Why should I be verified?
Viktor avatar
Written by Viktor
Updated over a week ago

The "Know Your Customer" (KYC) is required to be implemented by all financial institutions that are regulated.

One of our main priorities is to keep the system safe for all our users. The verifications are part of a mandatory process of identifying and verifying the client's identity when opening an account and periodically over time. With those checks, we are able to ensure that your funds and data are safe.

Why do I need to go through additional verification?

Upon reaching certain thresholds you might be subject to additional verification as stated in our Terms and Conditions:

11.2 Koinal may require the User to undergo periodic reviews or renew from time to time any verification procedures or KYC requirements determined by Koinal in its sole discretion while the User maintains their Account with Koinal. Should a User fail to comply with the verification procedures or KYC requirements, Koinal may, in its sole discretion, suspend until adherence or terminate any or all Use of the E-Facilities by such User.

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