Verification: Why Do I Need to Identify Myself?

As the cryptocurrency market grows and develops, its regulation becomes more and more complicated and different from one country to another. While meeting the regulatory requirements of all countries in the world does not seem possible, providing the right set of rules to be compliant across multiple jurisdictions sounds more pragmatic and feasible.

Basically, there are two main goals to be defined and achieved: to protect a user account and comply with Anti-Money Laundering standards and regulations.

Protecting a User Account

Firstly, by identifying you, we can facilitate mechanisms to establish your identity and deter fraudulent actions. Secondly, in this new industry, there are a lot of risks of identity theft. By submitting your information, you allow us to verify your identity at all times and reduce the risk of misuse of your account, thus enhancing the protection of your personal data and funds. Finally, collecting your information we do not use it for commercial purposes. We only collect it to make sure it is you who is using the account.

Complying with Anti-Money Laundering Standards and Regulations

Cryptology is committed to complying with the highest standards of security taking care of its users and the company itself. Therefore we continuously work to detect and block transactions that may be involved with money laundering practices.
We are headquartered in Singapore and, therefore, we must comply with the Corruption, Drug Trafficking, and other Serious Crimes (Confiscation of Benefits) Act of 1999 (CDSA); the CDSA Amendment Act of 2007; the AML/CFT Notices issued by the Monetary Authority of Singapore; and every other subsidiary regulation currently in force in Singapore.
It is important to point out that Singapore is a member of the Financial Action Task Force (FATF) since 1992 and, therefore, follows the guidelines issued by this international organisation in terms of anti-money laundering and counter the financing of terrorism.

Identifying a User on Cryptology: How it Works

Cryptology offers three stages of user verification, which require different kinds of data and provide corresponding account balance limits. They are Basic, Advanced and Full.

At the very beginning, all you need is to enter your personal data, that is, your full name, date of birth and country. At this verification stage, your monthly turnover limit is 3,000 USD equivalent, which limits the transactions to this amount within a month.

The next stage is ‘Advanced’ and requires photo identification and a self portrait with ID. To pass this step you need to repeat the personal data you provided at the previous stage and enter the number of one of these documents: passport, driving license or national ID. Also, you will be asked to provide a self portrait with the document you have chosen to be verified. Passing this stage allows you to have a greater monthly turnover limit of 10,000 USD equivalent.

Finally, the last stage is ‘Full’ verification and requires proof of your address, where you shall enter your country, city, and address. Also, you will be asked to provide proof of this address using a bank statement or utility bill. That’s it, now you are fully verified and any turnover limit no longer applies to you!

These three simple stages of verification promote the improvement of your account and funds safety and make your trading experience secure and positive. Cryptology always cares for its users and the overall security and reliability of the platform. When meeting the security requirements of each stage, you contribute to the security of not only your account and money but also that of the company as a whole, thus creating a safer digital currency ecosystem.