does kraken need id verification

2024/11/03 15:06

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:

1. Create an account: Register on the Kraken platform by providing basic information such as name, email address, and password.
2. 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.
3. Provide proof of address: Upload a utility bill, bank statement, or other document that shows your current address.
4. 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:

1. Tier 0 (Unverified): This level does not require any identity verification. However, account limits are very low and trading is not permitted.
2. Tier 1 (Verified): Tier 1 verification requires a valid ID and proof of address. This level allows for increased account limits and trading functionality.
3. 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