Dear 8V Users,
In order to comply with regulatory requirements and enhance accounts security, 8V will introduce the professional services of Sumsub, a well-known compliance KYC platform. There are different limitations on withdrawals and transactions for different KYC levels. Please find the FAQ of new KYC verification below.
Level 1 :
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Result: Successfully verified You will see your KYC level is upgraded to LV0 when you login to 8V App |
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Level 2
Step1 Face recognition - Turn on your camera - Liveness test: turn your head in front of your camara |
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Step 2 A selfie of you holding your ID on hands Selfie - Take a selfie of you holding your ID in front of light color background - Please ensure your ID and face are clearly captured in the same photo |
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Result: Successfully verified You will see your KYC level is upgraded to LV1 when you login to 8V App |
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Result: Failed You will see the documents that you need to resubmit when you login to 8V Ap |
LV3:
Step1 Upload proof of address - Acceptable documents: bank statement, water or electricity bills (recent 3 months), tax bill, documents issued by governments - Unacceptable: screenshot, mobile bill, medical receipt, grocery receipts, insurance documents |
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Result: Successfully verified You will see your KYC level is upgraded to LV2 when you login to 8V App |
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Q1: Why do I need to redo the KYC verification?
8V requires all users to verify their identity to enhance their account security and to comply with relevant regulations. To meet the latest AML standards and to mitigate the risk of financial crimes, all users need to redo KYC verification.
Q2: What are the benefits of completing KYC verification?
Verifying your identity is important and it enhances your account security. Through the KYC verification, 8V can prevent your account from potential risks. We must ensure our KYC verification process is in line with new policies and provides a technical-based secure framework. Once you pass each KYC verification level, you will be authorized with different privileges, for example, increased daily withdrawal limit or transaction limit.
Q3: How many different KYC levels are set on the 8V platform?
8V sets three different KYC levels: Elementary (LV0), Intermediate (LV1) and Advanced (LV2). Each level requires different documents. Once you pass the verification, you will be authorized with relevant privileges.
Q4: How do I access new KYC verification?
You can access the KYC verification on your personal account page in the 8V App. You will see the limitations and requirements of each level. Please feel free to choose the level you would like to complete accordingly. You can find your current KYC level on the same page.
Q5: How do I change my information after I complete my KYC verification?
If your personal information has changed as follows, please contact our online customer staff via the chatroom in the app to update the information.
- Your ID is expired
- Your name is changed
- Your ID number is changed
- Your nationality is changed
- Update or exchange your current documents to meet specific requirements
*Note: You are not allowed to transfer your account to others or use other person's IDs to replace yours.
Q6: Is it safe to do the KYC verification?
Yes. We view your personal details as strictly confidential to ensure your privacy. We will not reveal your personal information unless required by laws or regulations.
Q7: Why did I fail the KYC verification? Please see if you have followed the instructions and verified your identity correctly:
- Use official ID issued by the governments
- Ensure the documents uploaded are original and clear
- Confirm you are over 18 years old
- Ensure you only have one 8V account (The system does not allowed one person to do KYC verification with different accounts)
- Ensure the documents uploaded are fully within the capture frame and the content is readable
- Ensure your documents are not expired.
Q8: What can be considered as proof of address?
The proof of address is used to verify your address. In certain KYC processes, the system requires you to provide your full name, your current address and a proof of address.
The documents you provide need to meet specific requirements to be considered as a proof of address. The name provided must be consistent with the name you used to do KYC verification on 8V. The issue date of the documents must be in the last three months and includes the following information:
- Your name
- Your address
- The organization that issue the document
- Issue Date
Documents often can be used as proof of address:
- Utility bills such as water bill or electricity bill
- Tax bills issued by governments
- Internet or TV bills
- Bank Statement
- Letter from Banks
- Management Bill Statement
- Rental agreements signed by governments or legal companies
8V.com is committed to providing high-quality products and services for our users!
8V team
2023.03.13
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