Product updates

Why our KYC requirements are changing and how to level-up!

5 min read

Since the creation of the first-ever cryptocurrency, Bitcoin, back in 2009, digital assets have existed outside the realm of traditional finance regulation. The inevitable risks arising from this predicament were balanced by the anonymous and untraceable nature of cryptocurrency, which for many was the whole point of using it.

However, as digital assets move into the mainstream, regulators across the world are beginning to pay attention, and digital asset businesses that want to continue growing must pay heed.

This is why Yield App has made the decision to increase verification requirements for all its customers. From March 1, 2022, all Yield App customers must be verified up to Know Your Customer (KYC) level 2 in order to use the full functionality of our platform. This allows Yield App to not only continue offering market-leading services to its customers, including our fiat on-ramping service, but also continue expanding our offering. 

From 1 March 2022, those customers who have not completed KYC level 2 will no longer be able to click the ‘Earn’ button to deploy new assets onto the Yield App platform. They will also no longer be able to stake or lock any YLD that is not already staked or locked.

Then, from 1 April 2022, these customers will see all their deployed capital moved into their Yield App wallet and will no longer earn rewards until KYC level 2 is completed. This includes all staked and locked YLD.

Having all our existing customers perform this level of KYC verification is essential for us as an institution as we move forward in our mission to be the most trusted digital asset platform and to ensure the highest safety standards for all of our customers. While some still consider digital assets to be at the vanguard of finance, the reality is that they have become a key driving force behind the growth of financial markets, with a total market cap of more than $1.6 trillion now exceeding the GDP of Spain. 

READ: Why all cryptocurrency providers need to be preparing for regulation

Completing KYC level 2 is a quick and painless process that will allow all our customers to continue depositing and deploying assets on our platform. The verification can be completed online and will require just one additional document as proof of residence. This document cannot be over 3 months old and must have your name and residential address clearly readable. This can be:

  • Utility bills (including fixed line/cable/internet bills)

  • Bank statements (listing your residential address)

  • Income tax statements from your country of residence

  • Other government-issued residential statements and certificates (listing your current residential address)

The chosen document must be downloaded (for example a current account statement from a bank), or an official copy scanned and then uploaded. Please do not take screenshots of the documentation, as this will not be accepted. High resolution photographs may be accepted, but please ensure you photograph your original documents against a neutral background in high resolution. Below, you will find a step-by-step guide on completing your KYC level 2 verification. 

How to complete KYC level 2 verification 

Step 1

To start the process, log in to your Yield App account and navigate to “Setting” in the top right-hand corner of the Yield App interface, and from there find the "Verification" tab in the left-hand menu. If you have already completed your Level 1 verification (required), you will be prompted to complete your KYC level 2. If you are not yet Level 1 verified, please read our FAQ page for a full guide on how to complete Level 1 verification.

Click on “Start KYC level 2”. This will take you to the following screen, where you will be given the option to upload a proof of residence document to complete your KYC level 2 verification. 

For this process, you will need to have a document to hand proving your residence. It must be no more than three months old.

Acceptable documents include:

  • Utility bills (including fixed line/cable/internet bills)

  • Bank statements (listing your residential address)

  • Income tax statements from your country of residence

  • Other government-issued residential statements and certificates (listing your current residential address)

What is NOT acceptable:

  • Screenshots (instead, please upload the original PDF file or a high resolution photo of the entire document)

  • Driving licenses

  • Medical bills, prescriptions, receipts and invoices

  • Purchase receipts

  • Insurance statements

  • Checks

  • Envelopes or parcels with your address

  • Prepaid card invoices

  • Mobile phone bills

  • Debit/credit card statements

  • Driving licenses

  • National ID cards

Step 2

When you have your document ready, upload it and click "Next".

Step 3

The next screen that comes up is the screenshot below. Check that everything is correct, and then press “Next” again.

Step 5

You will be taken to this screen, which marks the end of the process:

That’s it! You don’t need to do anything else. You can click off the screen and wait to be notified by email that the verification was successful.

Yield App would like to thank all of our customers for taking the time to complete the KYC level 2 verification process in order to join us on our exciting journey to become a leading force in the world of digital wealth. We believe this additional level of compliance will make assets deployed on our platform even more secure and help to alleviate any safety concerns our community might have around digital assets.

Do you want to earn market-leading rates on your digital assets? Sign up for a Yield App account today!

DISCLAIMER: The content of this article does not constitute financial advice and is for informational purposes only. The price of digital assets can go down as well as up, and you may lose all of your capital. Investors should consult a professional advisor before making any investment decisions.


Unlock the full potential of cryptocurrency and grow your digital wealth