Getting Started

What are the Know Your Customer (KYC) requirements?

Financial services companies in the United States are required by law to collect information that helps prevent financial fraud, a process known as Know Your Customer, or KYC. Coinbits does not store this information. Instead, it is processed by our regulated custodian, Prime Trust.

The information required by Prime Trust is listed below.

Basic information

Basic information includes your full legal name, date of birth, and phone number.

Mailing address

It is preferred that the mailing address be your residential address. However, you may use a non-residential mailing address if you also provide a copy of your rental lease agreement.

Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)

A check will be run on this number to validate it. In rare cases, validation will fail even though the number is valid. If this happens, you will be asked to provide proof of the validity of the number.

Valid government-issued ID

A photo of a valid, non-expired government-issued ID such as a driver's license or passport is required. Your ID must specify the country or state that issued it.

The photo of your ID must be in color and must include a clear picture of you. Written information on the ID must be legible. If the photo is blurry or has a glare that makes the information on your ID hard to see, you will need to retake the photo.

All four corners of the ID must be visible, so we recommend that you lay it on a flat, dark surface. If you take a picture of your ID while holding it up, your fingers may interfere with the photo, which may delay your account approval.

Driver’s license requirements

If you provide a photo of your driver’s license, the mailing address you provided above should match the address on the driver’s license. If it does not, you will need to provide further proof of address, such as a copy of a utility bill dated within the last 90 days.

You must include a photo of both the front and back of your driver’s license.

Passport requirements

If you provide a photo of your passport, you will also need to provide proof of address dated within the last 90 days. The photo of your passport must contain your signature, and the MRZ code must be visible.

If the information in your passport is not written in Latin characters, you will need to provide a translation written by a certified translator. The translation must have a notary’s stamp or seal, and must be signed by the notary in black or blue ink.

Other forms of ID

Other documents that may be accepted in place of a driver's license or passport are a driver’s permit (learner’s permit) or a state-issued ID card.

Unacceptable documents

Unacceptable documents include expired documents, temporary IDs, military IDs, health insurance cards, school IDs, reservation cards, Allodial American National IDs, and voter IDs.

Damaged or voided documents, such as hole-punched IDs, cannot be accepted.

Updated on:
October 24, 2022