Since its debut in 2016, Crypto.com has become a hotbed for crypto trading activities. Identity verification remains a key part of the crypto exchange and new users are often required to complete the KYC process to unlock the platform's full potential. This guide presents answers to many questions relating to how long it takes to complete the KYC process as well as ways to expedite the process on Crypto.com.
How Long Does The Crypto.com Verification Take?
The length of time it takes to execute a crypto.com verification mostly depends on whether it is for an individual or a corporation. For individuals, KYC verification typically takes one to three business days. This is generally longer than most other crypto platforms and is partly due to the comprehensive verification procedure that Crypto.com undertakes. All personal information and other documentation are supplied once before using the platform, as opposed to being divided into many processes.
Meanwhile, the verification processing for corporate or institutional entities is more prolonged and can take up to a week to complete. This is attributed to the need for a review of legal documents.
Read our Crypto.com review for more information.
Can You Speed Up The Crypto.com Verification Process?
Yes, Crypto.com users can easily fast-track their ID verification on the exchange. To ensure the identity verification process is not slowed down, unverified accounts should consider the following tips.
- Only submit recent and accurate information: All the inputted personal details and ID documents will be run through the relevant government agencies of the user's region. Investors should ensure they upload an international passport or government-issued ID should cover all four corners of the document – the investor's name, face, document number, and official stamp. The investor's face must fit into the oblong/square shutter gap for facial verification. Sometimes, the ID documents are unclear, or the selfie verification doesn't capture the right proportions of the face. In this case, the verification might take longer than the assigned period.
- Initiate Two Factor Authentication (2FA): 2FA is important to secure users’ deposits and accounts while verifying their identity. Given this, investors must verify their phone numbers to counter fake numbers. They must also set a trading passcode to further safeguard their trading accounts.
How Does Identification Verification On Crypto.com Differ?
Unlike other crypto trading platforms, the best thing about KYC verification on Crypto.com is that it is a unified experience instead of it being broken into processes.
For instance, the Binance ID verification process is based on three tiers of accounts. Here, users need to execute facial verification and upload an ID card for the basic level to start trading and withdrawing. For higher withdrawal and trading limits, users must often verify their residential addresses before proceeding.
But this is different with Crypto.com. Users can easily deposit, withdraw, and trade once they supply basic information. These include a full legal name, ID document submission, and a selfie. For a full tutorial on how to withdraw from Crypto.com, read this guide.
What To Do If Crypto.com Verification Is Taking Too Long
Not every Crypto.com user gets their account verified on the first trial. When this situation comes up, it could be one or two things. In some cases, it could be the case of a blurry uploaded document or even an outdated license or information. Suppose the verification process takes over three business days; we advise checking the Crypto.com Help Center or contacting the customer support team for a more detailed walkthrough through the live chat option.
How Long Does Crypto.com Verification Take?
Crypto.com offers different verification processes for individual investors and corporate businesses interested in operating in the crypto space. Individual investors and traders can expect their identities to be verified after three business days as long as the correct information has been submitted. If a document is not legible then delays may occur.
|Crypto.com KYC Verification Level||Estimated Verification Time||Information Required|
|Individual||Few hours to 3 business days||Full legal name, ID documents, residential address, facial verification, mobile number, email address, nationality, date of birth|
|Corporations||Up to a week||Entity name, address, other legal documents depending on jurisdiction|
The estimated timeline for corporate and institutional accounts to be verified by Crypto.com is approximately one week. The exchange only provides a signup page where organizations can submit their application and wait for a response. In terms of waiting periods, this is about on par with other global crypto exchanges due to the additional legal documents that need to be reviewed.
Do You Need To Complete Crypto.com Verification?
The short answer is yes. The crypto market is an upcoming space, but a growing number of conventional best business practices are gradually seeping in. One such is the KYC verification process which several centralized exchanges now require investors to go through. So, why is ID verification crucial to a seamless investor experience?
- Global Financial Regulatory Framework: For every financial or investment operation, the verification of customers is quite crucial. The stipulated international financial laws aim to combat money laundering and other financial crimes. Crypto.com is regulated by several top financial bodies in Singapore, UAE, France, and other regions. Hence, KYC verification is a compulsory step to gain unlimited access to the platform.
- Unlock Full Platform Functionalities: Without undertaking ID verification, new users are locked out of several features. For instance, unverified accounts cannot deposit, withdraw, or even trade on the platform. This makes it crucial to complete the know-your-customer process.
- More Secure Trading Experience: An unverified trading account is insecure. Verification is quite important given the number of reported thefts and cyber hacks on platforms and users' accounts. After initiating two-factor authentication, all withdrawals are first approved through a six-digit code sent to the user's mobile number. This way, users can monitor unauthorized activities on their trading accounts.
How to Complete the Crypto.com Verification Process - Complete Guide
The Crypto.com process to successfully verify the user's identity requires basic details as well as a form of government-issued documentation. Here are simplified quick steps.
- Verify Email: After signing up on the Crypto.com platform, users will be redirected to an email verification page. They must go to their email address and copy the six-digit code one-time password (OTP) received. Then return to the page and paste it to verify the email.
- Verify Number: Verify the mobile number by inserting the OTP code sent to the line. Once the code is inserted, new users will be redirected to a personal info page.
- Fill in Legal Name: To get started, a new user must provide basic personal details on the personal information page. This includes a full legal name (first and last) recognized by the government of a customer's region of residence.
- ID Verification: Once the personal details have been filled in, tap 'Continue' to proceed to the ID submission session. Select the country of residence and ID verification type. Crypto.com supports official passports, government-issued ID cards, or valid driver's licenses. Photos of these documents can be taken and uploaded. Once done, click 'Confirm' to proceed to the final step.
- Take Selfie: The last stage is the facial verification process. To do this, tap 'Selfie' beneath ID Submission and 'Start' to begin face verification. Ensure the user's head is within the dimensions of the elliptical frame on the screen. Once done, tap the capture button and click 'Continue' to upload the selfie image. Make sure there is proper lighting so the verification doesn't take time.
Once these steps are followed, the Crypto.com platform will verify the supplied info. It then unlocks the account within a few hours.
Frequently Asked Questions
The verification process on Crypto.com involves the provision of basic personal details such as the user's full name and date of birth, and electronic copies of their government-issued identification that demonstrates their identity. The process is quite meticulous and differs between individual investors and corporate investors in terms of the information required and turnaround times. Individuals should receive an email confirmation from Crypto.com regarding their successful submission after three days.
Individuals should anticipate their ID to be verified by Crypto.com anywhere between a few hours and three business days. Traders should ensure that photos of their documents are clear and precise to minimise the chance of delays. For corporate and institutional entities, the process is longer at approximately a week.
There are no means to access the Crypto.com platform without verification. This is because the exchange platform requires users to supply personal details from the signup stage.
Crypto.com is one of the largest crypto exchanges by trading volume. The platform has attracted over 70 million users since its launch in 2016.
The KYC verification process is exhaustive, enabling users to submit their legal name and relevant documents in a single go, resulting in a slightly longer verification process. By doing so, they gain access to the platform's full range of features, including staking, trading, and signing up for the best crypto cards.
If the document or personal details submitted are incorrect, verification could become more prolonged. A trader may also need to contact customer support on rare occasions to assist them.