Paxful is becoming safer and safer by the day.
We are one of the few crypto marketplaces that enforces Know Your Customer “KYC” procedures for our customers – which is exactly why you can trust us and the people you trade with.
Main takeaway: I.D. verification will become mandatory for U.S. citizens and residents beginning the week of April 6, 2020.
What is KYC?
KYC stands for “Know Your Customer,” and refers to the process of verifying the identity and transaction pattern of a business’s 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.
So for example, if someone’s selfie doesn’t match the facial features of the photo on their I.D., we know that fraud is just around the corner.
Why should you care?
We can’t even begin to express how important it is to be I.D. verified.
For starters, the KYC status of each user is shown clearly on their profiles, so you now have the freedom to trade only with those that have successfully been I.D. verified. When you know that the person you’re going to trade with is real, transactions become much more legitimate and transparent.
Second, bad actors on financial services platforms never like I.D. verification because they fail to provide appropriate documents. Many of our honest users have been scammed and had their money stolen away because there was no way to check whether or not someone was legitimate previously. With KYC in place, our honest users can now trade confidently with much lower levels of risk.
How do I get I.D. verified and how long does it take?
Less time than it takes for your coffee to brew!
Paxful’s KYC process is extremely streamlined. Sign in to your account on Paxful.com and select “Verify me” from the drop-down list when you click on your username in the top right corner! Follow our easy instructions and you’ll complete the intuitive process in just a few moments.
See you on the inside!