Paxful is one of the few crypto marketplaces that enforce KYC (know your customer) verification procedures. Starting in November 2020, ID verification will become mandatory for citizens and residents of the following countries:
- American Samoa (USA)
- Anguilla (UK)
- Antigua and Barbuda
- Aruba (Netherlands)
- Bermuda (UK)
- British Virgin Islands (UK)
- Cayman Islands (UK)
- Cook Islands (New Zealand)
- Costa Rica
- Curacao (Netherlands)
- Dominican Republic
- El Salvador
- Falkland Islands (UK)
- Faroe Islands (Denmark)
- French Guiana (France)
- French Polynesia (France)
- Gibraltar (UK)
- Greenland (Denmark)
- Guam (USA)
- Guernsey (UK)
- Isle of Man (UK)
- Jersey (UK)
- Marshall Islands
- Montserrat (UK)
- New Caledonia (France)
- New Zealand
- Niue (New Zealand)
- Norfolk Island (Australia)
- Northern Mariana Islands (USA)
- Papua New Guinea
- Pitcairn Islands (UK)
- Puerto Rico (USA)
- Saint Barthelemy
- Saint Helena, Ascension, and Tristan da Cunha (UK)
- Saint Kitts and Nevis
- Saint Lucia
- Saint Martin
- Saint Pierre and Miquelon (France)
- Saint Vincent and the Grenadines
- San Marino
- Sint Maarten (Netherlands)
- Solomon Islands
- Tokelau (New Zealand)
- Trinidad and Tobago
- Turks and Caicos Islands (UK)
- United States Virgin Islands (USA)
- Vatican City
- Wallis and Futuna (France)
We’ll explain what this verification process is and why we enforce it below.
What is KYC?
KYC stands for “know your customer,” and refers to the process of verifying the identity and transaction pattern of a business’ customers. In case you didn’t know, Paxful is one of the first peer-to-peer crypto companies that implemented a full Anti-Money Laundering (“AML”) program that includes ID and proof-of-address verification.
Among many KYC providers, we chose Jumio, an extremely established and secure provider that uses artificial intelligence, machine learning, and 3D biometrics to detect any fraudulent documentation.
For example, if someone’s selfie doesn’t match the facial features of the photo on their ID, we know that fraud may be just around the corner.
Why should you care?
For starters, bad actors on financial services platforms never like ID verification because they fail to provide the appropriate documents. With KYC in place, our honest users can now trade confidently with much lower levels of risk.
Moreover, when everyone’s verification status is shown on their profiles, you can easily tell if someone is trustworthy and legitimate. As a result, transactions become much more legitimate and transparent.
How do I get ID verified and what happens if I don’t?
Getting verified is fast. Follow the steps below to get verified in just a matter of minutes.
- Sign in to your account on Paxful.com
- Click your username in the top right corner
- Select Verify Me from the drop-down list
- Follow the simple instructions for uploading an ID document and a selfie
- Our team will begin to review your documents
Remember to get verified this November. If we see that you still haven’t completed the verification process, we’ll unfortunately have to limit the features you can use on Paxful. For example, you will no longer be able to trade or create offers.
The only way to get these features back is to become ID verified. Do it now to make sure you can enjoy all the features Paxful provides.