Introducing Our Updated KYC

Aug 02, 2023
12:08
2 min reading

Choise.com team

We're thrilled to announce some significant updates to our KYC (or Know Your Customer). Our primary goal has always been to make your crypto journey as smooth and hassle-free as possible. With that in mind, we've made some changes that we believe will enhance your experience on our platform.

So what's new?

Updating Your Registration in the Choise.com App

We've spruced up the registration questionnaire in the app, making all fields mandatory to align with legal requirements.

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If you've missed out on filling in any details previously, you'll need to complete them the next time you log into the Choise.com app. We appreciate your understanding and cooperation.

No Limits for Crypto-to-Crypto Transactions

First and foremost, if you're only dealing with crypto-to-crypto transactions, you no longer have any limits. This is a significant change from our previous system where limits applied to both crypto-to-crypto and crypto-fiat transactions. After Standard verification (registration questionnaire) you can now:

Deposit to your Choise.com wallet from another crypto wallet.
Send crypto to an external crypto wallet.
Exchange one cryptocurrency for another.
Deposit your crypto to interest accounts.
Transfer crypto to another Choise.com user via the wallet number.

Updated Limits for Crypto-Fiat Transactions

For those of you who engage in crypto-fiat transactions, we've extended our verification from three to four levels and adjusted transaction limits. We’ve made those changes to offer you a more convenient framework and clarity on the KYC procedure.

To conduct any crypto-fiat transaction, you now need to have at least Advanced level.

Here are the new limits:

Verification Level	Fiat Limit	Limit Validity Period
Standard	0 EUR	None
Advanced	9,700 EUR	Unlimited*
Enhanced	15,000 EUR	Annually** (from 01.01 00:00 to 31.12 23:59)
Custom	More than 15,000 EUR Limit set individually	Annually** (from 01.01 00:00 to 31.12 23:59)

*Meaning that the limit for this level is not time-restricted.
**Meaning that the limit for this level is set for a duration of one calendar year.

To increase your fiat limit, go to your Choise.com account profile and click on the "Increase" button, then go through the verification process.

Advanced level and above are applicable to the following transactions:

Deposit to Choise.com wallet from a linked bank card.
Deposit to Choise.com wallet from an Advcash account.
Withdraw funds to a linked bank card.
Load funds to Crypterium Visa Card.

Additionally, transferring crypto within the Choise.com app to another user via phone number also requires Advanced level, but it doesn't affect the limit counter.

Automatic Migration for Existing Users

If you're an existing user with a valid and confirmed verification level, you'll be automatically migrated to the corresponding level in our new system without any additional actions on your part.

Your Current Limit

To make things transparent, your limit and its remaining balance will now be displayed in your user profile in the Choise.com app or on the web version dashboard.

You can find more information about the new KYC and get answers to frequently asked questions in the FAQ section.

With these KYC updates, we aim to cut down the red tape and give you more freedom to do what you do best: navigate the crypto world. As always, we've got your back. Stay awesome and happy earning on Choise.com!