What is the KYC verification?
The KYC verification is not only a tool that allows us to know you a little better, but also a method to avoid having commercial relations with those related to terrorism, corruption, or money laundering. Check our Anti Money Laundering policy for more details. By completing the KYC, clients verify that they are who they say to be to access our services and products.
To complete the KYC, you need to provide some contact information (your country, city, address line, postal code, and so on), take a photo of your identity document, and take a selfie.
Don’t worry. It’s quick and easy, as the verification is a fully automatic process and takes only a couple of minutes.
Why do I need to complete the KYC verification
CoinLoan is a CeFi platform with European Finance Licenses. We can’t provide our services to non-verified customers. Thus, as a non-verified user, you have no access to the following services:
Transferring assets to your Wallet
Earning interest in Interest Account
Borrowing funds with Instant Loans
Exchanging fiat and crypto with Instant Crypto Exchange
How to complete KYC via web platform
Go to the My Account drop-down menu at the top right and select the Verification option or follow the link.
Verification Option — Web Platform
3. You’ll see the Applicant Data form with required and optional fields. Please select your country and enter the state, address line, city, and postcode. If you want, fill out the rest of the fields. Click the Next button.
Applicant Data Form — Web Platform
4. Choose the identity document you’d like to identify with. For instance, United States residents can choose between a passport, driver’s license, ID card, and residence permit.
Identity Document Form — Web Platform
5. After checking the desired type, be ready to take a photo of your document’s front and the back. Images should be bright, clear, and uncut.
Taking Photos of Identity Document — Web Platform
6. The last step is your selfie. Your laptop or PC should have a camera. Follow the platform instructions and face the camera, slowly turning your head around.
Taking a Selfie — Web Platform
If your PC or laptop does not have a camera, or you’re more comfortable taking a selfie with your phone, click or continue on a phone. You will see the mobile browser link you can copy and a QR code you can scan. After that, take a selfie with your phone, following the platform instructions.
Continuing Verification on the Phone
7. All done! The system will check your data and automatically change the verification status.
Checking the Data You Submitted — Web Platform
How to complete KYC via mobile app
Choose the Settings module. Go to the Account section and select the Verification option. Then click Continue to start the verification process.
Verification option in settings — mobile app
3. You’ll see the Profile Details form with required and optional fields. Please enter your country, state, address line, city, and postcode. If you want to, fill out the rest of the fields as well. Then click the Continue button.
Profile details form — mobile app
4. Select the country where your document was issued and the type of identity document you’d like to identify with. For instance, after choosing the ID Card, you should take a photo of your document’s front and back. Images should be bright, clear, and uncut. After making sure all the information on the document is visible and easy to read, click the Document is readable button.
Choosing identity document — Mobile app
5. The last step is your selfie. Your phone will turn on the front camera, and you should look straight into it.
6. All done! The system will check your data and automatically change the verification status.