FAQ about KYC

1. What is KYC?

KYC (Know Your Customer) is a guideline for a majority of financial services. It is a mandatory process of identifying and verifying the client's identity when opening an account and periodically over time. It involves all the necessary actions to ensure that our users are real (and not bots), as well as helps assess and monitor risks.

 

2. Which products or services on Toobit require compulsory individual identity verification?

As of now, in order to buy crypto with debit/credit card, you will be required to complete KYC verification. However, Toobit users are free to directly trade Spot and Futures without any KYC identification*. For more information, please refer to Verification Benefits at Toobit.

*NOTE: The current guidelines and requirements for KYC verification are subject to change or amendment at any time based on revised laws or regulations that may be required by the jurisdictions in which we operate. Please check our official website for updates.

 

3. How do I complete Individual KYC verification?

You can refer to the article How to Complete Identification on Toobit for a step-by-step guide.

 

4. How can I verify KYC on my sub-account?

Currently, KYC verification is not available for sub-accounts. Only main accounts are able to verify KYC.

 

5. How will my personal information be used?

Toobit ensures that your personal information will be encrypted and protected for privacy and security. It will be used for the sole purpose of verifying your identity to better serve you. The data collected is neither shared nor repurposed for any marketing whatsoever. Your data is safe with us.

 

6. How long does the KYC verification process take?

Generally, the KYC verification process takes approximately 15 minutes. However, at times due to the complex nature of information verification, KYC verification may take up to 48 hours.

 

7. Can I have multiple KYC-verified accounts in Toobit?

Currently, Toobit only allows one account per user to process KYC verification. If you submit information linked to another account, you will receive a prompt asking if you are willing to transfer the KYC information to a new account. Please follow the instructions on the page to submit the request.

 

8. How many times can I re-verify my KYC verification if it’s rejected?

You may attempt to complete the identity verification process up to two times per day. If your application has been denied more than two times within a 24-hour period, please wait another 24 hours to try again.

 

9. Can I amend my KYC's information (Proof of Identity) after verification?

No, you can't amend your KYC information after verification unless your legal information has changed, i.e. Legal Name, Nationality.

 

10. What are common reasons for verification failure?

Here are some of the common reasons as to why verification may fail for some users. Please note that this is a growing list, therefore the reasons stated here are purely assumptions and may change as time passes.
- The system detects other verified accounts with the same ID information. (Please be informed that Toobit only allows one account to process verification for each person.)
- Facial recognition failure. To avoid this, please ensure you center your face in the frame during the process.
- ID detection failure. To avoid this, please ensure your original ID is clear and visible. Overexposure, reflection or an incomplete image may lead to failure.
- Submitted a screenshot or a copy of official documents. Please upload the original document and resubmit as copies are not acceptable.
- Submitted invalid documents. Please resubmit and pay attention to the types of supported documentation displayed on the verification page.
- Your profile violates the Toobit Terms of Service. This may or may not be restricted to being under the age of 18, or being from one of our service's restricted countries. Please ensure you’ve read through our Terms of Service before signing up for an account on Toobit.