Detailed instructions on how to KYC on Coin98 Wallet
Description of Detailed instructions on how to KYC on Coin98 Wallet
KYC is the most important factor in online trading platforms, especially trading in the crypto market. So how to KYC on Coin98 Wallet? See detailed instructions right here!
2021, is a year full of ups and downs for the crypto market in general and the fan community of Coin98 in particular. Closing the last month of the year, Coin98 has made a few memorable marks to set the stage for an even stronger development.
After "launching" the upgraded version of Mobile App V10.5, Coin98 Wallet has launched Coin98 KYC, a prerequisite process to prepare for the upcoming key product. You can now verify your personal information directly through Coin98 Wallet and wait for the latest announcement.
Importance of KYC in Crypto
Surely, KYC is a term that you have heard a lot when participating in the crypto market, and it is no longer strange to veteran "warriors" in the market.
What is KYC?
KYC stands for " Know Your Customer " . KYC is used to verify the identity of your service users. This is the process of collecting accurate information from users of your service to identify who they are according to legal standards.
KYC includes 2 main processes:
- Collecting Personal Information (PII - Personally Identifiable Information) through identification documents issued to citizens by the government.
- Verify customers by marking politically exposed individuals (PEPs) and individuals with criminal records.
At the present time, the identity documents (identification documents) accepted to perform KYC on Coin98 Wallet include: citizen identification, identity card, passport, Residence permit, driver's license car.
In addition, there is another factor to pay attention to above all that is the conditions/policy of participation. To be able to access and participate in Launchpad, Launchpool or to be able to participate in any token trading, participants must be 18 years of age or older.
Why KYC?
KYC plays an important role in compliance with anti-money laundering and bribery standards, in the form of legislation at both the global and national levels. Overall, the goal of KYC is to prevent financial/non-financial businesses from being used — intentionally or unintentionally — by criminal organizations for money laundering, terrorist financing, and other illegal purposes. . The 4 key elements of KYC include:
- Preventing criminal acts
- Building trust and transparency for customers
- Increase healthy competition for the cryptocurrency market
- How to Legalize Cryptocurrencies
It can be said that KYC is the most important factor in online trading platforms, especially trading in the crypto market. Like other big projects like Hotcross or PancakeSwap, the launch of the KYC feature will be a solid stepping stone for the development of C98 later.
Users are not required to perform KYC on Coin98 Wallet. As mentioned above, KYC is part of new products, which are about to be introduced by Coin98 to users in the near future such as Launchpad, Launchpool, etc. If you are interested in experiencing these products and want to standardize them. get it as soon as possible, you can KYC on Coin98 Wallet from now on.
KYC implementation process at Coin98 . wallet
Step 1: Open the Coin98 Wallet app .
Step 2: Select Terminal → Select Coin98 KYC.
Step 3: Select a wallet (logged in) to start KYC.
Step 4: Pay the KYC fee with C98, in this step you will need to prepare 10 C98 to do the KYC fee.
Step 5: After paying the fee to KYC, you will go to a screen to fill in information including:
- Name.
- Surname.
- EVM wallet address (odd wallet or multichain wallet ).
- Solana wallet address .
Step 6: Fill in all the required information, you will start KYC.
Step 7: To complete KYC, you must provide identity-related documents including:
- Capture your identity profile.
- Take a picture of your face.
Step 8: Check the status of your application.
Note: if you have not logged in to Coin98 Wallet by email, you will not be able to access the KYC page.. So remember to log in.
According to our regulations, each email address (used to log in) will correspond to each person's identity profile , corresponding to 1 EVM wallet address (odd or multichain wallet), and 1 address respectively. Solana wallet only .
Some frequently asked questions when KYC on Coin98 Wallet
What conditions are required to use the KYC feature?
To be able to use the KYC feature, you will need to prepare some necessary things such as:
- Identification documents: citizen identification card, identity card, passport, residence permit, driver's license. And requires users to be at least 18 years old to be able to KYC.
- Need to login Coin98 Wallet with email to be able to do KYC.
- Need to prepare 10 C98 for KYC implementation fee.
Besides the 10 C98 fee for KYC, do I have to bear any additional costs?
The fee to KYC for each account is 10 C98, and to be able to transfer these 10 C98 users will need to spend a small amount of BNB as a gas fee for the BSC network. Users need to keep a small amount of BNB in their wallet before doing KYC.
How long is the waiting time for KYC approval?
As long as you have complete identification records, personal authentication information and enough fees as required, your approval time will be completed within 24 hours.
How many times does each account get KYC? What to do if KYC fails the allowed number of times?
Each account will be limited to a maximum of 3 KYC times. If your KYC fails all 3 times, please contact Coin98's Support Team immediately for assistance.
Is it allowed to change the address for KYC wallets? What if I want to change?
Each wallet address can only be approved for KYC once (including 1 mail + 1 EVM address + 1 Solana address), you will not be able to change the address of KYC wallets.
To be able to change the KYC wallet address, users can re-experience the special features of Coin98 Wallet - Asia's most feature-rich DeFi e-wallet, to register a new account (using email new) and KYC to the wallet address you want.
Am I required to KYC to use Coin98 wallet, or to stake C98?
You are not required to KYC to be able to use Coin98 Wallet, or to stake C98. As mentioned above, KYC is part of new products that are about to be introduced by Coin98 to users in the near future such as Launchpad, Launchpool,...
summary
The above article has summarized some important information about KYC and detailed instructions on how to participate in KYC on Coin98 Wallet. Hope this information will be useful to you. If you have any problems or questions during the process, leave a comment below, Coin98 team will support you right away!
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