What is KYC?

Updated · 19 August 2024 · LT

What is KYC?

KYC stands for Know Your Customer. These are guidelines and regulations in digital asset and financial services industries that require users to verify their identity and suitability to use certain products and ensure they are aware of the risks involved.

Why do I need to pass identity verification?

Security is at the forefront of our operations here at Cryptology. Passing our KYC identity verification allows us to verify which users are legit and those ones that are not. This adds extra layers of security for both our platform and user base. Malicious attacks are common in crypto much like other technology-based industries, therefore it is our duty to have the correct due diligence in place.

I have already passed KYC before, do I need to pass it again?

Yes, you do need to pass it again. Our procedures and measures have changed slightly since our last checks therefore it is important we thoroughly recheck current users and correctly check our new ones.

What should I do if my verification was failed? 

There are several reasons why your verification could be rejected: 

  • low-quality photos; 
  • documents that do not meet the requirements; 
  • security reasons; 

If the document review was rejected, you can see the specific reason for rejection on the "Verification" page. In some cases, you can try to pass the verification again, on the Verification page, click "Try again" or "Upload documents". Please note that documents can be uploaded in the required form and do not send too many incorrect files - this will lead to account blocking. You can check all the document requirements in the article "Verification process". In case if you need further help, kindly contact the Support Team

I’m underaged. Can I open an account with Cryptology? 

Unfortunately, no. As per Cryptology’s Terms and Conditions, the client acknowledges that he/she is above the legal minimum age (18) upon account registration. Failure to comply shall result in the blocking of the account. 

Can I edit my personal data? 

For now, once the information has been submitted, it cannot be removed or edited by the user. To do this, please contact our Support Team.