We’re psyched that Chainalysis named us one of the safest exchanges in the world, but that’s not enough—when it comes to security, our bar is high.
Paxful is one of the few crypto marketplaces that enforce Know Your Customer (KYC) verification procedures, and we’ll soon be taking this up a notch for our European and Canadian users. 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’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 ID, we know that fraud is 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 appropriate documents. Before KYC was enforced, many of our honest users had been scammed and had their money stolen away because there was no way of checking whether or not someone was a legitimate trader. 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 the profile, 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 our easy instructions to upload an ID document and a selfie
- Our team will begin to review your documents
Remember to get verified this August. If we see that you still haven’t completed the verification process after the deadline has passed, 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 get ID verified. Do it now to make sure you can enjoy all the features Paxful provides.