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Frequently Asked Questions (FAQ) About Coinhako Verifications or KYC, 30 June 2020

KYC verifications are now automated and only takes a few minutes on Coinhako.

Frequently Asked Questions (FAQ) About Coinhako Verifications or KYC, 30 June 2020


How long is my verification going to take at Coinhako?

As of 6 May 2020, 24 hour account verifications – aka Know-Your-Customers (KYC) – on Coinhako became a thing of the past!  Updates were made over the last few months to automate identity verifications at Coinhako and it should now only take a few minutes.

If your verification is taking longer than stated, kindly contact our support team for assistance or try some of the answers provided in this article.

***This automated verification process is only for KYC, and it is not to be confused with 2FA reset requests. More about this below👇

Why the need to declare your identity to a cryptocurrency platform?

The latest regulations in Singapore require that account verification (or KYC) requirements are met, before we can provide our services for our users.

We’ve made the update on the basis of making it as convenient as possible for our users, and it only takes a few minutes to complete.

What happens if I do not complete the account verification?

Not to worry! All you will have to do is complete the account verification, whenever you wish to access our cryptocurrency trading and wallet services.

Full service access will be resumed on your account, once your verification has been approved; This should only take a few minutes!

I’ve completed my 2FA verification. Why do I need to verify again?

The selfie submission to request a 2FA reset is an entirely different process from the account verification.

KYC

As 2FA is an important security feature for all Coinhako users, the selfie submission provides an easy but secure way to confirm the identity of the person requesting the reset.

Account verifications, on the other hand, are a requirement to identify the owner of the accounts, aka Know-Your Customer (KYC) – a mandatory regulatory requirement for cryptocurrency and financial services businesses in Singapore. To align with the latest regulations in Singapore, we have requested our users to update their account information on 6 May 2020.

How am I supposed to verify my account when I can’t even authenticate my 2FA?

If you have not been able to access your account because of 2FA – whether you are unable to authenticate or have not completed our reset requirements –  kindly follow the steps on our 2FA reset guide to set up a new 2FA token for your account.

2FA resets are NOT to be confused with our account verification (or KYC). They are an entirely separate process.

Upon access to your account after 2FA authentication, you will still be required to complete our account verification (or KYC), if you have not done so.

Is my identity protected on Coinhako? Are my documents safe?

Yes, identity related documents are only collected for the purpose of account verifications and/or compliance with regulations.

We ensure that your information is securely stored on our platform and for more information on how we use user data, you can view our Privacy Policy and Terms of Use.

I’ve tried everything suggested, but still can’t access my account. What can I do?

If you have found yourself still unable to complete our identity verification after all these, kindly contact our support team for assistance.

As user traffic might fluctuate throughout the day, kindly give our team some time to get back to you during periods with higher ticket volume.


Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.

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Copyright © Coinhako 2023 All Rights Reserved. Read more on our terms of use of this blog. All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.