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does kraken need id verification
To trade on the Kraken platform and avoid low account limits, new users must undergo an identity verification process that involves submitting their ID and proof of address.
Nov 03, 2024 at 03:06 pm
Does Kraken Need ID Verification?
Yes, Kraken requires identity verification for new users before they can fund their accounts or trade on the platform. This process helps Kraken comply with anti-money laundering and know-your-customer (KYC) regulations.
Identity Verification Process
The identity verification process on Kraken involves the following steps:
- Create an account: Register on the Kraken platform by providing basic information such as name, email address, and password.
- Upload proof of identity: Submit a clear photo or scan of a government-issued ID, such as a passport, driver's license, or ID card.
- Provide proof of address: Upload a utility bill, bank statement, or other document that shows your current address.
- Submit for review: Complete the verification process by submitting the required documents for review by Kraken's compliance team.
Verification Levels
Kraken offers three levels of verification, each with different account limits:
- Tier 0 (Unverified): This level does not require any identity verification. However, account limits are very low and trading is not permitted.
- Tier 1 (Verified): Tier 1 verification requires a valid ID and proof of address. This level allows for increased account limits and trading functionality.
- Tier 2 (Enhanced): Enhanced verification involves additional checks and documentation, such as a selfie holding your ID. This level provides the highest account limits and access to advanced trading features.
Timeframe for Verification
The verification process typically takes several hours to complete. However, in some cases, it may take up to a week or longer depending on the volume of pending verifications.
Benefits of ID Verification
Completing the ID verification process offers the following benefits:
- Enables funding of Kraken accounts
- Allows trading on the platform
- Increases account limits
- Ensures compliance with regulatory requirements
- Helps prevent fraud and money laundering
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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