Step-by-Step Identity Verification Guide
In order to start lending or borrowing on CoinLoan, you need to verify your identity first through KYC procedure. This step is necessary to prevent money laundering according to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Following this quick three-step guide, you will go through the verification process successfully and start using the platform right away.
STEP 1. Personal information
To pass this step you will need the information from your identity document — a national ID card, passport or driver’s license (for US citizens only). All the information in your document should be provided in English or with English transliteration.
Please fill in the following form in Latin letters using the data from the ID document.
STEP 2. Identity Document
At this step you will need to upload scans or photos of your ID document and provide some additional info. Please note that documents shall be valid due to the issue date.
Now you need to upload your photos/scans of the front and the back of your ID document.
Please make sure that your files follow such requirements:
- Documents are valid due to the issue date;
- The scanned images should be in color and good quality;
- Picture files should be in JPG, GIF, PNG, PDF or TIFF formats;
- The file size should not be more than 10 MB;
- Photos/scans should not be older than three months;
- Documents should be issued in Latin letters or have Latin transliteration of key information.
- Photos/scans shouldn’t be edited in a photo editor.
- On both pictures, the document should be fully visible, with four corners.
We also require a real-time selfie of you holding your document. It allows us to confirm the identity of the account holder and makes it difficult for somebody to fake your identity. The photo should include your head and shoulders, similar to a passport or ID photo.
Please make sure that your photo follows such requirements:
- The photo should be in color and good quality.
- You should look directly into a camera.
- No sunglasses or hats.
- Use a plain monochrome background.
- Information on your document should be readable.
- Avoid red-eye effect.
- Make sure that the photo has sufficient contrast.
Before proceeding to STEP 3, please make sure that the photos/scans of both ID and selfie are made following the requirements, mentioned above.
Here are the main mistakes users typically make at STEP 2:
- Failing to upload selfies of themselves holding an ID;
- Uploading a life-time selfie without an ID document on it;
- Uploading photos of documents in low quality;
- Uploading photos of documents with blurred and/or cut edges.
To avoid these mistakes and pass the verification procedure successfully, please review the requirements for photos mentioned above and make sure to follow them properly.
STEP 3. Residential Address
At this step, you need to fill in the following form with the information about your place of residence.
When all the requirements are met, the process of account verification starts. It usually takes up to 24 hours. Our team will review and approve all the information as soon as possible and you’ll get an email confirmation once your application is being checked.
Our goal is to make sure that the ID verification process is as easy as possible for you so you can get started on CoinLoan. If you have any issues you can reach us via firstname.lastname@example.org.