Verification of CEX.IO

CEX.IO adheres to the AML/KYC policy to guarantee the security of trades on its platform. It also prevents illegal transactions and protects traders’ accounts. KYC is considered to be a set of procedures used to validate an account on the site cex.ioincluding the collection of documentation, phone numbers, e-mail, addresses, and bills for services.

AML regulations apply to individuals and businesses. They are needed to prevent crime and help identify a trader’s residence in order to provide services in accordance with local law. To comply with AML requirements, CEX.IO identifies users and verifies all transactions they make. There are four levels to the process:

• Verifying the user’s identity. Collection of personal information and documents, indication of residence.
• Proof of residency to provide services according to local regulations.
• Monitoring transactions to detect suspicious, unusual for the trader actions.
• Risk management. The company takes a rational approach to AML/KYC policies to identify risk factors.

In order to comply with anti-money laundering laws and regulations, the administration may request additional documents from users to help verify personal information and bank card data. This is to ensure the security of transactions and confirm that no one is making them without the customer’s consent. AML/KYC compliance provides crypto exchange ability to process:

• deposit/withdrawal of funds by bank cards in fiat;
• international transfers via the SWIFT system;
• Internal transfers via ACH (for US users), SEPA (in the EU) and Faster Payments (for Britons);
• Deposit and withdrawal via Skrill and Epay.

In some cases, exchange representatives may call the user to confirm their account. In these cases, the call may come from these numbers: +1-866-934-1243 and +44 (330) 818-85-80. If the customer receives a call from a different number and introduces themselves as a CEX.IO employee, they may be fraudsters.

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Levels of verification

The service offers 3 levels of verification: identity, address and source of funds. After passing the identity verification, you can:

• buy coins with a bank card;
• Make card deposits of up to $3,000 and withdrawals of up to $10,000. The card can be used to make deposits of up to $3,000 and withdrawals of up to $10,000. US dollars per day
• trade available currencies using market, limit orders and API tools;
• Use Epay and Skrill.

Before proceeding with the inspection, prepare such documents:

• passport, driver’s license or identity card (in Latin or transliteration);
• Social Security number (for Americans).

The identity verification process includes these steps:

• Specify your country of residence. Select a state from the list and a state/province. If you are a U.S. resident, enter the county and social security number. You must also confirm your phone with the code in the SMS message.
• Providing an ID card. It is necessary to upload a photo of the document and a photo with it, indicate the full name, nationality, date of birth and issue of the card, its serial number, the period of validity. To send the document, you need to specify its type, select where the photo will be sent from: from your PC or phone. Available formats: PNG, PDF, JPG, as well as GIF.
• Indication of information about the client: sex, name, nationality, date of birth and place.
• Providing the details of a document that can prove your identity: number, state, expiration date.
• Within an hour after submitting your application you will receive a letter confirming that you have been verified.

After verifying your identity, you can confirm your address. After this step you will get access to more currency pairs, higher deposit and withdrawal limits (not more than $10,000) and the ability to deposit funds by bank transfer without commission. This step includes 2 steps: address confirmation and connection of social networks pages. CEX.IO administration published a step-by-step guide in the help center:

• Upload a snapshot of the document proving your place of residence: a bill for services, an extract from the tax office or a bank statement. It should be issued for the last 3 months. The document must be typed in Latin alphabet or transliterated, contain the authority of the issuing institution, the name and surname of the user, the address of residence on one page.
• Add data about your social media pages. A linked profile provides additional information to help verify customer information. We recommend linking at least one Facebook, LinkedIn, Twitter, or other social media account.

Once your identity and address have been verified, you can go through an extended verification process to be able to deposit and withdraw without restriction, as well as receive assistance from a dedicated CEX.IO manager. To do so, you must provide a document that can verify the availability of funds. To apply for Advanced Verification, go to the verification page in your profile and click “Get Started” in the Advanced Verification step. To successfully complete the process, you will need to provide the following information:

• Employment Status. Enter your country of tax residency and employment status in the drop-down menu. If you are employed, enter the company name, phone number, and website (optional) and how long you have been employed. Check the industry you work in and the job title. Indicate the country where the company is located. If you are unemployed, indicate your source of income.
• Source of fiat money. Specify the monthly income and check the checkboxes of the sources of fiat funds. At this step, the attachment symbol is available to help you attach a file that confirms the origin of the funds. You can upload files from your computer or take a photo with your phone camera.
• Source of cryptocurrency. Specify whether you plan to contribute cryptocurrency and its source.
• Questionnaire. Specify the primary banking jurisdiction, purpose of the account, and planned turnover.

Bank card confirmation

CEX.IO asks for bank card confirmation when verifying identity. To do this, the user must send a photo with the payment card. For such a selfie to be accepted, you need to make sure that the photo clearly shows your face and all the card details, including:

• The first 6 and last 4 digits of the number.
• Full name.
• Duration.

To take a picture of yourself with a map, you’ll need a smartphone, tablet, or other digital device with a camera and a place with good lighting. The card should be held in your hand so that the image is clearly visible. No sunglasses or hats should be worn. You can send a photo through the “Notification Center” in your personal account.

To do this, click the “Upload” button next to the request and select the necessary files. You can upload pictures in JPG, GIF, PNG or PDF format up to 10 MB in size. If you’re using a virtual card, you’ll need a picture of your screen showing its account. The image must meet these requirements:

• Large photo size so that it is clearly visible.
• The photo shows the user’s face and all the details of the card, including the first 6 and last 4 digits of the number, full name, expiration date. The card must be displayed in the application, a screenshot cannot be used.

If a trader uses Google Pay/Apple Pay to make purchases, they can upload a selfie with a credit card added for payment. If a PayPal account is linked to Google Pay/Apple Pay as a payment method, you can upload a photo of the user holding the card added to PayPal. If a bank account has been added to PayPal, a photo must be taken of the trader holding the bank statement for the past month.

Confirmation of source of funds

The Administration may request additional documents to help verify the source of income. Source of funds (SoF) refers to the receipt of the origin of the assets that a customer uses to trade on CEX.IO. By requesting the information, the crypto-exchange team can determine the origin and method of receipt of funds. There are several acceptable documents for SoF that must meet such criteria:

• Contains the user name, time and amount.
• Include information about recent transactional activity, showing deposits, withdrawals and trades.
• Have a .pdf format.

Documents for SoF for Fiat:

• Personal savings/bank statements. Information for 3 months showing sufficient account balance to cover transactions.
• Salary – payroll (no more than 3 months), contract, certificate of income, tax return.
• Business income/profit – company or self-employed person’s tax return, financial statement, business account statement.
• Pension – an extract from the Pension Fund and an account from the bank showing the payment.
• State benefits.
• Income from investments (IF, bonds, etc.). Payment receipts containing buyer and seller information.
• Proceeds from sale of property – copy of contract, land registry/ title deed, notice from agent or lawyer confirming transaction.
• Rental/leasing income.
• Private credit from relatives, friends.
• Loan from the bank.
• Inheritance – copy of will or signed letter from attorney, probate.
• Gift.

The CEX.IO Help Center also has information about the documents you need to provide in order to verify a cryptocurrency source.

Verification through the app

It is possible to go through the identity verification procedure via the branded application. To do this, log in and go to “Profile – Confirmation”. To go through verification, do the following:

• Specify the state.
• Confirm the phone. To do this, enter the country code and the number to which the service will send the code.
• Select the type of document that identifies you from the suggested list. Take a photo so that the edges of the document are framed in the display.
• Provide personal information: Name, date of birth, and place.
• Enter information about the document (passport or driver’s license): number, place of issue, expiration date.
• Take selfies with the document.

You can also complete advanced identity verification with additional details, including information about your place of employment and source of income. Address verification is also available through the CEX.IO app. To complete it, select Confirm Address from the Profile tab. Specify the type of document, take a picture of it and specify the address. After verification the exchange administration will send an email to the user with the result.