All clients must go through the verification process, and CoinField also preserves the right of double check and verify current users using our platform, including cases of annual accounts' reviews.
Considering the type of business handled by Coinfield and for being a Cryptocurrency exchange, we must comply with international and local regulations regarding KYC (Know your client and Identity verification) and AML (anti-money laundering and financial crime prevention). Consequently, all user when signing up must go through the verification process.
- For Canadian Residents¹, Equifax² verification might return successful, in which the client can get instantly approved to Level 5 and start funding their accounts. However, a manual review by our Compliance team is still necessary in order to be fully approved to Level 6 - where clients can withdraw. As well, if Equifax cannot confirm the identity of the user, then one of our KYC officers will take over the file and process it manually.³
- For International Residents, we partnered with Trulioo for verification, which our Compliance team will, in this case, manually review the account before any approval.
Our Compliance department reserves the right to request any additional documents in case of any inconsistency or improper documents for verification, as well further documents in case of policy changes.
¹ Canadian Residents include: Canadian citizens and foreigners residents in Canada with Valid Study & Work Permits, Visa, Permanent Residency or Citizenship cards.
² Please also check this information about "Which type of check is done with Equifax".
³ If the instant verification from Equifax is not possible, it might be because Equifax found a discrepancy with the information provided and what they have on file for you. Other reasons can include the client refreshing or leaving the page while the verification is being processed, you don't have a credit file in Canada or it's recent, or you have answered the questions incorrectly.