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FAQ — Individual KYC

Biconomy Korean
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Which products or services on Biconomy require compulsory individual identity verification?
Starting from 1 January 2024, Identity Verification of at least Lv.1 certified for all Biconomy products and services.
Registering an account is Lv.1.
Existing users who have not completed Identity Verification as of 1 January 2024 will only be allowed to withdraw 0.05 BTC/24h. Once the Identity Verification is completed, existing users can continue to use Biconomy products and services.

For more information, please refer to the benefits of different KYC levels.

Non KYC(Lv.1) Individual KYC Lv.2 Individual KYC Lv.3
0.05 BTC/24h 20 BTC/24h Unlimited

 

How to complete Individual KYC verification?

You can refer to the article How to Complete Individual KYC Verification for a step-by-step guide.

 

How will my personal information be used?

Biconomy ensures that your personal information will be encrypted and protected for privacy and security, and will be used for the sole purpose of verifying your identity to better serve you. It is neither shared nor repurposed for any marketing.

 

Why is KYC important?

  1. Security and compliance: Biconomy strives to provide a secure and compliant trading environment in accordance with regulatory requirements.

  1. Prevent illegal activities: Prevent illegal activities and detect suspicious behavior as early as possible.

  1. Provide enhanced services: Users who complete individual KYC can enjoy our  Earn products, and attain higher limits for daily withdrawal.

  1. Provide convenience and security: In the case of lost credentials to access the platform, a KYC-verified account provides a simpler process to help you to recover your account.

 

How long does the KYC verification process take?

Generally, the KYC verification process takes approximately 15 minutes. However, due to the complexity of information verification, KYC verification may at times take up to 48 hours.

 

What should I do if the KYC verification process exceeds 48 hours?

You may write to us at support@biconomy.com and we will assist with your inquiry as soon as possible. Alternatively, you may also reach out to our 24/7 live chat support.
 

 

Can I amend my KYC's information (Proof of Identity & Proof of Address) after verification?

No, you can't amend your KYC information after verification.

 

What type of Proof of Identity documents are accepted?

Biconomy only accepts documents issued by your country of origin which contain the following information: photo, name, date of birth, document number, date of issue. These include a passport, and identity card. Domestic Passport, Student Visa, Working Visa , residence permit, driving license or Travel Visa are not accepted. 

 

What are common reasons for verification failure?

Here are some of the common reasons why verification may be unsuccessful (not a complete list): 

1. The system detects other verified accounts with the same ID information. Please be informed that Biconomy only allows one account to process verification for each person. 

2. Facial recognition fails. Please ensure to center your face in the frame. 

3. Invalid document. Please resubmit using the supporting documentation guidance displayed on the verification page. 

4. Your profile violates the Biconomy Terms of Service, such as being under the age of 18, or you may be from one of our service restricted countries. Please ensure you’ve read through our Terms of Service. 

 

 

For Business KYC verification information, please refer to FAQ — Business KYC. 

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