Why our KYC requirements are changing and how to level-up!

Since the creation of the first-ever cryptocurrency, Bitcoin, back in 2009, digital assets have existed outside the realm of traditional finance regulation. The inevitable risks arising from this predicament were balanced by the anonymous and untraceable nature of cryptocurrency, which for many was the whole point of investing in it.

However, as digital assets move into the mainstream, regulators across the world are beginning to pay attention, and crypto businesses that want to continue growing must pay heed.

This is why YIELD App has made the decision to increase verification requirements for all its users. From September 30, 2021, all YIELD App users must be verified up to Know Your Customer (KYC) level 2. This will allow YIELD App to not only continue offering market-leading services to its customers, including a fiat on-ramping service, but also continue expanding our offering. 

From launch, we have aimed to make YIELD App a fully regulated, fully licensed digital wealth management platform, and compliance with regulatory requirements is an essential part of this journey. While some still consider cryptocurrencies to be at the vanguard of finance, the reality is that digital assets have become a key driving force behind the growth of financial markets, with a total market cap of $1.5 trillion now exceeding the GDP of Spain. 

READ: Why all cryptocurrency providers need to be preparing for regulation

Completing KYC level 2 is a quick and painless process that will allow all our users to continue depositing and investing funds on our platform. The verification can be completed online and will require just one additional document as proof of residence. This can be:

  • Utility bills
  • Bank statements (listing your residential address)
  • Income tax statements from your country of residence
  • Other government-issued residential statements and certificates

The chosen document must be downloaded (for example a current account statement from a bank), or an official copy scanned and then uploaded. Please do not take screenshots of the documentation, as this will not be accepted. High resolution photographs may be accepted, but please ensure you photograph your original documents against a neutral background in high resolution. Below, you will find a step-by-step guide on completing your KYC level 2 verification. 

How to complete KYC level 2 verification 

Step 1

To start the process, log in to your YIELD App account and click on “Setting” in the left-hand bar. If you have already completed your Level 1 verification (required), you will see the below window. If you are not yet Level 1 verified, please read our FAQ page for a full guide on how to complete Level 1 verification. 

Click on “Level 1 Verified”. It will take you to the following screen, where you will be given the option to begin your KYC Level 2 verification process. 

For this process, you will need to have a document to hand proving your residence. It must be no more than three months old.

Acceptable documents include:

  • Utility bills
  • Bank statements (listing your residential address)
  • Income tax statements from your country of residence
  • Other government-issued residential statements and certificates

What is not acceptable:

  • Screenshots (instead, please upload the original PDF file or a high resolution photo of the entire document)
  • Medical bills, prescriptions, receipts and invoices
  • Purchase receipts
  • Insurance statements
  • Checks
  • Envelopes or parcels with your address
  • Prepaid card invoices

Official ID can be used if it mentions your home address, but it must be a different document from the one used to complete KYC level 1. All corners of the document must be visible.

A simple solution could be to download a statement from your bank, as most banks allow you to do this digitally and it only takes a few clicks.

Step 2

When you have your document ready, click on “Start KYC level 2” on the screen.

Step 3

When you click on “Start KYC Level 2”, the below screen will pop up. Click on “Upload document” and find the document you want to upload on your computer. Once it’s uploaded, it will appear in the upload box. Check if it's the right document, and then click “Next”. 

Step 4

The next screen that comes up is the screenshot below. Check that everything is correct, and then press “Next” again.

Step 5

You will be taken to this screen, which marks the end of the process:

That’s it! You don’t need to do anything else. You can click off the screen and wait to be notified by email that the verification was successful.

YIELD App would like to thank all of our users for taking the time to complete the KYC level 2 verification process in order to join us on our exciting journey to become a leading force in the world of digital wealth. We believe this additional level of compliance will make investing on our platform even more secure and help to alleviate any safety concerns our community might have around digital assets.

Do you want to make 8% -18% APY on your USDT, USDC, ETH and BTC? Sign up for a YIELD App account today!

Read More

Related Articles

No items found.