All customers purchasing cryptocurrency are required to complete a one-time identity verification process designed to help protect customers, prevent fraud, and keep transactions secure. Requirements may vary by country, and Banxa follows applicable regulations to maintain strong customer safeguards across our service.
Purpose of Identity Verification
- Confirm the legitimacy of the customer’s identity
- Prevent fraud, unauthorized transactions, and misuse of services
- Ensure compliance with applicable regulatory and Anti-Money Laundering (AML) requirements
- Safeguard both the customer and Banxa from potential financial risks
Verification Providers
Banxa partners with trusted third-party providers to facilitate secure and efficient verification:
- Sumsub
- Plaid
Important: Verification is typically required once per entity (Banxa partner or exchange), unless additional checks are necessary. Customers may be asked to re-verify if there are changes in account activity, regulatory requirements, or risk assessment outcomes. Failure to complete verification may result in delayed or declined transactions.
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