Why KYC Documents Are Necessary

KYC is critical for maintaining a compliant platform for users and the broader financial ecosystem. Coinsdrom's KYC process ensures that all transactions are legitimate and that users are correctly identified. This helps prevent fraud, criminal activity, and other illegal actions, contributing to a safer user environment. The verification process also aligns with global regulatory standards, ensuring that Coinsdrom remains a trusted platform for exchanging cryptocurrency.

KYC Documentation Based on Transaction Size

Coinsdrom uses a tiered KYC system, with documentation requirements varying based on the amount of cryptocurrency exchanged. The three verification levels depend on the transaction's value, and users will need to submit different forms of documentation at each stage.

Level 1: Orders between €200 and €5000

For users engaging in transactions between €200 and €5000, Coinsdrom requires the following documents:

• Proof of Identity: A government-issued identification document, such as a passport, national ID card, driver's licence, or resident permit. The document should be valid and not expired.
• Selfie Liveness Verification: A selfie showing the user holding their identification document to confirm their identity.

Level 2: Orders between €5001 and €75,000

For users whose transactions fall between €5001 and €75,000, the documentation requirements from Level 1 must also be met, along with the following additional documents:

• Proof of Address: A recent utility bill, bank statement, tax declaration, or similar document that verifies the user's address. The document must not be older than three months from the registration date and must include the user's full name, address (no P.O. Box), and issue date.
• Form 501 (Cryptocurrency Purchase Confirmation): A form sent to the user's email for electronic signature confirming the cryptocurrency purchase.

Level 3: Orders above €75,000

For high-value transactions exceeding €75,000, all documents from Levels 1 and 2 are required, along with the following additional documentation:

• Form 502 (Advanced Limits Application): A form that must be signed to increase transaction limits, sent to the user via email for e-signature.
• Source of Funds Evidence: Documentation supporting the origin of the funds used for the transaction.
• Video Call Verification: A video call with Coinsdrom's compliance team for identity verification.

Required Documents Explained

The KYC process at Coinsdrom involves submitting key documents to verify the user's identity and address, ensuring that all transactions are legitimate. Below are details on the key documents:

• Proof of Identity: This includes government-issued identification documents such as a passport, national ID card, or driver's licence. The document must be a colour copy of the original, showing both sides, and valid.
• Proof of Address: A document such as a recent utility bill, bank statement, or tax declaration verifies the user's current residential address. This document must include the user's name, address, and the issue date, and it should not be over three months.
• Forms 501 and 502 confirm the purchase of cryptocurrency and request higher transaction limits, respectively. These forms require minimal action from the customer and can be signed electronically or manually. The scanned copy must be submitted to the compliance team if signed manually.

How to Submit Documents

Users can submit their KYC documents in two ways:

1. Upload via Account: Users can submit their documents directly through the upload option available in their account.
2. Email Submission: Documents can be emailed to the Compliance Team at support@coinsdrom.com.

Approval Requirements for All Documents

Coinsdrom requires that all documents be clear, full-sized, and in colour. Here are some essential guidelines for document submission:

• Color Scan or Photo: Documents should be a colour scan or photograph, and both sides must be visible.
• Clarity: Documents must not be blurry, cropped, overexposed, or altered in any way.
• Document Validity: Expired documents or copies of copies will not be accepted.

The KYC verification process at Coinsdrom is essential for maintaining a compliant and trusted cryptocurrency exchange. Depending on the transaction size, users must submit varying documentation levels, ranging from basic identity verification to more detailed evidence for high-value exchanges. By adhering to KYC guidelines, Coinsdrom ensures that users can exchange cryptocurrency efficiently while complying with regulatory standards.