After signing up for an account, your account must be verified before you can make a deposit, buy or sell cryptocurrency, or start trading.
Laws and regulations require that we verify your crypto trading account by asking who you are and where you live. CoinBurp takes every measure to prevent fraud and be fully compliant with KYC and AML regulations to trade digital assets. We do this to help keep all of our CoinBurp users safe.
You can upgrade your account by:
- Logging into your CoinBurp account
- Select Settings
- Select Account levels
How to upgrade to Level 1
In order to upgrade to Level 1, we will require the following before you can buy crypto:
1. Valid Government Issued ID Document
Valid documents include:
- Drivers license
- National identity card (front + back)
Other valid government-issued ID may be accepted if it has your full legal name, photo, date of birth, and issue and expiry dates all on the front of your ID. Please make sure that your ID photos/scans meet these requirements.
2. Proof of Residence Document
Proof of residence documents must contain your name, address and be dated less than 3 months ago from the date of submission.
Valid documents include:
- Bank statement
- Council tax bill
- Utility bill (water, electricity, gas, internet, phone)
We do NOT accept letters that use non-Latin characters (such as Russian, Chinese, Thai, Hebrew, etc.) Your crypto exchange account will not be verified if typed in non-Latin characters.
3. Face Photo
You will be required to provide a Face Photo to compare against the image on your ID.
How to upgrade to Level 2
For Level 2 verification, along with all requirements at Level 1, we will also need you to provide us with your Passport (if this was not the document you had used to verify your Identity) and we will also need to verify your source of funds.
A proof of source of funds (POSOF) is any document(s) that explains where the funds used for a fiat deposit originated and where the crypto assets used for a fiat withdrawal originated.
CoinBurp reserves the right to request proof of source of funds for clients depositing or withdrawing fiat currency.
Any POSOF document submitted needs to cover all deposits or withdrawals via that particular funding method. If a client has made deposits or withdrawals earlier, they should make sure that the POSOF documentation covers any previous deposits or withdrawals as well as the most recent one.
Acceptable individual POSOF
- Letter from Bank/Accountant stating assets
- Last 2 months full bank statement and/or equities statement
- Payslips showing previous two years income
- An accountant’s letter stating a client’s real estate holdings and inheritance suffice for net worth
How to upgrade to Level 3
For Level 3, along with all requirements at Level 1 and Level 2, we will also need you to complete a custom enhanced due diligence (EDD) form. This allows us to ascertain your expected transaction volumes, and in turn, the associated documentation which will be required. The EDD form can be requested via our Account levels page.