Safety first - why verification is so important

With every passing year, the cryptocurrency world is a bit different. New inventions, alongside with constantly growing interest, require developers to adapt to the ever-changing situation. 

Sometimes, those changes come from the highest levels of government authority - and BuyCoinNow has to take every effort to meet those expectations. Especially when it comes to safety measures - which are a fundamental matter in cryptocurrency world.

The dark side of Bitcoin

We all love freedom. It is the most important value for people in a modern society. Moreover, this is the very prime foundation of the whole cryptocurrency industry. Unfortunately, some people use this idea for endeavors which can never be considered noble

The number of potential cryptocurrency abuses is quite long: money laundering, terrorism financing, drugs, arms trade, and many more things. But thanks to incoming regulations, such usage of Bitcoin will not be easy. Every Bitcoin offering service on the Internet will need identity verification to make a successful transaction.

Customer safety is one of the main priorities for BuyCoinNow. We are ready to take every possible measure to provide it to them. That’s why we apply to new regulations. But exactly what form they will take?

The new legislation is incoming

In the European Union, those actions take the form of 5th EU Anti-Money Laundering Directive - 5AMLD in a shortcut. Although it will come to force only in January 2020, most crypto services have already implemented its guidelines. The main goal of this directive is to finally regulate the legal status of cryptocurrencies. But exactly what 5AMLD says about them?

First, the cryptocurrency services are obligated to maintain the verification process of their customers - known as an infamous KYC, Know Your Customer. Thanks to that, they can detect any suspicious activity. Next thing, in the case of the potential investigation, all authorized people get access to the addresses and identities of the cryptocurrency owners. And finally, all crypto services have to be formally registered with the competent financial supervisory authorities.

As a cryptocurrency purchase platform located in Great Britain, we also have followed new European directives. And we assure you that those changes won’t affect the overall experience with BuyCoinNow

How do we do things right?

Let’s focus on the first aspect, KYC - because this one concerns our users the most. We know that sending personal data might seem unnecessary. This is now a common practice in the whole cryptocurrency industry, and we are doing everything to make this process as easy as it could be. 

What exactly is needed to pass the verification?

Firstly, you have to send us a photo of your identity document. As it is usually two-sided, you have to take a picture of both of sides. Next step is your selfie, necessarily taken with a paper with hand-written “This is a BuyCoinNow verification” on it. This is an essential practice whenever you are going to post your picture for verification because it will ensure you of the security of your data.

How long will the whole process take?

We have team appointed directly to verify your applications. It allows us to consider every single one of them in 24 hours at the most. So, as soon as you send all the documents to us, you can be sure that the whole process will be over until the next day. 

From every request which we have acquired since the beginning of June, 70% have already been approved. In 20% of cases, we are still waiting for documents - and they will be considered as soon as we get them. If someone doesn’t send all of the required data, we contact them to help with the whole procedure - we always try to stay in touch with our customers. Of course, all data acquired that way are safely stored, and no unauthorized person has access to them.

For your safety and comfort

As you can see, we take every effort to make our services as easy in use as they can be, alongside with the best level of securities on a global scale. In the end, that was the idea of BuyCoinNow - to allow our customers to buy Bitcoins as quickly and safely as possible. What’s more, the purchase can be made with a credit card like Visa or via DotPay, Neteller or Skrill.

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