KYC

Identity Verification

What is KYC Verification?

KYC ("Know Your Customer") is a process used by financial institutions, including cryptocurrency exchanges like Fastex Exchange, to verify the identity of their customers. This verification helps enhance security, ensure compliance with regulatory standards, and prevent illegal activities such as money laundering, fraud, and terrorist financing.

Why is KYC Important?

By verifying customer identities, Fastex Exchange:

Level 1 Verification Requirements

To complete Level 1 verification on Fastex Exchange, you need to provide:

How to Complete Level 1 Verification

Follow these steps to complete your verification:

1. Access Identity Verification

2. Submit Required Documents

3. Review Process

In addition to completing all Level 1 requirements, Level 2 verification requires providing:

Acceptable Proof of Address Documents:

Note: any document for proof of address should clearly state your full name and residential address.

Acceptable Source of Wealth Documents:

Acceptable Source of Funds Documents:

Verification Levels & Transaction Limits

Completing Level 2 Verification

You can check your verification status at any time in the Account Verification section. If you encounter any issues, our Customer Support Team is available to assist you.

KYB (Know Your Business) is a process used by financial institutions to verify the identity and legitimacy of business entities. It involves collecting and verifying various documents and information about a business to ensure compliance with regulatory requirements and prevent fraudulent activities.

KYB (Know Your Business) is a process used by financial institutions to verify the identity and legitimacy of business entities. It involves collecting and verifying various documents and information about a business to ensure compliance with regulatory requirements and prevent fraudulent activities.

Is KYB Verification Mandatory?

Yes, KYB verification is mandatory for all businesses using Fastex in order to ensure compliance with regulatory requirements and maintain the security and integrity of our platform.

Deposit Limits for KYB-Verified Accounts

The deposit limits for KYB verification are set high to accommodate business needs. The limits are structured to ensure flexibility and scalability for businesses of varying sizes and requirements.

How to Complete KYB Verification

To open an account as a company, navigate to the Business tab in the Verification section of your profile and click on “Verify Now” button to proceed.�� You will need to submit the following documents:

You will need to submit the following documents:

After completing business verification, you will have full access to all features in the highest tier for transaction limits.

Important Notes:

Fees for KYB Verification

Fastex does not charge any fees specifically for KYB verification. However, please be aware that third-party fees may apply for obtaining certain documents required for verification, such as legal entity registration certificates.

Can I Have Both Individual and Business Verification on One Account?

No, only one type of KYC verification can be completed per account. If a user attempts KYC verification, it will not be possible to switch to the Business verification option. If KYB verification is attempted immediately, the options for Individual KYC are not shown.

What Happens After KYB Verification?

Once the KYB verification process is completed, you will receive confirmation that your business verification is completed. This verification status ensures that your business is compliant and trusted on Fastex.

How Long Does KYB Verification Take?

The duration of the KYB verification process may vary depending on factors such as the complexity of your business structure and the accuracy of the documentation provided. Generally, the documents are reviewed within 5 business days.

What If My KYB Verification is Rejected?

If your KYB verification is rejected, we will notify you, and the rejection will be visible in the Sumsub SDK as well. You may be asked to provide additional or revised documentation to address the issue. Our support team is available to assist you throughout the process.

Need Help?

If you encounter any issues or have questions during the KYB verification process, please reach out to our Customer Support Team for assistance. We're here to help you navigate through the verification process smoothly.

Fastex Exchange offers multiple verification (KYC) levels to ensure compliance with regulatory standards while providing flexibility for users. Each level comes with different benefits, deposit and withdrawal limits, and trading access.

Below is a detailed comparison of all verification levels, including the No KYC, Level 1 (Starter), Level 2 (Advanced), and KYB (Business) options.

KYC Verification Levels & Benefits

The table below outlines the features, requirements, and limits for each verification level:

No KYC (Unverified Account)

Users who do not complete any KYC verification do not have access to platform features.

Level 1 Verification (Basic Level)

At this level, users must verify their phone number, provide a government-issued ID, complete a liveness check, and fill out an AML questionnaire. This allows them to deposit, withdraw, trade, and use P2P trading with limited daily and monthly transactions.

Level 2 Verification (Advanced Level)

This level requires additional verification, including proof of address, extra identity verification, and proof of funds. It significantly increases deposit and withdrawal limits while also allowing higher IP limits.

KYB Verification (Business Level)

Designed for corporate accounts, KYB verification requires business registration documents, details about Ultimate Beneficial Owners (UBOs), and financial statements. This level offers custom deposit and withdrawal limits tailored to business needs.

Conclusion

Choosing the right KYC level depends on your trading and financial needs. While No KYC offers basic access, Level 1 and Level 2 provide more functionality with higher limits. Businesses looking for maximum flexibility and security should complete KYB verification to unlock enterprise-level benefits.

For further assistance with verification, please contact Fastex Customer Support.

Fastex Exchange follows international regulations and compliance standards to ensure the security and integrity of its platform. If your country is not listed, it may be due to one of the following reasons:

If your country is not supported, you will not be able to register or complete the verification process on Fastex.

Yes, Fastex has specific verification rules to ensure compliance and security for all users. These include:

Failure to comply with verification requirements may result in restricted access to Fastex services.

For more details, refer to the full Fastex Terms and Conditions.

Yes, you can update your KYC information if there have been changes to your identity document, phone number, or name/surname. However, you cannot update the account to reflect another person's details. To request updates, please contact Fastex's support team via email at [email protected].

If your KYC verification is rejected, first review the reason provided by the system. Common issues include incorrect document format or incomplete information. You can resubmit the corrected documents for verification. For further assistance, contact Fastex's support team.

Yes, you can complete the KYC verification process on both desktop and mobile devices. Fastex Exchange is optimized for seamless verification across platforms. If you begin the process on the web version, you can switch to your phone by selecting “Continue on phone.”

After clicking, enter your phone number to receive an SMS with a secure link. You can either copy the link into your mobile browser or scan the QR code to continue the verification process effortlessly on your device.

Registration on Fastex requires you to provide personal information for identity verification as part of the KYC process. This step is essential to comply with regulatory requirements and to ensure the security of the platform. Without completing KYC, access to certain services may be restricted.

fastex.com

Fastex accepts valid government-issued identification documents for KYC verification. The specific types of accepted IDs may vary depending on your country of residence. For detailed information on acceptable documents contact the support team.

Yes, if your country of residence differs from your country of citizenship, you can use a passport from one country and a residence document from another. If you need to change your registered country of residence, you may be required to provide proof of address.

Fastex is committed to protecting your personal information. All data collected during the KYC process is handled in accordance with their Privacy Policy and is used solely for identity verification and compliance purposes. Appropriate security measures are in place to safeguard your data.

According to Fastex's Privacy Policy, your information may be shared with third-party partners or service providers subject to confidentiality obligations and solely for purposes such as identity verification and compliance. Additionally, Fastex may disclose information in response to legal requests or as required by regulatory authorities.

You can request the deletion of your KYC data; however, in some cases, Fastex is required to retain certain information due to regulatory requirements.

For more details, you can review the full Terms and Conditions here.