Frequently Asked Questions on Account Verification (KYC)

1. What is identity verification? 

KYC stands for “Know Your Customer” and is a form of identity verification that allows financial institutions to confirm the identity of their customers.

2. Why is identity verification important?

• Enhanced Security: We require identity verification to keep your account and assets secure and prevent fraud alongside other illegal activities. 

• Provide Enhanced Services: KYC verification is required to access services such as buy crypto with fiat currency, fiat deposit/withdrawal, and selling crypto to a bank account/card. 

• Provide Convenience and Security: If you lose your login credentials, having a KYC-verified account simplifies the process of recovering access to your account.

• Provide Access to Exclusive Offers: such as Phemex promotional campaigns, Rewards Hub, Learn&Earn, and Referral Program.

3. Can I complete identity verification on my sub-account?

You can only complete Identity verification on your main account. Once you complete identity verification on your main account, you will enjoy the same access to your sub-accounts.

4. Can I complete individual verification on more than one Phemex account?

Each user can only complete identity verification on one Phemex account. If you wish to open a new account on Phemex, it is recommended to activate a sub-account as long as your main account is verified.

5. Can I change or delete my identity information after verification?

You cannot change or delete your identification information with your existing KYC. However, if there is any mistake (missing alphabet, numbers etc.,) in the information you submitted or you would like to unverify your account, please contact customer service via live chat or email support@phemex.zendesk.com for further assistance.

6. How can I verify a business account?

Institutional KYB verification is not available online. To proceed, please email our customer service team at support@phemex.zendesk.com, attaching the required documents listed in the article How to Apply for Entity Verification, along with the following:

1. Company's Address;

2. Company's Taxpayer ID (normally a string of numbers);

3. National ID or passport

4. Business description;

5. Asset source description;

6. Proof of address; (Kindly note it can be a water bill/bank statement, and the company's name must be included, the document should be issued within the last 3 months)

7. Company's official website link;

8. Selfie of the directors/UBOs/Account holders.

9. BSA/AML Policy

10. Bank account information

11. Proof of bank account (recent bank statement)
    
    

7. Which countries are supported for identity verification?

The countries eligible for KYC verification are specified in accordance with 36. Legal Compliance of the Phemex Terms of Use. If your country or region appears on the restricted list, it means you are unfortunately not permitted to verify your account or use Phemex.

8. What type of identification documents are accepted?

We only accept documents issued by your country of residence which contain the following information: photo, full name, date of birth, document number, and date of issue. These include a passport, identity card, and driver’s license. Other documents such as residence permits, student/working/travel visas, and domestic passports are not accepted.

9. How long does it take to verify my account?

The processing of results typically takes 2-5 minutes, after which your status will be updated to either "Verified" or "Failed."

10. What can I do if the status of my verification is stuck on “processing” for more than 5 minutes?

Please refresh the page and if the status is still stuck contact our live customer support or email support@phemex.zendesk.com with a clear description of your issue.

11. My verification keeps failing, what can I do?

If your verification continues to fail, ensure you follow this checklist:

• Your documents are up-to-date and in their original format.

• You are more than 18 years old as indicated in 2. Eligibility of the Phemex Terms of Use.

• The pictures you submit are clear, high-resolution, and free from glare or reflections.

• Ensure you are centering your face in the frame

• You are carefully following the on-screen instructions, avoiding closing windows unless prompted, and not leaving the monitor for too long throughout the process.

• If you are verifying via WEB, make sure to use the Chrome browser

• If you are verifying via Phemex APP, make sure it is updated to the latest version.

12. How many times can I re-verify my KYC verification if it’s rejected?

You can attempt KYC verification an unlimited number of times. If your verification is rejected, please review our checklist (see point 11) and try again.