KYC Verification Process
Why is KYC Required?
As a licensed and regulated platform, LoonieBit is dedicated to providing all users with a secure and compliant environment. Our Know Your Customer (KYC) procedure is critical to our security measures, helping us prevent fraud and criminal activities while safeguarding your profile. By following KYC protocols, we protect your personal information and the integrity of our platform.
We require specific documents based on your activity level to verify your identity and ensure secure exchanges. The documents vary depending on your transaction volume, and our Compliance Team may request additional verification if necessary.
Document Submission Requirements
At LoonieBit, we categorize users into three levels based on their transaction volume. The required documentation will differ for each level. Depending on the situation, our Compliance Team may also ask for extra documents.
Level 1
For transactions between €200 and €5000
Required Documents:
- Identity Document
- Liveness Verification
Level 2
For transactions between €5001 and €15000
Required Documents:
- All documents from Level 1
- Proof of Address
- CPA Form (Cryptocurrency Purchase Agreement)
Level 3
For transactions between €15001 and €75000
Required Documents:
- All documents from Level 1 and Level 2
- ALA Form (Advanced Limits Application)
- Source of Funds Verification
Level 4
For transactions above €75001
Required Documents:
- All documents from Level 1, Level 2 and Level 3
- Video Call Verification
Identity Verification
What is it?
Identity verification requires a government-issued document that proves your identity.
Acceptable Identity Documents
- Passport
- National ID Card
- Driver’s License
- Residence Permit (with country of origin ID)
- Temporary Identity Permits (if they are considered official IDs)
Requirements
- The document must be current and not expired.
- It should display your full name.
How to Submit
- A colour photo or scan of the full document is required.
- The document must include both sides in the scan.
Proof of Residence
What is it?
Proof of residence is an official document that shows your current home address.
Accepted Documents
- Passport
- National ID Card
- Driver’s License
- Residence Permit (with country of origin ID)
- Temporary Identity Permits (if they are considered official IDs)
Requirements
- The document must be dated within the past three months.
- It must clearly show your full name and current address (no P.O. Boxes)
How to Submit
- A colour scan or photo of the document is needed.
- The document should include both sides.
- The name and address should match the information provided in your profile.
KYC Forms
To finalize your identity verification, you’ll need to fill out a couple of forms:
Form 501
Cryptocurrency Purchase Confirmation
Form 501
Cryptocurrency Purchase Confirmation
These forms will be sent to your registered email for electronic signing. Alternatively, you can print, sign, scan, and return them to the Compliance Team via email.
Document Submission Options
You can easily upload your verification documents in two ways:
Upload via your profile:
Simply use the “Upload Documents” option in your profile dashboard.
Send via email:
Forward your documents to EMAIL from your registered email.
Important Guidelines
Documents must be in clear colour copies (scans or photos).
We do not accept:
- Fake, altered, or stolen identification
- Blurry, overexposed, or cropped images
- Expired documents or copies of copies
Checklist for KYC Document Submission
Submit documents by uploading them directly or sending them to our Compliance email.
Documents accepted: Valid proof of identity, proof of address, and any relevant forms.
Only clear, colour scans or photos of the documents will be accepted.
Documents not accepted: Any blurry, cropped, overexposed images or expired documents.