👮‍♂️KYC

How does identification work and why is it needed?

For Payee - We require all users who exceed 1,000 USD monthly transactions to do KYC to be in compliance with all the regulatory requirements. You can request without KYC up to 1,000 USD monthly. We also require all users who exceed 5,000 USD in all-time volume to KYC as well.

For Payer - Verification of the payer's identity is required by law to execute the conversion of fiat currencies to cryptocurrencies. Any users initiating a transaction that costs more than 10,000 USD will have to KYC.

At no point does Coinfella store any documents or photos you might upload. This process exists to minimize the risk of suspicious transactions involved with money laundering or the financing of terrorism. Such customer due diligence and transaction monitoring are required by law in virtually any jurisdiction.

How long does ID verification take?

It usually only takes about a few seconds to thirty minutes but ID verification might take anywhere between a few minutes and 24 hours.