8V KYC Verification FAQ – 8V Exchange

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 :

Step1

Fill in personal info

o Name

o Date of birth

o Gender

o Nationality

o Address

o Phone

o Email

Step2

Upload ID

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Step 3

Phone number verification

Step 4

Email verification

Step 5

Under review

Result: Successfully verified

You will see your KYC level is upgraded to LV0 when you login to 8V App

Result: Failed

You will see the documents that you need to resubmit when you login to 8V App

Level 2

Step1 Face recognition - Turn on your camera - Liveness test: turn your head in front of your camara
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
Result: Successfully verified You will see your KYC level is upgraded to LV1 when you login to 8V App
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

Result: Successfully verified

You will see your KYC level is upgraded to LV2 when you login to 8V App

Result: Failed

You will see the documents that you need to resubmit when you login to 8V App

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: