Completing a KYC (Know Your Customer) and KYB (Know Your Business) verification on Swapin is essential for several reasons:
Compliance.
Swapin is an EU-licensed service provider and adheres to financial regulations and anti-money laundering (AML) laws, which require cryptocurrency platforms to verify the identity of their customers. This helps prevent illegal activities like money laundering and fraud, ensuring that the platform operates within legal boundaries.
Seamless Transactions.
To complete your transactions, both Swapin and banks are required to follow compliance rules. Providing KYC (Know Your Customer) and KYB (Know Your Business) information is necessary to execute your transactions seamlessly with no delays.
Higher Transaction Limits.
Individual accounts verified as Basic and Full have higher transaction limits compared to Starter Level. For business accounts, transaction limits are set based on the provided financial information.
Access to Advanced Features.
Some features, such as Dedicated IBANs and SwapinBuy, are available to individuals verified as Basic and Full.
Trust.
Verification builds trust with the platform and other customers. It demonstrates your commitment to using the service responsibly and ethically.
Overall, verification is a necessary step to protect both you and the cryptocurrency platform, ensuring a safe and compliant experience in the crypto financial space.