EXMO Verification

EXMO – that crypto exchangeTo trade on which, it is necessary not only to register an account, but also to pass the verification procedure. This is a proof of identity. Crypto exchange is registered as a legal entity of the United Kingdom, so it operates in the jurisdiction of the local law and the legal field of the European Union. According to the 5th anti-money laundering directive, all users who make transactions with digital assets must undergo identity verification.

EXMO offers several stages of verification, which require different sets of documents. In the help center on the site exmo.me there are tips to help you go through the verification procedure without any problems:

• Use only the document in which data is displayed in Latin or Cyrillic characters.
• The format of photos or copies – PDF, JPG, PNG.
• The pictures are only in color, not black and white.
• No photo editing with special programs.
• Good quality and 0.2-8 MB file size.
• Clear visibility of all details in the photo.

Timeframe for the inspection

According to the regulations approved by the company, verification takes up to 24 hours. But in most cases it takes no more than 2 hours for verification.

Top 5 best cryptocurrency exchanges

Verification of identity

Verification is mandatory for all EXMO users. It gives access to the main functions of the exchange. Only this verification is mandatory, other steps are required only to use different payment methods. Identity verification allows trading on the crypto exchange, depositing and withdrawing cryptocurrency funds, conducting transactions via AdvCash or Payeer, using EX-CODE. For such verification will be suitable:

• State-issued passport (photo page).
• Foreign passport.
• Driver’s license.
• ID card.

The document provided to the exchange administration must include data on the country that issued it, serial number, day of issue, user name, date and place of birth. If both sides of the document need to be uploaded, each is sent as a separate file. To verify identity, you must:

• Hover your cursor over the name at the top of the page.
• From the drop-down list select “Verification”.
• On the new screen, select “Personality” and press the “Start” button.

There are four steps to verification:

• Providing personal information (name, state, date of birth).
• Select the name of one of the documents that can confirm the user’s identity, and enter its data in the suggested fields.
• Upload a scanned copy or a snapshot of the document.
• Take a photo of yourself with the ID used for verification. You can add a photo or use a webcam. In addition to the document, you should hold in your hand a sheet with the current date and the word EXMO written on it. After submitting the application, a message will appear telling you that identity verification is in progress. Notification of successful verification will come via a personal message in the cabinet on the EXMO website.

Address confirmation

Verification allows you to use more payment methods, including SEPA and bank transfers. Documents that can be submitted to pass this step are:

• bank statement;
• utility bill;
• court documentation;
• documents from the tax office;
• documents that are issued by government agencies;
• proof of residency obtained from the local authorities.

Any of the documents submitted must be issued no earlier than 3 months prior to being added to the exchange site. It must clearly show the full first and last name and address where the user resides. To verify the address, you must go to “Account Verification” in the cabinet and select “Address”. In the window that opens, the user must specify the country, city, as well as the index and full address, the date when the document was issued. The next step is to upload the documentation and click on “Finish”. After sending, a message will appear indicating the start of address verification.

Card Verification

This verification implies the trader’s confirmation of ownership of this payment instrument. After this stage it is possible to transfer money from bank cards (for withdrawals to cards it is enough to verify identity). To confirm it, send a photo of the card, which will be linked to the account. Only cards with the name will be accepted for verification. It should coincide with the trader’s name. On the photo the numbers (first four and last six), last name and first name should be clearly visible.

To verify the card, put the cursor on the login at the top of the page and select “Verification”. At the next step, click on “Card”. A form will appear in which you have to enter the first six and the last four digits of the card, the name of the card holder. Also you have to upload a photo of the front of the payment instrument. You also need to add a photo of the back of the card, in case the name and surname are on it. After the upload is finished press “Finish” and wait till the window with information on card verification will appear. Verification of up to 5 cards is available.

Account Verification

You need to confirm the bank account in order to be able to transfer funds with it and access exchange details for such transactions. EXMO prevents the illegal turnover of funds as part of 5AMLD (anti-money laundering directive). This verification proves that the money is transferred from a legitimate account. Its verification is not required, it is only available after verification of the user’s identity and residence address. You will have to confirm the bank account for each currency to be used. Euros, U.S. dollars and pounds sterling are available. To pass this verification, it is necessary to contact the administration of the exchange by e-mail: [email protected]. The letter should say that you want to pass the account verification. In reply, EXMO staff will send documents which should be filled out and returned in order to pass the procedure.

Corporate account verification

This verification is necessary for companies and corporate accounts that want to use a single account or give access to it to their employees and partners. This verification step is not mandatory, it is necessary to verify the legal entity. The anti-money laundering directive states that all legal entities that plan to conduct cryptocurrency transactions must be verified. Account verification makes it possible to deposit and withdraw money from a company’s account via wire transfer. To be verified, you must:

• Send a letter to [email protected] indicating that there is an intention to undergo a corporate account review.
• Get 3 files: a list of required documents and 2 questionnaires. EXMO AML DUE DILIGENCE must be filled out only if the company uses AML policy in its work. If necessary, the exchange may request other additional documents.
• Fill out the forms and send the requested documents to the EXMO mail. After verification, an account with corporate status will be created. If the user already has an account on the exchange, it is necessary to provide a login that it was verified as corporate.

Confirmation of source of funds

As EXMO strives to fully comply with UK regulations, including the Proceeds of Crime Act and FAFT guidelines, as well as AML and KYC standards, some users may be asked to verify their source of income. Security measures require due diligence in some cases. Confirmation of the source of funds is an additional way of controlling the turnover of funds, which ensures security for all exchange users.

If the administration of the service requests confirmation of the source of income, the trader must specify how the assets for transactions on the platform came to him. To do this, it is necessary to provide documents that can show the movement of funds. In order to prove the origin of the assets, the following information must be provided:

• To confirm income: position, nature of company activity, name and website (if any). The payroll for a period of 1 to 3 months, confirmation of payment by the employer, bank statements showing receipt of regular wages, income statement if the user is registered as self-employed (FOP, IE, etc.) are suitable.
• For proof of savings: total amount, date of statement, name of account owner, details. It is necessary to provide bank statements with information about deposits, gifts no older than 3 months.
• For investments: amount, name and type, company, date received. You can send a letter from the company attracting the investment with information about income, a bank statement with credit to the bank account, an investment statement with data about the operation.
• For a loan: the amount, the date of the contract, information about the borrower and the lender. A loan agreement or promissory note is suitable as proof.
• To confirm the sale of assets: its type, price, method of transaction (through an agent, auction, sale to a private person), date. You can provide a letter from a lawyer, the contract of sale and the bank statement on the crediting of funds.
• For inheritance: total amount, name and relationship to testator, date received. You can send a copy of the will with the value of the property listed, a bank statement, or a letter from a lawyer.
• To prove receipt of a gift or winnings: the amount, details and name of the recipient. Company information, check or receipt will be suitable as documents.
• For company profits, information is given on how the company earns income, the director, and the owner. You can provide a bank statement or a copy of the most recent statements.

If there is cryptocurrency, you can specify the source of its receipt, the date and the reason for holding the assets. Documents can be a history statement of coin purchases, a bank statement of acquisition, a contract when received as payment, trade reports, video of wallet transactions, or proof of mining.

Video selfies

In some cases, EXMO support may ask the user to provide video selfies for verification. This is an additional security measure for due diligence, asking for extended information about the client, including screenshots of transactions and additional documentation. The selfies should be taken with the same ID that was used to verify identity. The trader needs to hold the document and a sheet with the date and the word EXMO written on it. Video selfies are accepted in any format. Its size should not be more than 20 MB. The quality should be high, and the details on the ID should be clearly distinguishable.