ID verification ensures that we comply with KYC regulations in South Africa

Verification processes can be very frustrating. For a business, and its customers. The main problem for a business is the cost of KYC/AML. This expense does not generate revenue. Ouch! The customer, in contrast, has much more real-life concerns. Identity theft, privacy issues and extensive legwork during the application process to name but a few.

ID Verification is the only way that can determine whether the initial customer that creates an account is really the present account holder. Therefore when signing up with a cryptocurrency exchange you will be requested to send your verification documents. This enables the team of the exchange to fully verify you as a customer as well as verify your trading account. The reason why it is so important to verify your details is that criminals can easily get hold of your personal information from the dark web, which can have devastating consequences on you. Therefore at iCE3X we provide a secure platform to trade. More importantly, we provide you with a secure mechanism to upload your documents.

“We do not share any personally identifiable information with any entity. This includes 3rd parties, regulatory bodies and 3rd party marketing services.”

Who is responsible for ID verification

First of all, when you sign up on a cryptocurrency exchange the first step is to verify your account. The exchange will send you an email requesting certain documents. It is your responsibility to send the specific documents in order to secure your account. Failure to do so can have a limitation on your account such as account withdrawals which is automatically enabled only after the account has been verified.

Is Big Brother watching?

Exchanges such as iCE3X strike a fine balance between customer privacy and reporting duties. We believe, your personal data and trading data belong to you and therefore you should be in control of it. We do not share any personally identifiable information with any entity. This includes 3rd parties, regulatory bodies and 3rd party marketing services.

Which documents can you send to verify your account?

In order to verify your account at iCE3X they will request the following documents:

  • ID or Passport
  • Proof of residence which should not be older than 1 year
  • Bank statement which should not be older than 3 months
  • A Selfie, taken while holding your Passport or ID document

Why do you need to verify your details

In this day and age identity fraud is a daily occurrence. In order to ensure your account is secure, we require the verification documents to make sure that we comply with KYC and AML regulations.
According to the FATF when converting virtual currencies that, they are potentially vulnerable to money laundering and terrorist financing abuse.

“they are potentially vulnerable to money laundering and terrorist financing abuse.”

As an exchange iCE3X have a responsibility to maintain and comply with these rules and regulations. The procedures require you as the account holder to send the specific documents as and when requested.

Where do you send your documents

You can securely upload your documents via a support ticket on the iCE³ Service Desk Portal or you can reply to the email sent when signing up on the exchange.

When should you send your verification documents

You should only send verification documents when requested to do so by a reputable institution. Never give out any personal information or documents if you are not 100% sure about the credibility of the service provider.

How long does verification take

To verify your account can be as quick as a few hours. Verification can take up to 3 days during a bull run such as we had in December 2017. The iCE3X team checks and recheck if the correct documentation has been sent. We can only verify your account if we have all the requested documents.

In conclusion ID verification is the most important aspect of securing your account. This is due to the high occurrence of identity fraud in South Africa. We are the most trusted cryptocurrency exchange in South Africa. We believe in total security and we promote the use of 2-factor authentication which we will be discussing in a future blog.

What are your concerns around ID verification requirements to transact online?

We would love to hear from you so feel free to comment below.

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.