KYC (Know Your Customer)
Find answers to the frequently asked questions about Onramp.
KYC (Know Your Customer)
Why is identity verification required for an account on Onramp?
We are mandated by applicable laws to ensure we create, implement, and maintain a robust Know-Your-Customer (“KYC”) system that is accessible to all our customers. This system is legally mandated as part of our Anti-Money Laundering Program (“AMLP”).
Applicable law means and includes regulations or rules that relate to providing cryptocurrencies. This includes, but is not limited to, the provisions of the AML/CFT Guidelines for Reporting Entities Providing Services Related to Providing Virtual Digital Assets and Prevention of Money Laundering Act, 2002, and the rules passed herein.
When is KYC done ?
KYC is done prior to the onboarding of customers as well as a one-time exercise in cases where such KYC is not already present. Please note that, as per applicable law, we are required to ensure that all our customers undergo KYC process at least once a year owing to the risks of purchasing cryptocurrencies.
How does Onramp conduct its KYC?
Based on monthly limits, we have deployed a two-tier KYC system. Our KYC system may vary based on jurisdiction and applicable law. Click here to understand the applicable KYC system in India.
What information is collected during the KYC process?
During the KYC process, we collect the following information:
Name;
Gender;
Age;
Nationality;
Phone Number;
Government issued Identity Card;
Tax ID
How do we collect, process, and store the information collected via the KYC process?
All our information is collected, processed, and stored in accordance with our Privacy Policy. Click here to access our Privacy Policy.
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