Relaxed KYC Requirements for Low and Mid-Tier Transactions

At BlockBee, we’re constantly striving to improve our user experience while maintaining the highest standards of security and compliance. As part of this effort, we’re excited to announce a significant update to our Know Your Customer (KYC) requirements that will make transacting on our platform more convenient for the majority of our users.

New KYC Tiers

1. Transaction volumes under $1,000 per 30 days: No KYC Required

For users who transact less than $1,000 (or equivalent) within a 30-day period, there will be no KYC requirements. This change is designed to streamline the process for casual and low-volume users, allowing them to enjoy seamless transactions without the need for identity verification.

2. Transaction volumes between $1,000 and $500,000 per 30 days: Basic KYC. Users who transact between $1,000 and $500,000 (or equivalent) within a 30-day period will only need to complete a basic KYC process. This process requires minimal information, ensuring that users can quickly and easily verify their identity without the need for proof of address (PoA).

3. Transaction volumes over $500,000 per 30 days: Full KYC

For users who transact more than $500,000 (or equivalent) within a 30-day period, full KYC will still be required. This includes providing proof of address (PoA) and other necessary documentation to comply with regulatory standards and ensure the security of high-value transactions.

Why Are We Making These Changes?

Our goal is to balance regulatory compliance with user convenience. By adjusting our KYC requirements, we aim to reduce the burden on low and mid-tier users while maintaining robust security measures for higher transaction volumes. This change reflects our commitment to providing a user-friendly platform without compromising on the safety and integrity of our services.

What Does This Mean for You?

• Easier Access for Low-Volume Users: If you typically transact less than $1,000 per month, you can now use our services without undergoing any KYC verification.
• Simplified Verification for Mid-Tier Users: Those transacting between $1,000 and $500,000 per month will benefit from a streamlined KYC process, making it quicker and easier to start transacting.
• Continued Security for High-Value Transactions: Users transacting over $500,000 per month will continue to undergo full KYC to ensure the highest level of security and compliance.

We believe these updates will enhance your experience with BlockBee, making it more convenient for everyone to access and use our platform. As always, we welcome your feedback and are here to support you with any questions or concerns you may have about these changes.

Thank you for being a valued member of the BlockBee community. We look forward to continuing to serve you with improved and user-friendly services.