KYC is also known as the “Know Your Client” procedure. There are multiple ways to verify your identity included but not limited to a selfie with the document or submitting the specific document upon request. In CWallet, you have to go through the KYC, when:
- you make your first purchase with a card (we support Visa and MasterCard),
- you make a purchase that can require additional KYC procedures. The decision to request identity verification is made by the automated system based on various factors related to each unique payment attempt. Due to this, some payments may require the KYC, whereas for others this step may not be required altogether.
The KYC procedure is here for preventing other persons from using your card for purchasing crypto. It also prevents money laundering and fraud.
Our partner will inform you via email you use about the KYC and its procedure.
When it is done, the requested transaction shall be initiated.
You can learn more about the KYC procedure when buying with a card by visting our partner Simplex.