In the ongoing effort to enhance user protection and comply with global financial regulations, digital asset platforms continuously refine their security protocols. A notable announcement was made highlighting the importance of anti-money laundering (AML) procedures and the strengthening of account safeguards. This guide breaks down the key updates and offers practical advice for maintaining a secure trading environment.
Understanding Enhanced Verification Procedures
To align with international AML standards, platforms may implement additional verification steps for user accounts. These measures are designed to protect client assets and ensure a secure trading experience for everyone.
If an account balance exceeds a certain threshold, users might be contacted to complete a further video verification process. This procedure requires users to have valid identification documents ready for verification. The specific balance that triggers this verification is determined by the platform's internal risk management policies.
Required Materials for Verification
There are typically two levels of identity verification:
- Advanced Verification: This requires users to submit a photograph of themselves holding their government-issued ID (e.g., passport or national ID card), along with clear photos of the front and back of the document.
- Video Verification: This process requires a device with a functioning camera and internet connection, such as a smartphone, computer, or tablet. The user must appear on video to present their valid legal identification document for real-time authentication.
Proactive Steps to Boost Your Account Security
User vigilance is a critical component of account security. Beyond platform-led initiatives, individuals should adopt strong personal security habits to protect their assets.
1. Regularly Update Login Credentials
It is highly recommended that users change their account passwords periodically. Using a strong, unique password that combines letters, numbers, and symbols significantly reduces the risk of unauthorized access.
2. Maintain Two-Factor Authentication (2FA)
Two-factor authentication adds a crucial layer of security. Users should ensure their 2FA is active and consider periodically updating their authentication keys. Binding a mobile phone number for SMS-based verification also enhances security.
3. Review Account Information
Ensure all registered account information is accurate and up-to-date. If any details are incorrect, it is advisable to contact support promptly to rectify them, as there may be limitations on how often this information can be changed.
Important Update on Deposit Addresses
In a move to improve network efficiency and security, platforms often retire older deposit addresses. Users are advised to generate new deposit addresses for their transactions.
Historically used addresses, particularly certain legacy formats for Bitcoin and Litecoin, may be phased out. Modern multi-signature address formats are generally unaffected by these changes. Users can typically view the creation date of their deposit addresses in the "History" or "Deposit Address" section of their account.
Action Required: To avoid failed transactions, users should generate new deposit addresses and discontinue using any old addresses immediately. Deposits sent to outdated addresses after a specified deadline will not be credited to the account. 👉 Explore more strategies for securing your digital assets
Frequently Asked Questions
Q: Why am I being asked to do a video verification?
A: Video verification is an enhanced security measure often triggered by higher account balances or certain transaction patterns. It helps the platform comply with AML regulations and confirms that the account owner is a real person, thereby protecting your funds from fraudulent activity.
Q: What happens if I don't complete the verification process?
A: Failure to complete required verification may result in temporary restrictions being placed on certain account functions, such as withdrawals or trading. This is to ensure the security of the assets in the account until identity can be confirmed.
Q: How often should I change my password and 2FA settings?
A: While there's no one-size-fits-all rule, a good practice is to change your password every 3-6 months. Review your 2FA settings if you get a new device or suspect any security issues. The platform may also prompt you to update these settings periodically.
Q: My old deposit address still works. Why should I stop using it?
A: While an old address might still technically accept funds, the platform will not credit them to your account after the cutoff date. Using a new address ensures your deposits are processed quickly and securely, taking advantage of updated network protocols.
Q: Is my money safe during these security upgrades?
A: Yes. These procedures are implemented to strengthen the security of user funds and ensure regulatory compliance. They are proactive measures designed to protect your assets, not restrict them.
Q: Who should I contact if I have problems with verification?
A: For any issues related to account verification, security, or deposit addresses, you should always reach out directly to the platform's official customer support team through their verified contact channels.