How will KYC work on WOO X?
Find out how you can increase your withdrawal limits and help WOO X continue to grow as a fully-compliant trading platform
On June 17th at 02:00 AM (UTC), ‘Know Your Customer’ (KYC) Identity Verification will come to the WOO X, essential for users who wish to increase their withdrawal limits on WOO X. Users in Taiwan, Ukraine, and Russia must complete the process according to specific rules in those regions.
First things first, can I still use WOO X without KYC?
Users (excluding those in unsupported regions) who do not complete identity verification will still have access to WOO X, but will have a 2 BTC withdrawal limit. These users will continue to be able to experience all the great features of WOO X, able to trade with low or even zero fees, stake their WOO tokens, and have access to the deep liquidity and low slippage that WOO X provides.
Why do I need to complete identity verification?
At Wootrade, we strive for longevity and the sustainable growth of our platforms. For WOO X to become a leading and long lasting exchange, full transparency in all facets is essential. We achieve this through complete compliance with regulatory bodies worldwide, as well as communicating effectively with our user base.
WOO X is fully compliant with applicable anti-money laundering (AML) laws. As such, Know Your Customer (KYC) due diligence is conducted at the time of onboarding for any new customer, starting from June 17th at 02:00 AM (UTC).
The KYC process includes proper identification, verification using 3rd-party global databases, AML transaction screening against blacklists by specifying their source of funds and wealth, and continuous risk assessment of laundering activity. We also periodically conduct additional due diligence. Once KYC has been completed, WOO X users will be able to increase their withdrawal limit and ensure account safety.
How is my data handled?
Protecting user data is a top priority for WOO X. For this reason, WOO X integrated Jumio to optimize the identification process. The Palo Alto-based Jumio is a leading AI-powered identity verification solution and KYC platform that has verified over 300 million users in over 200 countries and territories. Jumio is PCI DSS and ISO/IEC 27001:2013 certified and is trusted by leading organizations in the financial sector. All data is transmitted and stored using AES 256-bit encryption.
Wootrade will not share your personal or trading data with any other third parties without your consent.
Guidelines for users from Ukraine, Russia, and Taiwan
Due to stricter compliance requirements with applicable AML regulations, WOO X will require users from Ukraine, Russia and Taiwan to complete KYC verification on their accounts to continue having access to trading. Please kindly note that WOO X will not be able to support users from Ukraine, Russia, and Taiwan that do not complete the KYC Identity Verification.
- In order to continue accessing your account, KYC Identity Verification has to be completed on WOO X before July 1 00:00 (UTC).
- After the deadline on July 1 00:00 (UTC), users from these regions who do not pass the Identity Verification will be restricted from trading, staking, depositing and withdrawing assets until KYC has been completed
- Users can restore the affected service by completing Identity Verification after July 1.
How do I complete KYC?
You can access the Identity Verification page from [ Account page ] → [Identity Verification] → click [Level Up]. You can also check your current verification level and status on the page.
Please note that only passports will be accepted for identity verification. Make sure the legal name is consistent with the passport you provided.
For more specific issues, please consult the Support page here: https://support.woo.network/support/solutions/articles/70000248468-what-should-i-provide-for-identity-verification-
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