What is Cryptocurrency Identity Verification?
Cryptocurrency Exchange
Ensuring users can conduct transactions securely on financial platforms is of paramount importance, particularly on platforms operating as cryptocurrency exchanges. Cryptographic identity verification applications contribute to creating this secure environment while supporting the controlled and compliant execution of financial transactions.
What is identity verification?
Identity verification is a security process based on verifying users' identity information before they perform transactions on platforms. This process aims to protect user accounts and prevent unauthorized transactions, while also contributing to the execution of financial transactions in compliance with regulations.
What is Know Your Customer (KYC)?
Know Your Customer (KYC) is a process that requires organizations subject to regulatory frameworks to verify the identity information of their users before offering them certain products and services. In this context, the aim is to confirm the information provided by users and evaluate it according to specific risk criteria.
KYC processes contribute to ensuring compliance with legal regulations, enabling secure financial transactions on the platform, and preventing fraud and similar illegal activities.
Step-by-Step KYC Verification
In accordance with the relevant regulations and circulars published in the Official Gazette, the identity verification processes applied on crypto asset platforms based in Turkey have been updated. Under the regulations published in the Official Gazette dated December 25, 2024, and numbered 32763, crypto asset service providers have been defined as financial institutions, along with the amendments made to the Regulation on Measures to Prevent Money Laundering and Terrorist Financing.
Within this framework, identity verification processes are carried out in accordance with the relevant legislation and consist of several basic steps before financial transactions can be initiated on the platforms.
In the KYC verification process, the user's identity information is first verified by obtaining a valid identity document. In line with the platform's risk assessment and regulatory requirements, visual information for facial verification may be requested. Then, relevant documents are requested to verify the user's address information, and address verification is performed.
In the later stages of the process, additional verification steps may be applied depending on the risk assessment. Once all these steps are completed, the user account is activated, and financial transactions on the platform become accessible.
How to Complete CoinTR KYC Verification?
The
CoinTR platform implements a Know Your Customer (KYC) process to ensure user security and comply with regulatory requirements. As a Bitcoin exchange where users can trade cryptocurrencies, primarily Bitcoin, CoinTR requires users to upload the necessary identity documents to the “Know Your Customer” section in order to fully utilize their accounts. This process contributes to the protection of user accounts and the secure execution of financial transactions. Identity verification procedures can be carried out via the
CoinTR website and
mobile application, and the process generally consists of 3 basic steps.
-
Account Creation and Initiation of the KYC Process
On CoinTR, the identity verification process is initiated after a user
account is created. Users who register on the platform are directed to the identity verification step and invited to complete the KYC process.
At this stage, basic information is collected from the user and the verification process is initiated via the CoinTR application. The process progresses through a single flow, and the user completes the steps in order by following the instructions.
Note:
For corporate accounts, the identity verification process is carried out under KYB (Corporate Verification) instead of KYC. For corporate account transactions, you can contact us at
[email protected]
.
-
Uploading Identification and Required Documents
At this stage, documents forming the basis of identity verification are requested from the user. Identity information is verified using the Republic of Türkiye chip-enabled identity card. After the front and back sides of the identity document are uploaded to the system clearly and legibly, the chip on the identity card is scanned via NFC.
In addition to identity verification, documents to confirm the user’s address information are also requested as mandatory under regulations and platform practices. This stage, referred to as KYC2, covers uploading the address document and completing the customer approval form. These documents include official documents intended to verify the user’s residential address information.
Submitting documents completely and accurately contributes to completing the verification process in a shorter time. While document uploads on the web can be done by selecting files, on the mobile application document images can be transferred directly to the system using the camera. In both methods, the goal is to verify identity information accurately and reliably.
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Face Verification, KYC 2, and Approval Process
After the front and back sides of the identity document are uploaded and the chip is verified via NFC, a biometric face verification (facial recognition) check is performed to confirm that the identity belongs to the user.
Then, in the second stage referred to as KYC 2, completing the customer approval form and uploading the address document are mandatory. These steps cover additional checks to verify user information under regulations and platform requirements.
Next, SMS verification is obtained from the user and the process is completed with video KYC. After all steps are completed, the submitted information undergoes a short review process. Once the approval process is completed, the user account becomes active and transactions on the platform are enabled.
Independently from identity verification processes, additional security measures such as two-factor authentication (2FA) may also be used on platforms to increase account security.
Summary
For regulatory compliance and user security, KYC is a standard and mandatory verification process on crypto asset platforms. Steps such as identity and address verification help reduce unauthorized transactions and ensure that financial transactions are conducted in accordance with the law. Therefore, reliable cryptocurrency exchanges meet legal requirements and minimize risks on the platform by designing the verification flow in a clear, transparent, and security-focused manner without compromising the user experience.
2026-02-04Legal Notice
The information, comments, and evaluations contained in this content do not constitute investment advice. This content is not intended to be prescriptive in any way and is intended to provide general information. It does not constitute investment advice. CoinTR cannot be held responsible for any transactions made based on this information or any losses that may arise.
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