As a regulated financial services company, we are required to identify our customers, to ensure compliance with applicable laws, and to keep our platform safe for customer use. We need to verify your identity to ensure we remain in compliance with Anti-Money Laundering requirements.
All of the information we collect is encrypted and securely stored.
The information we need to collect and verify varies depending on whether you are representing an individual or an institution.
We are required to collect the following information from individuals to set up their account:
- Legal full name
- Country of birth
- Country of residence
- Date of birth
- Tax ID
- For US residents we require your social security number
- For non-US residents, we require a government-issued tax identifier
- Residential address
We then require individuals to submit a government-issued identity document (e.g. Passport or Driver’s Licence) and a selfie to our ID verification partner. Please note that we are not able to accept expired documents, and we are not able to accept emailed copies of ID for verification purposes.
Once this information has been submitted, it will be reviewed by our team, who may request further information.
The review process could take up to 2 business days. Once it is complete, you will receive an email to the address associated with your USDC account, and your account will be approved for Tier 1 limits. More information on your limits is available here.
During sign-up, institutions will have indicated whether they have previously gone through KYC with Circle Trade.
For Institutions who have already undergone KYC with Circle Trade
If you represent an institution that has already gone through KYC with Circle Trade, a USDC representative will be in touch with any further questions, and to update you on the status of your USDC account.
For new institutions
We require institutions who wish to tokenize fiat currency into USDC or redeem USDC for fiat currency to register and undergo KYC through Circle Trade. Please use the same email and contact details you used while signing up for USDC. You will be prompted to start the Circle Trade process, which has two stages:
- Basic: where we gather basic information about you and the institution you represent
- Business information
- Business address
- Representative information
- Expected activity
- Incorporation information
- Financial Supervision
- Ownership and Directors
- Trading Representatives
- Banking and Settlement details
- Institution and identity document request
Once you have submitted the required information it will be reviewed by our team, who may reach out with further questions. This review process should take 3-4 business days.
Once complete, a USDC representative will get in touch. If your account has been approved, it will be activated, with Institutional Tokenization and Redemption limits. More information on limits is available here.