Why do I need to complete KYC for my Base8 account?
KYC (Know Your Customer) is a mandatory process to ensure the security and compliance of all accounts. It helps protect against fraud and suspicious activities, and is required to comply with regulatory standards.
What information do I need to provide during the KYC process?
During the KYC process, you will be asked to provide your full legal name, current address, date or birth, Social Security Number (if you have one), and a government issued picture ID or passport. You may also be required to provide a proof of address in the form of a recent utility bill or bank statement.
How long does the KYC process take?
If the information provided is accurate and the documents are clear, the automated KYC process should take just a few minutes. If manual review is needed, it may take a few days.
What happens if my KYC verification fails?
If your KYC verification fails, Base8 will reach out to you for additional documentation or information to complete the verification process.
Can I use a P.O. Box address for my Base8 account?
No, Base8 does not accept P.O. Box addresses for account verification. Please use a valid residential address.
What should I do if my personal information changes?
If your personal information changes, you need to update it by contacting Base8 support at support@base8.app. Additional verification may be required.
What might trigger a request for additional documentation during KYC?
Additional documentation may be requested if there are mismatches in the information provided, such as discrepancies in date of birth, name, SSN/DL, or address. Transactions above certain thresholds may also trigger further KYC requirements.
Is the KYC process case-sensitive?
No, the KYC process is not case-sensitive. Variations such as "Road" vs "Rd" should not cause issues.
Can I include my middle name in my last name during KYC?
It's important to enter your name exactly as it appears on your official identification documents to avoid mismatches that could trigger additional verification.
What percentage of accounts are asked for additional documentation?
The percentage of accounts requiring additional documentation can vary. Factors such as transaction amounts and discrepancies in registration details can influence this. Higher transaction amounts are more likely to require further KYC verification.