Understanding The Importance Of Identity Verification

Feb 06, 2019
10:02
2 min reading

Choise.com team

There is a common misconception that crypto industry is fully anonymous. So, many of the Crypterium App users are surprised when asked to go through identity verification procedure. Some of you even tend to argue that our procedure is way too strict.

The truth is, Crypterium is a strong advocate of bringing digital assets from shady deep web transactions to the mainstream – something like morning cappuccino and chocolate muffin purchase transactions. To build that kind of App we need to work with banks and payment providers, and the partnerships are impossible without strong customer verification. Let’s see why.

Who are you?

The standard customer verification procedure for financial apps is called KYC, which stands for “know your customer”. It helps businesses to check who their users are to confirm that their actions are genuine. Crypterium’s KYC is simple: we’ll just need a photo of your ID – a document that you carry every day – and a selfie with it to grant you permission to use all our features with a limit of 10,000 Euro a month.

If you want more, we’ll also need a photo of your utility bill or a bank statement to lift any monthly limits from your account. So you are only a couple of photos away from using the ultimate crypto wallet and then the first global crypto card.

No room for money laundering

By ensuring that we know who our customers are, Crypterium helps prevent crimes such as bribery and corruption, money laundering, fraud and even terrorism financing. Hamas recently called for supporters to send Bitcoins – not going to happen via the Crypterium App.

Our customer verification process helps us to make sure that we know who our customers are and that activities from potential users will not cross the line of the law. There have been different cases in our practice when we found it useful: from some users uploading cat pics instead of selfies (sometimes cute ones, sometimes grumpy ones) to a person from Interpol wanted list trying to authorize himself in our application.

Here is another case that illustrates the importance of identity verification procedure. A citizen of a country from the sanctions list tried to authorize himself using a fake identity card from Romania. That person was as much Romanian as Crypterium has in common with traditional old-fashioned banks. On top of that, he was involved in fraudulent schemes that stole money from users on another digital platform before. The verification procedure helped us to prevent anything like that from happening on our platform.

Last but not least, financial apps could even face legal consequences if they don’t implement a proper KYC.

Safety First

Verifying your identity may seem like a lot of hassle, but in fact, you’ll just need to send us a couple of messages and pictures. Sounds more like an evening chat with a friend than a complicated procedure, right?

Moreover, Crypterium is working tirelessly to improve the whole process and make it even more seamless. To ease up customer experience, we signed an agreement with the market leader Jumio.

With partners like this, Crypterium is even able to reach the unbanked population as many have at least some sort of ID and utility bills. Our major goal is to provide our services to all people minus the ingenuine ones that were blocked by KYC for valid reasons.

Stay with us and enjoy all the unique opportunities that Crypterium offers to its lucky users.

About Crypterium

Crypterium is building a mobile app that will turn digital assets into money that you can spend with the same ease as cash. Shop around the world and pay at any NFC terminal, or via scanning the QR codes. Make purchases in online stores, pay your bills, or just send money across borders in seconds, reliably and for a fraction of a penny.

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