KYC in Coindisco: verification and offer labels

You return to Coindisco to buy $200 of bitcoin with the debit card you used last time. Last time, the purchase paused at the provider’s checkout for an ID photo and a selfie.

This time, alongside the amounts on the offers, you see labels such as Used before, Reusable KYC and Simplified KYC.

A completed Coindisco verification gives you a head start: it is shared with supported providers when you choose their offers. The labels show where that applies before you pick one.

The reason crypto purchases need KYC

KYC stands for Know Your Customer. Banks, payment services and the providers that turn dollars into crypto use it to confirm who is paying.

Those providers are regulated businesses. Anti-money-laundering rules in most countries require them to know their customers before they process a payment, much as a bank asks for ID before it opens an account.

The check also protects the person paying. When every purchase is tied to a confirmed identity, a stolen card or someone else’s name is harder to use for buying crypto.

A full check usually covers your name, date of birth and address, a photo of an identity document and a selfie taken on the spot. The exact list depends on the provider and on the purchase.

KYC in the mobile apps

After you sign in to Coindisco on iOS or Android, Account verification becomes available in the app. You complete Coindisco KYC only in these mobile apps.

The documents go to an identity verification service, and Coindisco keeps the status of your check. While the review runs, the app works as usual. A notification arrives when the review ends or asks for an update.

If something needs fixing, the app shows what to update. If the check does not go through, Coindisco still works, and providers may ask for their own verification at checkout.

Your Coindisco account also gives you transaction history, with past purchases and their statuses, and price alerts in the mobile apps.

Reusable KYC becomes available once the app shows your verification as completed.

Used before, Reusable KYC, Simplified KYC

Used before points to a completed purchase in your Coindisco transaction history. The provider, region, currency and payment method match a combination you have used before.

The match ignores the cryptocurrency: a past bitcoin purchase also counts when you buy ether. The label appears only when you are signed in, because it comes from your transaction history.

Reusable KYC means your completed Coindisco verification is ready for reuse with the provider behind that offer. It needs both sides: your check completed in the app and a provider that supports reuse.

Simplified KYC marks an offer eligible for lighter verification requirements within the provider’s limits. Eligibility depends on a purchase limit set by the provider, plus region, payment method and cryptocurrency.

That is why the same person meets different checks from one purchase to the next. The larger the amount, the more likely a provider is to ask for documents. The same provider may show Simplified KYC on a $200 offer and not on a $2,000 one.

An offer carries one of these labels at most, in this order: Used before, Reusable KYC, Simplified KYC.

Verification at the provider

After you choose an offer, the purchase continues with the provider.

Whatever the label, the provider decides what it asks for at checkout and may request more information or documents for your purchase.

You see the verification label alongside the amount of cryptocurrency you would receive and the available payment methods.

The label and the amount of bitcoin are independent. How much you receive for the same $200 comes from the offer itself, and the label only describes the verification route.

A check for your next purchase

Smart KYC in Filters narrows the offers to providers with lighter checks, a reusable verification or a purchase you have made before. A completed check stays with your Coindisco account for those future purchases.