Verification on Coinsbit crypto exchange

Crypto Exchange Coinsbit uses KYC in its work. This is the name given to banking and currency regulations for companies dealing with money. It involves identifying and establishing the identity of the user before conducting financial transactions. Such a requirement refers to providing complete information about counterparties and legal entities, users cryptocurrency exchange.

To be verified on the website coinsbit.io, you need to register your account. After logging in, go to the “Profile” section. At the bottom of the page there is a new window for entering user verification information.

Why is there a need for verification?

Traders can start working on the website of the crypto exchange without verification. But in this case they will not be able to withdraw funds. To be able to withdraw funds and participate in various Coinsbit events, they will need to be verified.

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Stages of verification

Each user who wants to be verified will have to provide personal information and a number of documents to confirm their identity. Verification includes the following steps:

• Provide personal information – full name, date of birth and gender.
• Providing address data – country, city, zip code, street and house.
• Sending a document. At this step you need to select one of the documents that the user can upload: foreign or national passport, driver’s license, ID-card.

After selecting a document, the service redirects to a page where you have to upload a photo up to 5 MB in size. Photos in JPG, JPEG or PNG format are accepted. After uploading a document photo, the last step will be to take a selfie with this ID. After the identity verification, Coinsbit administration will send a notification of success. There is no information on the site about the timing of verification.