Why Is My KYC Taking So Long?
If you are reading this article, chances are, you’ve uploaded your documents, took a few selfies to show that it’s really you and now you’ve been seeing the same message for over an hour.
To be completely transparent, the average time to complete the KYC for last month was less than 3 minutes.
But there will always be some exceptions to the rule and we are going to clarify what the most common ones are and what you should and should not do:
1. Logging in from different addresses
Imagine you are using a VPN on your computer but you’re using data on your phone. The system can see that one man is leaving his contact details in Germany while sending a photo of his documents from China. Doesn’t that seem suspicious to you? Our automated system flags this and it can give an extra reason for your application to be reviewed manually.
2. Using a disposable email
You may be thinking, what does this mean? To put it simply, any email that’s made using a temporary email service or by using an app like QQ can make you seem risky. Add that to a few other suspicious behaviors and you’ll be reviewed manually.
3. Doctoring the documents
When you upload a photo of your ID, make sure to send the original image. There is no need to crop, add filters or blur anything on the photo so any obvious signs that the image has been edited will be detected and will lead to the system rejecting your documents and, depending on other factors, rejecting your application altogether.
4. Wrong person
You may have accidentally put your wife’s ID and then deleted it, but for the system it can be viewed as a stolen ID. In this case, you will need to get in touch with compliance and explain the situation providing proof that the person whose ID is in the platform is someone close to you.
5. Duplicate account
Let’s say you use TrustWallet, you ran into an issue and decided to re-register using your MetaMask wallet. Your first account had its KYC cleared and now you are applying again.
To the system, that is a sign of cheating, as you may as well be trying to win an extra allocation for yourself.
Or, you may have put the wrong email or wallet address when you signed up. Maybe you’ve tried to make a second account because your first wallet got hacked. However, this is seen as a duplicate account on our platform and we do not allow users to have duplicate accounts. In these cases, it’s best not to create a second account for yourself but to get in touch with customer support first and they will be able to assist you further.
Let’s imagine John Smith decided to join BullPerks. He wants to jump on one of the deals straightaway and thinks to himself that nothing should stop him from doing that.
That’s where he is wrong.
It is no secret to anybody that there are millions of John Smiths all over the world. There may be a person among them who is wanted for fraud in Europe. John’s application is then flagged and a compliance officer must dig deeper to make sure that this person is unrelated.
It may seem like a quick affair, but what if there are hundreds or even thousands of people with the same name involved in criminal activity? How long would it take to go through each article, photograph and database to make sure that we could welcome John Smith as a new Bull?
We hope this article can shed some light on what can cause the application to take a bit longer and apologize for the temporary inconvenience.
There are, of course, many more reasons why an application may take more time. However, for most of you bulls out there, those reasons won’t apply! 🙂
Stay assured that we will do our best to welcome you into our family as soon as we can!