As the application deadline to become a Licensed Operator in Singapore approaches, we will be introducing the following changes to our account verification processes that will impact you.
Why is this only on Coinhako?
We want to be one of the first to let you know about the efforts everyone in the cryptocurrency space has been working on.
Combined with regulators, businesses in the space have been working over the last few years to build more accountability and adhere to high standards, to deliver a more reliable cryptocurrency landscape for you.
No one has done anything wrong. We are required to collect user information, as part of efforts to enable a safer and more accountable Fintech and Cryptocurrency landscape in Singapore by local authorities.
Updates similar to this will become more commonplace across the industry going forward, and not just at Coinhako.
***Please read everything carefully and if you are on mobile ensure that you have updated your app.
All registered Coinhako Singapore accounts will have to go through an account re-verification.
During this one-month window period, all Coinhako services will run as per normal.
While there will be no service disruptions, it is extremely important that all Coinhako registered users complete the re-verification before the cut-off time.
All Coinhako services will be disabled on accounts that do not fulfill this requirement, with only the account balances viewable.
Please note that accounts will only be disabled after 30 June 2020. Until then, all users will be able to transact as per normal.
Only 3 simple steps to complete the verification 👇
Step One: Jumio ID Check & Liveness Detection
While this is a mandatory step in our verification process, the added automations would ease up the identity re-verification for all our users.
👉This is how Jumio safeguards your information.
How It Works
✅Verify your ID: Simply take a picture of a valid Identity Document to complete this step!
These are the identity documents we accept:
**Note: Passports are not supported.
- NRIC card
- Any Government Service Card
Foreigners and permanent residents
- Employment Pass / Student Card
- Residence Pass
✅Automated facial Recognition : Jumio helps us verify that it’s really YOU by using automated facial recognition software. It’s easy — just like taking a selfie, without having to press any buttons!
Step Two: Income Questionnaire Submission
Not more than 20 mins of your time will be needed to complete this one-time questionnaire.
Step Three: Proof of Address Verification
After completing the Jumio check, we will need users to verify their address. There are two (2) options available to complete the proof of address verification.
Option One: MyInfo Verification
Singaporean Citizens or Singaporean Permanent Residents may USE THEIR SINGPASS to enjoy a faster identity verification process, through the Myinfo platform.
MyInfo is a Government service for Singaporean citizens and/or Residents to manage the use of their personal data for online transactions. With this, Coinhako users now have the option to complete their identity verifications simply by logging into MyInfo with their SingPass, and consenting to share the data with us!
Option Two: Manual document submission
Users who are unable to get verified via MyInfo will still be able to complete proof of address re-verification by manual submission.
Simply submit an eligible proof of address document and allow up to 24 hours for us to manually review your submission.
Step Four: Proof of Income Submission
This step is optional.
Step 1. Select the option to submit your source of funds document.
- Myinfo: Recommended for faster verification time. (Only available for SG residents)
- Manual submission: This will take 1-2 business days to process.
Step 2: If you choose the Myinfo option:
- You will be re-directed to Myinfo website
- Login with your ID number
- Select the 'I agree' button
- You will be re-directed back to the Coinhako website
- Select the 'Accept and Continue' button
Step 2: If you choose to submit documents manually:
- Upload your source of funds document.
- Select the 'Submit' button.
Accepted document types:
- IRAS Notice of Assessment
- CPF Contribution History of at least 12 months
- Other documents to prove the source of funds
- Submit a full scanned image or photo.
- Your name, address and date MUST be visible in the document.
- Document must be dated less than 3 months ago.
- Document must be shown in full-page view; images showing a part of the document will not be accepted.
- Screenshots will not be accepted.
Users that complete their re-verification before 30 June 2020, will be given 500 points; these points can be changed for free cryptocurrencies and discounts!
**Please allow up to 5 business days for crediting of the points.
New Transaction Guidelines
Complete the new verification process, and all limits for depositing local currencies, will be a thing of the past!
Going forward, we will be doing away with Level 1 and Level 2 verification. Once you complete the new verification, you will automatically be recognised as a verified user.
During the one-month window period (6 May- 30 June), accounts that have not completed the re-verification will be subject to daily and monthly transfer limits. For users that have completed verification under our old system, these limits will apply until the re-verification is completed.
These limits will vary depending on the user's current level of verification.
This simply means that if you are a Singaporean user who has completed Level 2 Verification, you may send or withdraw up to $5,000 SGD per day or $20,000 SGD per month, during this one-month window period.
Read our Terms of Service, for more detailed information on our services.
We would like to thank everyone for their kind understanding on the matter. Your cooperation will go a long way in our license application process, as we look to serve our home market of Singapore for many more years to come!
👀Remember to look around our blog for more updates, or
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*The information presented in this article does not constitute investment advice and is purely for educational and/or informational purposes.
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