What is KYC and How to Complete the Process on Seedify?
Hello Seedify Community,
As you begin to become more familiar with cryptocurrency exchanges, you will have no doubt come across the term “KYC”.
What is KYC, and why do all exchanges require completion of the process?
KYC’s abbreviation stands for “Know Your Customer”. Passing KYC usually requires 1–2 forms of valid identification. This is Anti Money Laundering’s (AML) first step of due diligence and is a way for exchanges to protect their users whilst also remaining compliant.
With KYC, companies not only define the identity of their customers but also gather information about their risk and financial profiles. In this way, activities such as fraud, corruption, and money laundering, can be prevented.
Failure to complete the KYC verification process may limit your access to certain features on crypto exchanges.
Information required to complete the process includes:
- Collecting customers’ personally identifiable information (PII), including their full name, place, date of birth, and address.
- Supporting documents will then need to be submitted, including a utility bill, proof of residence and Government issued ID.
- This information is then verified against official databases.
What are the benefits of Crypto KYC?
There are a number of regulatory and compliance benefits both for the customer and for the exchange, as listed below:
- Increased transparency and trust among customers: Users can feel confident that exchanges are taking proactive measures to protect their accounts.
- Less fraud and scams: Stringent identity verification can significantly reduce fraudulent activity and improve market reputation.
- More market stability: Due to the sheer amount of suspicious anonymous transactions that form part of the crypto environment, the KYC identity verification processes contribute to the market’s overall stability.
Why do you need to complete KYC on Seedify?
Countries have different regulations surrounding initial offerings that we need to adhere to. For example, in most parts of the world, initial offerings are legal, but certain countries have banned their citizens from participating in initial token offerings.
Unfortunately, this means these citizens can not participate in Seedify IGOs either. We aim to ensure the service we provide follows the laws and regulations of those nations.
How to complete the KYC process for Seedify?
We value the safety and healthy investment of our customers. That’s why we handle your KYC transactions through a third-party app, Blockpass.
The KYC Process:
To get started, go to Complete KYC on Seedify to follow these steps:
- Submit your email address
- Add your National ID, Passport or Driving Licence
- Take a “selfie”
- Add your proof of Address
- Add the address holding your $SFUND
For a step-by-step guide on how the KYC process for Seedify works, please refer to our article: Complete Guide for KYC Verification
Useful Links:
List of Supported ID Documents
How do I complete the “Proof of Address” verification
Now you are ready to invest in countless IGOs surrounded by all the possibilities of the crypto world!
To see the IGOs we have coming up, head over to the Seedify IGO Launchpad.
It’s also important to note that currently, the KYC process is not necessary to participate in Initial NFT Offerings (INOs) on Seedify’s platform as these regulations are not enforced when purchasing NFTs.
About Seedify
Seedify is a Blockchain Gaming and Metaverse incubator and launchpad, as well as an NFT launchpad, empowering innovators and project developers with access to funding, community building, marketing, and high calibre partnership network, with a full support system to help bring premier games, NFTs and Metaverse projects to our community.
To learn more about Seedify, please refer to the following links:
