On January 10, 2020, the Fifth Money Laundering Directive (5AMLD) was initiated requiring all users who make transactions with cryptocurrencies to pass verification. Since the EXMO exchange is registered in the UK and operates in the British legal field, this procedure is mandatory for all users.
There are three verification stages on the platform:
After confirming your identity, you will be able to deposit and withdraw funds, as well as trade freely on the exchange. Please note that an address and/or card verification is still not mandatory and is only required for accessing highly secured payment systems: SEPA, SWIFT, Payza, Wire Transfer, Western Union, and MoneyGram money transfer systems, and withdrawal of fiat funds on Visa / Mastercard.
You will be able to proceed with verification after successful registration on the platform. To start the procedure, go to the Account Verification section and click “Get Started” to confirm your identity. After successfully passing, you can verify your address and/or card if necessary.
To successfully pass the identity verification, the user can choose one of the following document types:
For your convenience, we increased the acceptable file size limit. Previously, there was a 500 Kb to 5 Mb restriction on the size of scan copies. Now users can upload files from 200 Kb to 8 Mb. The acceptable file format are jpg and png.
When submitting the documents, you should pay attention to the following:
- Citizens of Ukraine and the Russian Federation should mind the validity period of their documents
- The scanned copy of the document should have all four sides and four corners visible
- Pay special attention to the spelling of your first, middle, and last names
Below are examples of documents that can be used to verify your id.
To complete identity verification, you must take a selfie with the document used in the previous steps. You can either upload a photo or use a webcam.
Make a selfie holding the documents as well as a piece of paper with the current date (day+month+year) and the signature "EXMO" near the face.
To verify the address, the user needs to submit the following types of documents:
When submitting your documents, you should pay attention to the following details:
- The document, confirming the residence should be dated no longer than three months since issued by the government service
- The document should contain the first, middle, and last name of the user, as well as the residential address
- The scanned copy should be taken from the original document
To verify the payment card ownership, please send your selfie with the front side of the card, holding a piece of paper with the current date and the signature “EXMO” near the face.
- we accept only cards issued to your name;
- the cardholder's name must be the same as the user's name;
- the name of the cardholder and the first 6 and last 4 digits should be visible in the picture.
Can I trade on EXMO without passing the verification?
If you were registered on the exchange before the mandatory verification was implemented, trading would be available to you. However, all new users need to verify their identity to trade, deposit and withdraw funds on EXMO.
Why do I need to pass verification?
Verification on EXMO provides access to the main tools of the exchange. After confirming your identity, you will be able to trade, as well as deposit and withdraw funds. Nevertheless, to use payment methods such as SEPA, SWIFT, Payza, Wire Transfer, Western Union, and MoneyGram money transfer systems, and withdrawal of fiat funds to Visa / Mastercard, you must also verify the address and/or card.
Why is verification mandatory on EXMO?
The introduction of mandatory verification on the EXMO exchange is in compliance with the Fifth Directive Against Money Laundering (5AMLD) entering into force. Since our platform is registered in the UK and operates under British jurisdiction, verification is mandatory for all users of the exchange. It is also an additional security guarantee. Each trader can be sure they will not involuntarily become a participant in illegal operations conducted by other users.
Can I withdraw funds without passing the verification on EXMO?
To withdraw and deposit funds on the EXMO exchange, you must pass mandatory identity verification.
How long does the verification process take?
The process of passing one verification stage depends on individual factors and is usually completed in a timely manner. After uploading the documents and filling in all the forms, the application is sent to the Verification Department. The reviewing process takes up to 24 hours.
Does verification have a validity period?
The verification of identity, card, and address must be completed once. All re-verifications are due to expired documents. Click here for more details on this issue.
How can a legal entity pass the verification?
If you are a representative of a company and intend to conduct work on our platform as a legal entity, send your request to firstname.lastname@example.org. A response letter will contain a list of required documents.
Can I use a copy of a document while scanning?
For successful verification, only original documents can be used. Scan copies must also be in color. A full list of requirements is available here.
Can I pass the verification in the EXMO app?
For the convenience of users, verification is also available in the EXMO mobile application for Android.
Dear users, while passing verification, EXMO recommends paying attention to details. Take your time and adhere to all the tips listed in the article. Then the verification process will be as quick and easy as possible.
Thank you for staying with us!
Best regards, EXMO Team
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