Does WEEX Require KYC? Identity Verification Requirements Explained

Does WEEX require KYC? WEEX requires identity verification for certain products and account circumstances. The applicable verification level may vary depending on the service, user, asset, region and applicable requirements.

KYC is the process used to verify a user's identity, and on WEEX, identity verification requirements can differ depending on the product or service being used and the circumstances of the account. Some products carry their own explicit requirements. WEEX P2P, for example, requires users to complete identity verification before using P2P trading. Because the applicable verification level may vary, users should follow the verification and eligibility requirements displayed for the specific WEEX service they want to use.

Does WEEX Require KYC?

Yes. WEEX requires identity verification for certain products and account circumstances. The applicable verification level may vary depending on the service, user, asset, region and applicable requirements.

According to WEEX's KYC Verification Rules, the platform may require users to complete identity verification based on applicable requirements and account circumstances. The verification process is designed to confirm user identity, assess risk, and support a safer trading environment.

This means KYC requirements should not be understood as a single rule that applies identically to every user and every WEEX service. Certain products have specific verification requirements.

When Is Identity Verification Required?

Identity verification may be required based on the WEEX product or service being used, the user's account circumstances, the relevant asset or region, and applicable requirements.

WEEX's published KYC rules state that identity verification can be required based on user and account circumstances, with the underlying purpose of verifying identity and helping assess and reduce risks associated with trading and other services on the platform.

Product-specific requirements are also important. WEEX explicitly requires KYC for P2P trading, and its P2P terms further require payment methods used in P2P transactions to belong to the verified user, with the account holder name corresponding to the identity registered with WEEX.

Other WEEX products may have their own eligibility and verification requirements. The applicable verification level may therefore differ depending on the product or service, user, asset, region and applicable requirements. Users should follow the verification instructions displayed directly in their account or on the relevant product page.

Do WEEX KYC Requirements Vary by Country or Region?

Yes. Identity verification and broader service requirements may vary depending on the region and the applicable laws, regulations and compliance requirements.

The specific requirements that apply to a user may also depend on the product or service, account circumstances and relevant asset. As a result, the applicable verification level should not be assumed to be identical for every user or in every country or region. This is particularly relevant for products with specific identity requirements.

In some cases, users may be required to complete a particular verification level before accessing or continuing to use certain products or services. Requirements may also change when account circumstances or applicable requirements change. Users should therefore follow the verification and eligibility information displayed in their WEEX account and on the relevant product page.

Which WEEX Services Require Identity Verification?

Identity verification requirements can differ across WEEX products and services. Certain products require users to complete identity verification before they can access or use specific features, while the applicable verification level may vary depending on the service, user, asset, region and applicable requirements.

WEEX P2P is one clear example where identity verification is required before users can access the service. Other WEEX products may have their own eligibility and verification requirements, including different verification levels depending on the circumstances.

Because these requirements are product-specific and may vary over time, users should refer to the eligibility and verification information displayed in their WEEX account or on the relevant product page to understand the requirements that apply to the service they intend to use.

How WEEX KYC Verification Works

When identity verification is required, WEEX currently uses Sumsub to handle its KYC process. On the WEEX website, users can log in to their account and navigate to ID Verification, then select Verify Now. Users are then prompted to select their issuing country or region and document type before uploading the requested identity document.

Users then complete a liveness check by following the on-screen instructions. Once the required information and liveness check have been submitted, the verification enters WEEX's review process. WEEX states that manual review is generally completed within three working days.

A similar Sumsub-based process is available through the WEEX app. App users can access ID Verification through their user menu, select the relevant country or region and document type, upload their document, and complete the required liveness verification. The exact information required may depend on the applicable verification level and the instructions displayed during the process.

What Happens If WEEX KYC Verification Fails?

A KYC application may not always pass verification on the first attempt. According to WEEX's current verification guide, a review may fail if the uploaded identity document is unclear or incomplete. Problems with the liveness check can also occur due to poor lighting, an obscured face, or a blurry camera.

An unstable internet connection during document upload or the liveness check can prevent the process from completing correctly. WEEX also lists the use of the same document or facial information by another account as a possible reason for verification failure.

If verification is unsuccessful, users should check the specific information and instructions displayed on the verification page before resubmitting.

Why Does WEEX Require KYC?

KYC helps WEEX verify user identities and support its compliance and risk-management requirements. WEEX states in its KYC rules that identity verification helps the platform assess and reduce potential risks associated with trading and other services, while also supporting the protection of user accounts and assets and meeting applicable regulatory requirements.

Identity verification is also directly connected to how certain products operate. In P2P trading, for example, verified identity information helps ensure that the name attached to a user's payment method corresponds with the identity registered on WEEX.

Because verification requirements can vary depending on the product or service, user, asset, region and applicable requirements, users should follow the verification and eligibility requirements displayed for their specific account and the service they intend to use.

Conclusion

WEEX requires identity verification for certain products and account circumstances. The applicable verification level may vary depending on the service, user, asset, region and applicable requirements. WEEX P2P is one clear example of a service that requires users to complete identity verification before use.

When identity verification is required, WEEX currently handles the process through Sumsub on both its website and app. The process generally involves selecting the relevant country or region and document type, submitting the requested identity document, completing a liveness check, and waiting for review.

Since verification and eligibility requirements may vary depending on the specific product and user circumstances, users should refer to the requirements displayed directly in their WEEX account and on the relevant product page.

FAQ

1. Does WEEX require KYC?
Yes. WEEX requires identity verification for certain products and account circumstances. The applicable verification level may vary depending on the service, user, asset, region and applicable requirements.

2. Is KYC required for WEEX P2P?
Yes. WEEX requires users to complete identity verification before using P2P trading. P2P payment methods must also correspond with the user's verified identity.

3. Does every WEEX service have the same KYC requirements?
No. Identity verification requirements and the applicable verification level may vary depending on the service, user, asset, region and applicable requirements. Users should check the eligibility and verification information displayed for the specific WEEX product they intend to use.

4. How do I complete KYC on WEEX?
WEEX currently uses Sumsub for identity verification. On the website, users can access ID Verification after logging in, select their issuing country or region and document type, upload the requested document, and complete a liveness check.

5. How long does WEEX KYC verification take?
WEEX states that manual review is generally completed within three working days after the required verification steps have been submitted.