KYC, or identity verification, is required by major cryptocurrency exchanges throughout the world, just like it is by other financial institutions, in order for consumers to have ongoing access to their services.
We’re excited to present a new KYC framework for those interested in joining the FMCPAY Community. We can safeguard users and prevent fraud with the new identification and verification methods. There are now three different levels of account verification, each with its own set of perks and limitations. Rest assured that your information is kept safe and secure in compliance with the most stringent personal data protection regulations.
FMCPAY is dedicated to ensuring the highest levels of Know Your Customer (KYC) compliance in order to avoid money laundering and terrorist funding through its products and services. FMCPAY has achieved this by using advanced compliance and monitoring systems for its fiat gateways, which include daily monitoring tools such as on-chain cryptocurrency transaction tracking. FMCPAY can safeguard its consumers and avoid fraud by identifying and verifying all of its users.
In addition, KYC (or Identity Verification) on FMCPAY is an extra layer of security for your account and allows you to use more of FMCPAY’s services.
Users who complete KYC (Identity Verification) will be able to upgrade their accounts and enjoy lower transaction fees and higher withdrawal limits.
What is KYC, or Identity Verification ?
KYC stands for “know your customer” and “know your client” and refers to the process of confirming a customer’s identification, typically by a financial institution. Identification verification necessitates the presentation of material that may be used to confirm your identity, such as a valid ID card, utility bills with your home address, a passport, and so on. The standards for identification documents differ from one institution to the next, and even from one location to the next.
Customers are often asked to produce identification verification papers when opening an account and at times when their personal information changes. If you change your name a few months after registering your account, for example, you will need to update your personal information.
If you do not complete the KYC process, you may not be able to access all the features on a cryptocurrency exchange. For example, FMCPAY allows customers to create accounts, use basic functions and perform limited transactions without submitting KYC information. In order to gain full access and increase higher deposits and withdrawal limits, customers will need to complete the KYC verification process.
Why is KYC Mandatory for Most Crypto Exchanges ?
Major cryptocurrency exchanges are required to comply with Know Your Customer (KYC) standards, which guarantee that businesses follow all regulatory norms and laws.
KYC aims to prevent illegal operations and to identify suspicious behavior as soon as feasible. These data are used by cryptocurrency exchanges to track transaction patterns in order to verify that transactions are secure and compliant.
Without KYC verification, a cryptocurrency exchange might be held accountable if a user gets away with committing a crime because they didn’t do their homework.
FMCPAY’s Responsibility and Obligations to KYC
FMCPAY is one of the world’s largest cryptocurrency exchanges by market capitalization. As a result, the exchange is committed to KYC compliance. KYC not only safeguards the exchange, but it also adds an extra degree of protection to each user’s account, allowing them to access FMCPAY’s services without restriction.
FMCPAY Verification Process:
- Full Legal Name: Make sure that the name you type is the same as the one on the document you provide. If the document uses abbreviations or initials, please use your full names instead. Make sure there are no spelling mistakes
- Take a Good ID Picture: Take the picture of the ID in a well-lit environment. Make sure all four corners of the document are visible and there are no reflections (if your phone’s flashlight is on, be sure to switch it off). Clean the lens, hold the phone steady, position the camera in a way that the picture frame touches the edges of the document – once it does, the picture will be taken automatically. After the picture has been captured, make sure that the information on it is legible. If you’re not sure of the quality, retake the picture before submitting it.
- Take a Good Picture: When taking the picture, hold the camera steady and follow the green dot with your eyes (this process uses video and photo camera), without turning your head. Try to remain still as much as possible – it won’t take long!
Terms and Conditions:
- Users will need to complete at least the “Identity Verification” level of KYC.
- Reward Distribution: we will distribute the reward to the winner’s Spot Wallet in BUSD within 14 days after the program ends.
- FMCPAY reserves the right to disqualify users who are deemed to be illegal bulk registration accounts, self-handling or displaying fraudulent attributes, etc.
- FMCPAY reserves the right to cancel or modify any Activity or Operation Rules at our sole discretion.
Hurry up! Join with us: https://fmcpay.com/exchange