does kraken need kyc

Kraken mandates KYC verification for activities such as account creation, funding via bank transfer, substantial daily trading, significant withdrawals, and account email or phone number changes to prevent illicit financial activities.

Nov 02, 2024 at 12:36 am

Does Kraken Require KYC (Know Your Customer)?

1. What is KYC?

Know Your Customer (KYC) is a process that financial institutions and regulated businesses use to identify and verify the identity of their customers. This helps prevent money laundering, terrorism financing, and fraud.

2. Kraken's KYC Requirements

Yes, Kraken requires KYC for certain activities. This includes:

• Creating an account
• Funding your account with a bank transfer
• Trading more than $2000 daily
• Withdrawing more than $10,000 per day
• Changing your registered account email or phone number

3. Acceptable KYC Documents

To pass Kraken's KYC verification, you will need to provide:

• A valid government-issued ID (e.g., passport, driver's license)
• A proof of address (e.g., utility bill, bank statement)

4. KYC Verification Process

The KYC verification process with Kraken involves the following steps:

a. Sign up on Kraken

b. Start the KYC process: Go to "Settings" > "Verification".

c. Submit your identity documents: Upload clear copies of your ID and proof of address.

d. Selfie verification: Take a selfie holding your ID next to your face.

e. Review: Kraken will review your documents and may request additional information if needed.

5. KYC Verification Time

The KYC verification process typically takes 1-2 days. However, it can take longer during peak times.

Conclusion

Kraken requires KYC for specific activities to ensure compliance with regulatory requirements and prevent financial crimes. By providing the necessary documents, you can complete the verification process smoothly and unlock the full range of Kraken's services.