Know Your Customer (KYC) is an implementation for organizations in the crypto and financial sector seeking to comply with Anti-Money Laundering (AML) requirements and standards. KYC processes are mandatory for investment platforms as they ensure compliance with federal regulations and laws. Whether it’s a bank or cryptocurrency exchange, KYC is in every area of the financial world.
Midas and KYC
Midas.Investments is a crypto asset management platform specializing in creating yield services utilizing Decentralized Finance (DeFi) protocols.
To strengthen user protection, risk management protocols, and overall security, we will implement new KYC requirements for all users beginning on March 31, 2022.
- Starting April 14, 2022, new users will be required to complete the KYC process to get full access to Midas, including cryptocurrency deposits, swaps, and earning rewards.
- Already registered users will be required to complete KYC by April 28, 2022. Users who haven’t passed the verification by this day will have the ability to only withdraw from the platform.
Once the verification is completed, full access will be restored.
To pass a KYC/AML Compliance you’ll need to provide:
- Government-issued ID
- Proof of address
Why is KYC (Know Your Customer) Important?
Simply put, KYC ensures that Midas.Investments truly knows who our customers are. In turn, this benefits you, Midas.Investments, and the overall cryptocurrency industry. KYC helps to:
- Detect money laundering and prevent its occurrence
- Combat financial fraud and identity theft
- Increase industry trust and accountability
- Expand opportunities for crypto adoption
These safeguards ultimately allow Midas to grow and continue offering our services in compliance with legal frameworks. Insurance, legalization, and auditing are not possible without KYC as well.
Building Solid Foundations for the Future of Midas.Investments
In the effort to build user trust through product transparency, it is important that an asset management platform (crypto or otherwise) exhibits full registration and licensing. An integral component is a full compliance with KYC requirements to satisfy predetermined criteria of registration.
As the crypto space matures, KYC requirements will become prevalent across most platforms. While the implementation of KYC requirements seemingly conflicts with crypto’s notion of decentralization and anonymity, it’s nevertheless a crucial step for businesses to access services such as insurance and auditing policies, which bring further legitimacy to our services and security.
Why am I being asked to go through Identity Verification?
As a regulated financial services company, Midas is required to identify the users on our platform to comply with AML laws and to protect from potential fraudulent activity.
What if I already registered and won’t complete Identity Verification?
If you don’t verify your identity, your account will be restricted after April 28
Is it secure to share my data?
Yes. You can get more info from our provider here: https://help.sumsub.com/faq/sumsub-compliance-and-data-protection-policy
What US citizens should know about KYC?
US users won’t be restricted in any way on our platform after KYC.
The only difference – to comply with Foreign Account Tax Compliance Act (FATCA) Midas will disclose the identities of US citizens’ accounts and their assets values to the IRS.
The FATCA law requires US citizens to file annual reports on any foreign account holdings and pay any taxes owed on them.