FAQs
Identity verification is required in order to remain compliant with Anti-Money Laundering (AML), countering the financing of terrorism (CFT) and Know Your Customer (KYC) regulations internationally.
Why do you have to verify identity for Bitcoin? ›
KYC is a mandatory verification process that helps prevent fraud, money laundering, and the financing of terrorism. Successful completion of the KYC program will enable you to use the full range of Bitcoin.com products and services. Read more about our KYC program here.
How long does it take Bitcoin to verify your identity? ›
The time it takes to complete the Cash App Bitcoin verification process can vary depending on several factors, including the volume of verification requests and the accuracy of the information provided Call +1(808)800–5134. Typically, the process may take anywhere from a few hours to a few days.
Why is blockchain asking for verification? ›
At Blockchain.com, we take our regulatory obligations seriously, including preventing financial crime like money laundering and terrorist financing. That's why we require identifiable information from our customers.
How do I verify myself on Bitcoin? ›
- Some extra information is required to ensure the security of your transaction. Details include your email address, why you're using Bitcoin, income, and employment status.
- Next, you'll need to scan a government-issued ID or license to confirm your identity.
- Finally, take a well-lit picture of your face.
Identity verification is required in order to remain compliant with Anti-Money Laundering (AML), countering the financing of terrorism (CFT) and Know Your Customer (KYC) regulations internationally.
Can I withdraw Bitcoin without verification? ›
USA. In the USA, you can generally withdraw up to $299 without undergoing KYC verification. You will have to undergo KYC identity verification for Bitcoin ATM withdrawal limits up to $125000. You might be able to withdraw more than this with an 'enhanced' KYC procedure, but this is rarely offered.
Why is my Bitcoin verification taking so long? ›
Why is my Cash App Bitcoin verification taking so long? Verification times may vary depending on several factors, including the volume of verification requests and the accuracy of the information provided. Rest assured that Cash App strives to expedite the verification process while maintaining security standards.
How does Bitcoin verification work? ›
A transaction is considered verified once the miner solves a cryptographic (mathematical) puzzle. Bitcoin uses a protocol called proof of work, which has a broad goal to prevent cyber attacks from any single entity or group. More specifically, Bitcoin uses the Secure Hash Algorithm 256 bit (SHA-256).
What happens if Bitcoin does not confirm? ›
If a Bitcoin transaction is never confirmed, it will eventually be removed from the Bitcoin network and will not be added to the blockchain. This process is called "transaction expiration." Unconfirmed transactions can occur for a number of reasons, including insufficient fees, network congestion, or technical issues.
Verifying your identity helps prevent fraud and ensures that no one, except you, is able to use your payment information to make trades. Also, you will not be able to make a deposit and start trading until you your account is not verified.
Why can't I withdraw money from blockchain? ›
USD deposited via ACH is available for trading instantly, but it cannot be withdrawn from your account for 7 days, nor can the equivalent value of any assets into which you exchanged the USD that you deposited via ACH. After the holding period expires, you will be able to withdraw the funds.
Can you send and receive Bitcoin without verification? ›
The bitcoins will still be sent and received as usual. However, it's important to note that the receiving wallet may have certain restrictions or limitations in place for users who have not completed the identification process.
Why can't my identity be verified online? ›
You did not enter a SSN on your form. You have a limited credit history. You are the victim of identity theft. You have a security freeze on your credit.
What documents can be used to verify identity? ›
Acceptable Documents for Identity Verification
- State identification (ID) card.
- Driver license.
- US passport or passport card.
- US military card (front and back)
- Military dependent's ID card (front and back)
- Permanent Resident Card.
- Certificate of Citizenship.
- Certificate of Naturalization.
The appropriate persons or bodies who are able to certify documents for this purpose are Solicitors (including a Notary Public), Chartered Accountant or a Doctor.
Do you need your ID to buy Bitcoin? ›
It's possible to open a Bitcoin account without an ID, but you'll need to use a different payment method. For example, you can link your PayPal account or use a debit card to make your purchase. However, you will be limited to small amounts and will pay higher fees.
Can you buy Bitcoin without SSN? ›
Yes, you can purchase bitcoin without turning over your Social Security Number in the process. When you buy or sell bitcoin at an ATM, it will not be necessary to produce your SSN.
