When wanting to buy or sell cryptocurrency online, most reputable platforms will ask that you complete an identity verification process. Many countries have put into place these regulations to help combat money laundering, terrorist funding, and other criminal activities. The identity verification process is universal and ensures that all parties are who they say they are. Below we've answered some commonly asked questions:
Why do I need to verify my identity?
As a global movement to prevent illicit activity with cryptocurrencies, all reputable exchanges require identity verification approval before allowing anyone to buy or sell cryptocurrencies. Here at Oobit we take these regulations very seriously, while still acknowledging the process from the user’s point of view. In checking both these boxes we have streamlined the process using advanced technology like facial liveness detection and Optical Character Recognition (OCR) to make the process faster and easier and to ensure the entire process including approval can be completed within minutes.
The identity verification also ensures that only you can make changes to your account settings, send and receive crypto, and securely manage your crypto portfolio. All information shared with the platform will be verified using AI technology, and no employees without the highest security clearance are able to access this information.
What does Oobit do with my information?
We need only the necessary information required to comply with global AML laws and regulations, this data is also used to protect users from any potential fraudulent activity. Data is collected to provide access to certain services, improve our product execution, and - should you approve - to provide you with information on new developments on the platform. Oobit uses strong encryption to ensure the privacy of all user data is secure at all times. We do not, and will not, sell your data to third parties.
How to complete your identity verification
You’ll need to register an account if you haven’t done so already. From here, keep your identity documents (passport, government-issued ID, or residence permit) handy, and let’s dive in!
Step 1:
First, you’ll need to verify your email address with a code sent directly to your inbox. Once you’ve entered the code, you’ll need to fill in your first and last name, as well as your date of birth. Note: these need to be as per your identity document/passport.
After that, you’ll need to enter your phone number, to which a verification code will be sent. You have one minute to enter the code and verify your number before the code expires.
Step 2:
Once you’re in, click on the drop-down option next to your profile picture in the upper right-hand corner and select Settings. Next, select Start Now where it says Get Verified and Unlock Features.
Step 3:
In completing your identity verification process you will need to have your government ID, residence permit or passport nearby. The first step will be to read and check the boxes and select Next.
You will then need to complete the form with all your information. Ensure that the information you enter matches your identity documents. When complete click Next.
Step 4:
Here you’ll need your identification document. You’re given an option of uploading images of your passport, residence permit or government issued identity card. Select your preferred option and upload the photos required, ensuring that all the pointers are followed. You also have the option of switching to mobile, if you opt to do this you can copy the link or scan the QR code.
Step 5:
In this step you’ll need to submit a photo of yourself for the system to match to the identity document you provided. Don’t worry, this is integrated into the process, so all you need to do is allow Oobit access to your camera and you can take the photo with your device (should it not have a camera you will need to upload a photo).
After the Selfie, you will be asked to review the information submitted, after which the system will check your data.
Congratulations! You have been successfully verified.
Identity verification complete
Now that you’ve completed the identity verification process you are able to dive into the wonderful world of cryptocurrency with Oobit. That concludes our guide on how to complete identity verification, if you’d like some extra tips, head to this helpful guide. Alternatively, if you are experiencing any issues see our identity verification troubleshooting guide.