On this page:
Why does Bitbuy need to verify my identity? | Why is my verification taking so long? | Why did I fail verification?
Why does Bitbuy need to verify my identity?
Before we let people use our platform, we need to make sure they are who they say they are.
As a registered MSB in Canada, we need to follow strict KYC, AML, and ATF policies outlined by FINTRAC. Verification is a big part of those policies. It’s just one of the ways we’re working to prevent fraud, increase security, and keep your funds safe.
- MSB - Money Services Business
- KYC - Know Your Client
- AML - Anti-Money Laundering
- ATF - Anti-Terrorist Financing
- FINTRAC - Financial Transactions and Reports Analysis Centre of Canada
Why is my verification taking so long?
One of the most common reasons for verifications taking longer than expected would be submitting documents that do not meet our requirements. You can get an in-depth breakdown of exactly what is required here.
We pride ourselves on our full cooperation with regulatory requirements, which is why we are able to offer our services in all provinces across Canada. It is important to note that the requirements for documents are based on regulatory requirements and are not set by us.
For the best onboarding experience please ensure that when submitting verification documents that you follow these three guidelines as you will greatly increase your chance of being onboarded as quickly as possible:
All pages of the document are provided
The documents are clearly visible with no redacted information
You have uploaded the specific/correct document requested
If you are having issues with your verification and would like some assistance setting your account up, please submit a support ticket and our team will happily assist you as soon as possible.
Why did I fail verification?
If you got an email letting you know we hit a problem while reviewing your ID documents, don't worry, it's not the end of the road! All you need to do is re-upload your ID documents to continue with your account registration.
Common problems we run into while reviewing ID documents:
- A mismatch between ID documents and personal information given during registration.
- Blurry or illegible ID documents.
- Expired or outdated ID documents.
- Unacceptable ID document(s). See the full list of acceptable ID documents here.
- Under the age of majority in your province. You must be at least:
- 18 years old in Alberta, Manitoba, Ontario, Prince Edward Island, Québec, and Saskatchewan.
- 19 years old in British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, and Yukon.
As a registered MSB in Canada, we need to follow strict KYC (Know Your Customer), AML (Anti-Money Laundering) & ATF (Anti-Terrorist Financing) policies outlined by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Verification is a big part of those policies. It’s just one of the ways we’re working to prevent fraud, increase security and keep your funds safe.
If you need help registering your account, please reach out to our Support Team.