We updated the Crane app's Know Your Customer (KYC) requirements to improve your experience with us and comply with regulatory standards. We currently have four KYC tiers: Tier 0 (account creation), Tier 1 (basic verification), Tier 2 (full verification), and Tier 3 (advanced compliance).
Starting May 17, 2025, we're making the following changes to our KYC tiers:
1. Naira withdrawal is disabled for Tier 1 (basic verification) users ❌
Previously, Tier 1 customers had a daily and single transaction limit of ₦500,000. But that's no longer the case—Tier 1 users can't withdraw money from their account until they upgrade to Tier 2. However, you can still generate a wallet, receive crypto, and convert crypto to naira.
2. BVN and NIN are required for Tier 2 verification 📄
Previously, you needed to submit either a Bank Verification Number (BVN) or National Identity Number (NIN) to be a Tier 2 user. But that has changed—you must provide both documents to stay on Tier 2.
3. Address verification is mandatory for Tier 3 users 🏠
Tier 3 users must validate their address using a recent utility bill or signed bank statement carrying their full name and house address. Both address verification documents must not exceed three (3) months. You must submit a tenancy agreement to validate your address if your full name isn't on the utility bill.
We’ll review all submitted documents and provide feedback after 24 hours.
Summarily, the new KYC requirements for each tier are stated in the table below:
Tier | Requirements | Crypto limit | Daily withdrawal limit | Single withdrawal limit | Feature enabled and benefits |
Tier 0 | Not allowed | Not allowed | Not allowed | No wallet generation, no crypto conversion, no naira withdrawal | |
Tier 1 | Phone number verification via OTP | can receive and convert unlimited crypto | Not allowed | Not allowed | Wallet generation, receiving crypto, and converting crypto to naira. |
Tier 2 | NIN & BVN verification via OTP to the phone number linked to the documents, or face ID verification in case the numbers are unreachable. | can receive and convert unlimited crypto | ₦2,000,000 | ₦1,000,000 | All Tier 1 features + increased withdrawal limits |
Tier 3 | Address verification using a signed bank statement or utility bill not older than 3 months. | can receive and convert unlimited crypto | ₦10,000,000 | ₦2,000,000 | Full compliance for high-volume transactions |
1. Who will the KYC changes affect?
The new KYC tier affects users in tiers 1, 2, and 3. All users must submit the necessary documents or risk a downgrade to a lesser tier with reduced withdrawal limits.
2. When will the KYC changes roll out?
The rollout will commence on May 17, 2025. You’ll have 30 days after the KYC rollout to comply with the latest changes.
3. Will my account be suspended if I don't provide the necessary KYC documents?
No, your account will not be suspended. However, you risk a downgrade to a lower tier with reduced withdrawal limits and benefits if you don't provide the relevant documents before the end of the 30-day period.
4. How do I provide the KYC documents?
To provide the KYC documents, do the following:
Log in to the Crane app.
Click on your profile avatar in the top left corner of the homepage.
Go to identity verification and submit the necessary documents.