Why does Tokenize need to know my identity?

More than 20,000 clients trust Tokenize to handle their money and digital assets every day. That’s a big responsibility, and our main goal is to keep your money safe from security issues or financial crimes.

At Tokenize, we think it’s crucial to show you how we work behind the scenes. Choosing the right company is essential for protecting your money and your digital assets. Yet it’s hard to make an informed decision without enough information about security and compliance practices.

That’s why we aim to be transparent about how we protect your money. We’re not perfect, but we always prioritise security and are constantly improving our systems.

One area where there is often confusion and misunderstanding is regulation. In this post, we want to let you know why we need to know your identity when you open a trading account on Tokenize Xchange.

Playing by the rules

The Bitcoin industry was unregulated for a while. Disruptive new technology often results in a lag period between invention and regulation.

Many companies took this as an opportunity to cut corners. But regulators are catching up. From the start, we chose to self-regulate by applying AML (Anti Money Laundering) and KYC (Know Your Customer) guidelines. We welcome regulation and believe having the right processes in place will make the transition to a state of frictionless money smoother.

Any technology can be both good and bad. Bitcoin is no exception. Early on, the illusion of anonymity led some people to use it for illegal purposes. But with improved regulation and awareness, that’s changing. Our team always keep up with the regulatory changes to remain in compliance with the laws and regulations.

AML, KYC — what do they mean?

AML is a set of regulations designed to prevent money laundering.

Criminals take steps to hide the origins of illegally obtained money from law enforcement. This is known as money laundering.

AML regulations apply to financial and credit companies, as well as estate agents, accountants and others. The regulations require companies to put controls in place to prevent their services being used for money laundering. A big part of this is checking the identities of their customers.

Know Your Customer means all our customers need to provide proof of identity and address

KYC is a procedure used by companies in order to learn more about the customers who use their platform. This is a requirement for most financial companies, and KYC is taken seriously by governments around the world.

Verifying your account is very simple

We know that verifying documents can be a painful process which is why we are excited to offer these improvements to our process.

If you plan to invest in cryptocurrencies which go over your limits, kindly contact us at info@tokenize.exchange. Our team would assist you in meeting your investing needs and requirements.

Verifying your account is quick and simple. Check out the 2-minute video to learn how to open an account on Tokenize Xchange instantly.

After signing up, you will be prompted to the verification process. In order to verify your identity, you will need to select the type of documents to be uploaded. Here are the guidelines for how to provide good, quality documents. You can then either take a photo or upload the document from your device.

Once all steps are completed, you will be able to submit your documents for verification.

Verification should take a few hours, or a couple of days if there are any issues. Then you’re all set to be part of the cryptocurrency revolution.

You can get your account verified even though you do not plan to buy or sell any cryptocurrencies in the near future. Opening an account with Tokenize Xchange is completely free and we do not charge when you deposit money or withdraw money out. Getting started with Tokenize Xchange now!

We respect your privacy

When you provide proof of identity and address, our team uses it to check all your details are authentic. Per the AML & KYC and data protection regulations, your information will be securely stored.

Your information is only shared with third parties when we have your permission or are required to do so by law.

If verifying your account takes longer than expected, please know that sometimes we have to do extra due diligence. Our team works around the clock to respond quickly and diligently.

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