Understanding KYC and How to Do It on Zoop
Understanding KYC and How to Do It on Zoop
The exponential growth of the crypto sector meant it was only a matter of time before regulatory bodies came poking their noses. The result was intense pressure on digital assets companies and businesses to have guidelines similar to what we have in the traditional financial sector. One of those guidelines is the KYC (Know-Your-Customers) procedure.
Such imposition has created a debate on how it fits into the decentralized nature of crypto. However, crypto firms have to abide by the KYC measure to prevent the illegal use of their platform and digital assets.
Not surprisingly, the KYC standard also applies to the Zoop platform, and here is what you need to know about and how to go about it.
What Is the Idea Behind KYC?
The Know-Your-Customer procedure was created to enable institutions offering financial services to perform proper background and identification checks on their users to allow legitimate use of their services. It is one of the many firewalls put up by regulatory bodies to combat the laundering of funds.
KYC in the Digital Asset World
In several countries around the world where digital assets firms are based, they are required to comply with KYC measures. This will allow them to verify the identity of their users before enabling them to use their platforms. There is certain information required to fulfill KYC checks, and the minimum you are expected to provide are:
- Your full name;
- Your contact or residential address;
- Your date of birth.
The information is verified through a government-issued document provided by the user.
However, given that the crypto regulations vary based on where the digital asset company is located, the personal data required for KYC checks may differ.
Why Do You Need KYC on Zoop?
KYC is part of the onboarding process when creating an account on Zoop. It has become an inevitable part of the onboarding process, so this is a situation most digital asset companies find themselves in. However, irrespective of the opinion you hold about KYC in the crypto world, there are advantages, especially on Zoop.
- Doing your KYC gives unprecedented access to the platform, and your spending and trading limits are increased;
- KYC allows you to withdraw your trading cards to your crypto wallet or sell them to another user on Zoop or a secondary market like OpenSea;
- Doing your KYC checks earn you XP points;
- Completing the KYC verification process also earns users 1000 EXP Points, which can be channeled towards the purchase of trading cards;
Interestingly, if you are making purchases below $300, you are not required to fulfill the KYC steps. However, the process needs to be completed to sell or withdraw the cards you bought with those initial funds.
If you are buying Zoop cards with fiat currency, like the dollar, you will need to fulfill the KYC process right from the start.
In the end, KYC is required for every user on the Zoop platform.
How to Do KYC on the Zoop Platform
This is how to carry out the KYC process on the Zoop platform.
1. You get a prompt at the top of the Zoop homepage that asks you to complete the KYC check. Click on the “verify now” button to begin the process.
Verification prompt
2. This takes you to the next page, where you are asked to begin the verification process. Click the “verify identity now” button to start.
Verification starts
3. At the next stage, you carry out email verification
Email verification
After which, you input your basic personal information like full name, date of birth, and address.
Personal Information
4. You are asked to scan a QR code via your phone and click on the generated link to complete proof of identity.
Proof of Identity
5. To verify address and identity, you are asked to submit a government-issued identity document. Depending on your country of residence, that could be your international passport, driver's license, national ID, etc.
Selecting an Identity document
6. You will also need to take a face selfie to complete the identification process, make a few more confirmations to see if all the documents are looking good, and…
Voilà! Your account is ready to transact at maximum power, with no limitations.
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