Verification on Deribit crypto exchange

Registration on a crypto exchange Deribit is possible under any user name. But as of recently cryptocurrency exchange to trade crypto-assets has introduced a KYC procedure to verify users. Without verification on the site deribit.com it is impossible to carry out any transactions and it is not possible to trade.

Documents

Immediately after registration on the site the user has the status of “Unconfirmed”, in the sense that the information about the new client is not confirmed. You can go to the verification page by following the direct link, which is placed on every page of the exchange site. The client can check the status of the account in the Verification tab of the My Account menu, which is opened by clicking on the nickname icon in the upper left corner of the exchange.

The confirmation service is partially translated from English, which may cause difficulties for those who do not know the language. Do the following:

• Enter your personal data: full name, date of birth (the client must be 18 years or older), country and full address.
• “Liveness check” – a photo of the user with the ID card.
• Confirmation of residence.
• Additional documents, upon request of the platform.

The country of residence is important, because the list of services offered by the exchange differs from country to country. On Deribit KYC Requirements page there is a table of countries and those information that must be provided by new clients of the trading platform. If the user does not have any documents (identifiers) from the list, it does not close the opportunity to work on Deribit, it is necessary to write an appeal to the support service with an explanation of the situation to the e-mail address: [email protected].

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The exchange claims that the location of the new customer and the place of account registration are matched by IP. Every time a user logs in to the exchange, the IP is checked. As a result of the monitoring, suspicious accounts are blocked. It is impossible to create an account in a country with restricted access. To confirm the identity it is necessary to have a webcam on the computer. You can confirm your place of residence with a bank statement, utility bill, credit card statement, tax return, or any other document.

If the exchange is not satisfied with the quantity or quality of documents, it reserves the right to request additional documents. At the same time, if during the verification Deribit believes that the client has provided false information, all accounts will be closed and open positions will be liquidated. Deribit recommends using the Google Chrome browser for the verification process. When uploading an ID photo, make sure the document is valid, not expired, and is clearly visible in the photo. They recommend photographing documents in natural light to prevent the lighting from spoiling the image.

The document in the photo must be complete, without cut corners or sides, not skewed or upside down. The number, series, and other important numbers should be clearly and completely visible. If the picture is taken with some kind of application, you need to make sure that it does not leave any logos or any other symbols. If it is not possible to pass the identification through the computer, Deribit offers to pass the checks through the application in the smartphone, if it is available in the country of residence of the new client.

Additional inspections

In addition to the information sent by the customer themselves, Deribit claims to check with newcomers and constantly monitor cryptocurrency addresses and transactions to detect activity related to theft, fraud, hacking, darknet markets, money laundering, terrorist financing and other illegal activities.

Also, among the additional checks, the platform conducts an automatic customer check on the global sanctions database, lists of politically exposed persons and “undesirable” media. It is hard to say how in-depth the platform investigates this kind of user information, but those who work in the cryptocurrency market from the time when it was still virtually anonymous should take this nuance into account.

Corporate account

You can create a corporate account on Deribit on the Checkout page. You should know that once the account has been changed to corporate, the user cannot cancel this status independently. Verification of such an account is significantly more complicated than for a personal account.

It will be necessary to specify the position of the account owner, provide information on the type of legal entity, the company address, a description of activities, the memorandum of association, the company charter, an extract from any regulatory structure, the ownership structure chart, a list of executives with their places of residence, a list of major shareholders – a whole list of other documents. Each of the managers and major shareholders, as well as the contact person, is subject to a verification similar to the verification of the personal account holder on the platform. This information is accompanied by a statement confirming that absolutely all account transactions will not take place in countries where Deribit is restricted.