you should go through another stage of verification if your account is business. However, without account validation, you can operate on the trading platform only with Demo mode without a withdrawal option.

Unfortunately, some people believe that complete verification violates anonymity in the blockchain. However, KYC is an indication that a cryptocurrency exchange provides a secure environment for all users in the crypto community.

Conclusions

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