Why do I need to verify my identity?
The Wallet makes it easy for you to move in and out your digital assets. As a fully AML/CTF compliant company, we are required to conduct checks to ensure that transactions are not linked to illegal activities. To do so, yes, we need to know a bit more about you.
Depending on the features you would like to use on the Wallet, you will need to provide different details about your identity and residence.
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. After Standard verification (registration questionnaire) you can now:
- Deposit to your 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 user via the wallet number.
Updated Limits for Crypto-Fiat Transactions
For those of you who engage in crypto-fiat transactions, there are three levels with different transaction limits. 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 |
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 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 wallet from a linked bank card.
- Deposit to wallet from an Advcash account.
- Withdraw funds to a linked bank card.
- Load funds to Visa Card.
Additionally, transferring crypto within the app to another user via phone number also requires Advanced level, but it doesn't affect the limit counter.
Your Current Limit
To make things transparent, your limit and its remaining balance will now be displayed in your user profile in the app or on the web version dashboard.
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.