All clients must go through the verification process, CoinField also reserves the right to 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 Customer) and AML (anti-money laundering) and financial crime prevention. Consequently, all users when signing up must go through the verification process.
For all Clients, we've partnered with Jumio for online Identity verification. If verification might return successfully then the client can get instantly approved to Pro (Level 5), and start funding their account (limited deposits and withdrawals). However, a manual review by our Compliance team is still necessary in order to be fully approved to High Limit (Level 6). As well, if Jumio cannot confirm the identity of the user, then one of our KYC officers will take over the file and process it manually.¹ We have also partnered with ComplyAdvantage for further verification, if this is not successful then our Compliance team will review the accounts/documents and client’s information before final approval.²
Our Compliance department reserves the right to request any additional documents in case of any inconsistency or improper documents for verification, as well as further documents in case of policy changes.
1. If instant verification is not possible, it might be because we have found a discrepancy with the information provided. Other reasons can include the client refreshing or leaving the page while the verification is being processed.
2. Please also check this information about Jumio and ComplyAdvantage.