Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations require that every exchange that deals with fiat deposits and withdrawals collects information about their users. Completing this process for TimeX is fast and straightforward.
Cryptocurrency allows users to send funds anywhere in the world with a high degree of privacy, outside of the control or intervention of banks and law enforcement authorities.
Because of this, it can be used for illegal activities, including money laundering, tax evasion, terrorist financing and the purchase of prohibited drugs and weapons.
Since the authorities cannot prevent users from making cryptocurrency transactions, they instead focus on tracking criminals and illegal activity via the platforms that allow users to convert funds from fiat into crypto and back again. By law, exchanges must ensure that all users complete KYC processes before they can deposit and withdraw funds to their bank accounts.
On TimeX, this is a straightforward process. Providing the necessary information will unlock different withdrawal limits. Click ‘Verification’ under the hamburger menu in the top right of the screen to start.
You will be prompted to enter basic contact information, including a phone number and email address. This will allow you to withdraw up to 1 BTC per day (step 1).
Providing further personal information (step 2) will increase this limit to 5 BTC.
In order to deposit and withdraw funds from your bank account (step 3), you will need to provide information and evidence of your home address. This will allow you to withdraw up to 10 BTC per day and deposit/withdraw up to $ 10,000 per day from your bank account.
Finally, to increase your limits to the current maximum of 50 BTC and $ 20,000 per day (step 4), you will need to provide copies of identification such as a passport or driving licence.
Verification of your documents can take up to three days, after which you will be able to use TimeX to deposit, trade and withdraw funds freely.