We updated the requirements for the Know Your Customer (KYC) on the Crane app. We made the changes to improve your experience with us and comply with regulatory standards.
Currently, we have four KYC tiers—Tier 0, Tier 1, Tier 2, and Tier 3. The requirements and withdrawal limits attached to each level are in the table below.
Requirements | Tier 0 | Tier 1 | Tier 2 | Tier 3 |
Phone number | Not required | Required | Required | Required |
Required | Required | Required | Required | |
Bank Verification Number/National Identity Number | Not required | Not required | Required (optional), although users can use a selfie scan for verification if the number attached to the BVN or NIN isn't available to receive OTP. | Required |
Identity documents (international passport, driver's license, and National ID card) | Not required | Not required | Not required | Required |
Selfie scan | Not required | Not required | Not required | Required |
Crypto conversion limits | NA | can receive and covert unlimited crypto | can receive and covert unlimited crypto | can receive and covert unlimited crypto |
Daily withdrawal limit | NA | ₦500,000 | ₦2,000,000 | ₦10,000,000 |
Single transaction withdrawal limit | NA | ₦500,000 | ₦1,000,000 | ₦2,000,000 |
However, starting January 24, 2025, we made two changes to the requirements and limits of KYC Tiers 2 and 3 as listed below:
1. You'll only need the National Identity Number (NIN) for KYC Tier 2 verification. Previously, you could use the Bank Verification Number (BVN) or NIN. But that’s not the case anymore. Only NIN will suffice moving forward.
2. The other change affects KYC Tier 3. You need to provide a utility bill (e.g., electricity and water bills) for address verification besides NIN, identity documents, and a selfie scan.
The requirements and limits for KYC Tier 0 and Tier 1 remain unchanged.
Summarily, the latest KYC requirements will look like this:
Requirements | Tier 0 | Tier 1 | Tier 2 | Tier 3 |
Phone number | Not required | Required | Required | Required |
Required | Required | Required | Required | |
National Identity Number (NIN) | Not required | Not Required | Required | Required |
Identity documents (international passport, driver's license, and National ID card) | Not required | Not required | Not required | Required |
Selfie scan | Not required | Not required | Not required. It only applies when you don’t have access to the phone number attached to your NIN. | Required |
Address verification | Not required | Not required | Not required | Required |
Crypto conversion limits | NA | can receive and covert unlimited crypto | can receive and covert unlimited crypto | can receive and covert unlimited crypto |
Daily withdrawal limit | NA | ₦500,000 | ₦2,000,000 | 10,000,000 |
Single transaction withdrawal limit | NA | ₦500,000 | ₦1,000,000 | ₦2,000,000 |
Who will the changes affect?
The change only affects users in KYC Tiers 2 and 3. If you're on KYC Tier 3, your account will be downgraded to Tier 2 to let you verify your address in accordance with the latest directive. We understand this isn't the outcome you prefer, but we made the change to serve you better. The new requirements do NOT apply to user KYC Tiers 0 or 1.
Contact support@usecrane.co if you face any KYC issues you want to resolve.