What is KYC?
KYC stands for “Know Your Customer” and is a form of identity verification that allows financial institutions to confirm the identity of their customers. The process requires some form of an identity document, such as a passport or valid ID card. The necessary identification documents vary by institution and geographic location. Despite slight differences, the KYC process always serves the same purpose. The core components of KYC are data collection and verification. Customer due diligence and continued monitoring are also part of the process.
KYC broadly comprises three procedures. First, the institution collects and authenticates customer data. Then, it may choose to perform a background check on the customer to ensure they are not currently under investigation or have previously committed financial fraud. Lastly, the institution will continue to monitor and make sure that identity verification information is up-to-date.
Why Does Phemex Recommend its Users to Complete KYC?
Phemex has adopted KYC procedures to better comply with local regulations and to ensure secure platform operations for all users. KYC is currently not mandatory, but we highly recommend that you complete KYC to enjoy the full suite of services offered on our platform. Customers who do not complete KYC will face certain service restrictions on our platform, such as not being eligible for certain bonuses or campaigns.
Will My KYC Information be Safe on Phemex?
Phemex understands the paramount importance of keeping our users’ information safe. To this end, we’ve partnered with Jumio, one of the most secure and renowned identity verification platforms. Phemex and Jumio will never expose user information to unaffiliated third parties. For more details, please find below the security terms for both Phemex and Jumio.
What Do I Get After Completing KYC on Phemex?
After you have completed KYC on our platform, you will be able to enjoy increased security along with additional features and benefits.Verified users are also eligible for new user bonuses that require KYC completion, some of which can be found on our bonus page.
How do I Begin KYC Verification?
You can easily access the identity verification process on Phemex by logging into your account and going into the Account Overview page. Click the ID & Face Verification button and follow the instructions on the pop-up menu. You will need to provide a photo identity document.
For a step-by-step guide on how to verify your account, please read “How do I verify my account? (KYC)”
Phemex Support is Always On-Hand
In the event you encounter any difficulty during the process of completing your KYC, please feel free to reach out to our 24/7 customer service team for assistance.