How to conduct the KYC process on Coin98 Wallet

KYC is used to verify the identity of your service users. You can now verify personal information directly through Coin98 Wallet and wait for the latest announcement.

longdinh

Published Dec 28 2021

Updated Aug 31 2023

4 min read

2021 is a year full of ups and downs for the crypto market in general and for the Coin98 supporter community in particular. Closing the last month of the year, Coin98 has created a few memorable marks to set the stage for even stronger development.

After releasing the upgraded Mobile App V10.5, Coin98 Wallet has launched Coin98 KYC, a prerequisite process to prepare for the upcoming key product. You can now verify personal information directly through Coin98 Wallet and wait for the latest announcement.

The Importance of KYC

What is KYC?

Surely, KYC is a term that you have heard a lot when participating in the crypto market, and it is no longer unfamiliar to veteran "warriors" in the market. KYC stands for "Know Your Customer". KYC is used to verify the identity of your service users. The process of collecting accurate information from users of your services to identify who they are according to legal standards.

The KYC process includes 2 main steps:

Collecting Personal Information (PII – Personally identifiable information) through identification documents issued to citizens by the government.
Verify customers by marking politically exposed individuals (PEP-Politically Exposed Person) and individuals with criminal records.

At present, the identity documents (identification documents) accepted to perform KYC on Coin98 Wallet include National Identity Card, Residence Permit, Passport, Driving License.

In addition, there is another factor to pay attention to above all, which is the conditions/ policy of participation. To be able to access and participate in Launchpads, Launchpools or to be able to participate in any token trading, participants must be 18 years of age or older.

Why do I need to KYC?

KYC plays an important role in compliance with anti-money laundering and bribery standards, serving as a legislative body at both the global and national levels. Overall, the goal of KYC is to prevent financial/non-financial businesses from being used — intentionally or unintentionally — by criminal organizations for money laundering, terrorist financing, and other illegal purposes. . The 4 key elements of KYC include:

Preventing criminal acts.
Building trust and transparency for customers.
Increasing healthy competition for the cryptocurrency market.
Legalizing Cryptocurrencies.

It can be said that KYC is the most important factor in online trading platforms, especially trading in the crypto market. Just like other big projects like HotCross or PancakeSwap, the launch of the KYC feature will be a solid stepping stone for the development of C98 later.

Users are not required to perform KYC on Coin98 Wallet. As mentioned above, KYC is part of new products, which are about to be introduced by Coin98 to users in the near future such as Launchpad, Launchpool...If you are interested in experiencing these products and want to prepare them as soon as possible, you can start the KYC process on Coin98 Wallet from now on.

The Coin98 KYC Process

Step 1: Open the Coin98 Wallet app.

Step 2: Select Terminal → Coin98 KYC.

Step 3: Select the wallet address you want to KYC (already logged in with an email account).

Step 4: Pay the KYC fee with C98. Users will need to prepare 10 C98 for the KYC fee.

Step 5: Fill out the required information

First Name.
Last Name.
EVM Wallet Address (single of multichain wallet).
Solana Wallet Address.

Step 6: Fill in all the required information and you will start the KYC process.

Step 7: To complete KYC, you must provide identity-related documents including:

Capturing your identity document.
Taking a picture of your face.

Step 8: Check your KYC status.

Note: If users haven't logged in, the KYC process can’t be performed.

The KYC process requires each Email Address (used to log in) will correspond to each person's identity profile - A Wallet Address (Single or Multichain) - A Solana Wallet Address

FAQ about KYC on Coin98 Wallet

What do I need to prepare for the KYC process?

To be able to use the KYC feature, you will need to prepare some necessary things as follows:

Identification documents, for example National Identity Card, Residence Permit, Passport, Driving License, and users need to be at least 18 years old.

Do I have to pay any extra fees in addition to the 10 C98 price for KYC?

The KYC fee for each account is 10 C98, and to be able to transfer these 10 C98 users will need to spend a small amount of BNB as gas fee on the BSC network. Before starting the KYC process, users must have a proper amount of BNB in their wallet.

How long does it take to receive the KYC approval?

As long as you have completed identification records, provided personal authentication information and paid the required fees, your approval time will be completed within 24 hours.

How many times can each account perform the KYC process? What should I do if the KYC process keeps failing?

Each account will be restricted to three times for KYC. Please contact Coin98's Support Team as soon as possible if your KYC fails all three times.

Is it possible to modify the KYC wallet address? What if I want to change?

You will not be able to modify the wallet addresses of KYC since each wallet address can only be accepted for KYC once (including 1 email, 1 EVM address, and 1 Solana address).

To be able to change the KYC wallet address, users can register a new account (using a new email) and perform KYC for the wallet address you want.

Is it necessary for me to perform KYC in order to utilize the Coin98 wallet or stake C98?

You are not required to complete the KYC process to be able to use Coin98 Wallet or to stake C98. As mentioned above, KYC is part of new products, which are about to be introduced by Coin98 to users in the near future such as Launchpad, Launchpool,...

Summary

The above article has summarized some important information about KYC and detailed instructions on how to complete the KYC process on Coin98 Wallet. Hope this information will be useful to you.

If you have any problems or questions during the implementation process, please leave a comment below, the Coin98 Community team will support you right away!