Wallet KYC FAQs

Created by Drilon Brestovci, Modified on Mon, 23 Jan 2023 at 02:12 PM by Drilon Brestovci

What is KYC?

KYC, or ‘Know Your Customer’ processes, are processes we have implemented to ensure that the users of our systems are verified, genuine individuals, and not bots, hackers, or otherwise fraudulent.

KYC verification processes are mandated by the European Regulation on Markets in Crypto-Assets (MiCA), which is expected to be made law in early 2023.

You can read more about MiCA here

How will KYC affect Venly users?

Anybody can still sign up for a Venly Wallet, or browse the Venly Marketplace, without verifying their identity. However, users will need to undertake KYC identity verification in order to:

  • Withdraw more than 1000 USDC from the Venly Market within a single 30-day period. 

  • Transfer native or ERC20 tokens from their Venly Wallet.

Can the Venly Wallet / Market still be used without KYC verification?

Yes. Users can still receive tokens into their Venly Wallet, however, they will not be able to transfer them. They can also still transact on the marketplace, with the exception of withdrawing more than 1000 USDC within a single 30-day period. 

Do these regulations cover the Venly Wallet AND the Wallet API?

As the custodian of Venly Wallet, Venly is only obligated to implement KYC procedures for users of its own Wallet. Wallets built from Venly Wallet API remain outside of Venly’s control and thus Venly is not responsible for instituting KYC checks for them. 

I am a Venly Wallet holder / Market user, what do I need to do?

You don’t need to do anything right now. When you attempt to perform an action that requires KYC authentication, you will be prompted to complete a short identity verification process via our third-party partner, Veriff. You will only ever need to complete this step once.

What kind of information do I need to provide for KYC?

You will need to provide proof of your identity, such as a government-issued ID or passport, and proof of address, such as a utility bill or bank statement.

How long does the KYC process take?

The length of the process is handled by our KYC partner and follows their terms of service. We recommend following these steps to avoid any delay in the process: 

Is my personal information safe during the KYC process?

Both Venly & Veriff are completely compliant with the GDPR for data security. Please refer to this article for more information about data storing & protection:

What happens if my KYC application is denied?

Depending on the reason for the denial (wrong document; wrong photo) you should be able  to reapply or appeal the decision. Please refer to Veriff’s explanation of a successful verification process: https://www.veriff.com/get-verified

Are there any KYC geographical restrictions?

For a full list of supported regions & countries, kindly refer to: https://www.veriff.com/supported-countries

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons

Feedback sent

We appreciate your effort and will try to fix the article