What is Global KYC and why do I have to submit identification documents to verify my wallet?
KYC stands for “Know Your Customer” and it is a standard practice for any company offering financial services. KYC is an important part of protecting our community against money laundering and any bad actors from using our platform.
The KYC process discourages the attempt to commit financial crimes or other illegal activities. Financial platforms are required by law to collect this data from their customers and avoid the attempt of these types of financial crimes.
Users must be 18 years or older to utilize the Abra app.
How will this affect me?
The Global KYC prompt in-app to existing users as early as 5/5/2021, while others saw it a few days later.
International Users:
Users who had less than $2,000 USD (equivalent) in their wallet needed to complete the KYC process and be approved by May 25, 2021.
If they did not complete the Global KYC process and were approved, the wallet was limited to withdraw-only.
-Users were unable to deposit additional funds
-Users were unable to use the ‘send feature’ to send and receive funds.
Users with more than $2,000 USD (equivalent)in their wallet needed to complete the KYC process and be approved by May 25, 2021.
Users who had not completed the Global KYC process and been approved were unable to deposit, exchange or withdraw.
-Users were unable to deposit additional funds.
-Users were unable to exchange funds.
-Users were unable to withdraw funds.
-Users were unable to use the ‘send feature’ to send and receive funds.
Users were only allowed three attempts to trade (exchange) or add money before being forced to complete KYC.
US Users:
As of June 15th, 2023 Abra stopped providing retail services to Abra users in the United States. Due to this users who completed Global KYC prior to June 15th, 2023 will be able to withdraw funds to an external wallet/exchange if the funds meet the minimum + network fee.
If you are a US user and have not completed Global KYC prior to June 15th, 2023 any funds left within the Abra wallet are considered lost.
What personal information will I need to submit?
Forms of IDs we accept:
- United States: Valid Driver’s License, Valid Government-Issued ID, or Valid Passport
- Philippines: Valid Passport, Driver’s License, or Unified Multi-Purpose ID (UMID)
- International: Valid Passport (In some countries we can accept a Valid Driver’s License, but for most countries, a passport will be needed, the app will prompt which ID will be accepted). Example: Countries such as India, Bangladesh, South Korea, and Turkey must submit a passport in order to complete the verification process.
We cannot accept anything other than the ID cards listed.
Abra’s banking partners only accept those IDs listed above when attempting to fund your account. Please also be aware that these IDs are the only forms of ID accepted when using Abra’s other products, like Boost and Borrow. If you fail to submit the correct ID the features available to you within the Abra app may be limited.
How long does verification take?
Most KYC applications are approved within minutes when a high-quality photo of a supporting document is uploaded. High quality means no blur, no cut-off corners, blocked text, no glare, and high resolution. All numbers, words, and photos must be visible.
What do I do if I'm rejected?
If your verification submission has been rejected please reach out to Abra Support.
What do I do if I have multiple wallets?
Creating a new wallet in order to complete the verification process is not recommended, the same issue will occur. KYC applications are approved per wallet. Please reach out to Abra Support if you have multiple wallets and need assistance.
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