BVNK Update: KYC and Performance Improvements
Update: BVNK is now focussing on providing core banking infrastructure for digital assets and fiat to financial institutions directly, and are working closely with regulators and governments to help usher in new finance.
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The following is a summary of functionality that was updated or added to the BVNK web application this week:
- KYC requirements and functionality.
- Performance improvements.
- Minor bug fixing.
In addition, the last week has seen some great developments:
- We increased active users base by about 40%.
- We have completed Litecoin integration for release next week.
- We have begun integration with Dash and Bitcoin Cash.
- Our iOS application is in review with the App Store.
- We are finalising some new funding methods to make it easier for users to buy Bitcoin.
There is more detail on each of the points below.
What is KYC (Know Your Customer)?
We are committed to ensuring our platform is as a safe environment for users to purchase and transact with cryptocurrencies. To assist us with this mission, we have implemented Know Your Customer verification and associated limits. KYC is an international process where users submit documents to businesses to prove who they are in order to transact above certain limits. The main purpose is to combat financial crime and money laundering.
KYC Limits
Verified users are free to transact as they wish, with no limits applied. For users that are not yet verified, or choose not to be, we limit transactions to ensure a safe environment for all users.
Our KYC limits are calculated in US Dollar and applied to cryptocurrencies and local currencies via exchange rates. Limits are as follows:
Single transaction: $100
Total daily limit: $100
Total monthly limit: $1,000
For a single transaction, unverified users can purchase or send up to $100 worth of cryptocurrency, calculated at the rate at the time of transaction. A unverified user can also only send a total of $100 worth of cryptocurrency in a single day. This is calculated at the rate at the time of transaction and added to a rolling daily total.
For total monthly limit, a user can only send a total of $1,000 worth of cryptocurrency calculated at the rate at the time of transaction and added to a rolling monthly total.
KYC Documentation
Users can remove transaction limits and verify their identities by uploading an identity document and a proof of residence. To verify your identify, click on the “Profile” tab on the panel on the left.
At the bottom of the page, select which document you want to update and enter your official identity number. The identity number entered and the name on the proof of residence needs to match that of the identity document submitted.
Note: each document needs to be uploaded separately.
Our verification team will verify the documents and you will be notified via email when they are accepted.
Coming soon
We have completed Litecoin support and will release it to our community during the coming week. We have also begun integration of Bitcoin Cash and Dash; we will update our community as they develop.
We are also working on integrating alternative ways for our community to buy cryptocurrency and fund their accounts, with a special focus on Africa. This means that very soon our African users will be able to purchase and fund their accounts with popular payment methods. We will announce details in the next 2 weeks.
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BVNK is API driven banking infrastructure for digital assets and fiat.
We enable banks to operate more like FinTechs by providing an agile platform with which to create and integrate modern finance.
Find out more here or to get in touch to find out how we can enable your bank to integrate innovation.
