Does Coins.ph require KYC?

During your journey on Spot Trade, encountering the prompt "You need to pass KYC first" serves as an indication that your account is yet to reach the second level of verification. This stage requires you to furnish your identification details and complete a selfie verification process.

KYC, an acronym for Know Your Customer, is a mandatory security measure implemented by various cryptocurrency exchanges, including BTCC, to prevent fraud, money laundering, and other illicit activities. It ensures that only legitimate users access the platform.

The ID verification part of KYC involves submitting your government-issued identification documents, such as a passport or driver's license. This step validates your identity and verifies that you are a real person.

Selfie verification, on the other hand, is the process where you need to take a picture of yourself, usually with your ID document in hand, to further confirm your identity. This added layer of security ensures that the person behind the account is the one who owns the provided ID.

Completing KYC to achieve Level 2 verification not only unlocks advanced features within Spot Trade but also paves the way for a smoother and more secure trading experience. It increases your account's trustworthiness and may grant you access to higher trading limits.