FTX KYC Status On Hold!

[Calm N Patience]

FTX KYC Status On Hold. FTX requested new documents supporting claim amount to process KYC submission.

Hello all,

I sent 3 bank statements to the FTX support centre for KYC but got an email from them, It stated below:

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Thank you for providing additional documentation. At this time additional documents are still needed for the KYC verification process. Source of Funds documents must support your claim amount when converted to USD. The documents that you have submitted do not support your claim amount.



Source of Funds: Please provide one of the following from the list below with all pages. We can not accept credit card statements.



3 Bank statements issued for the past 3 months - balance must support claim amount in USD

3 salary or income slips issued within the past 6 months

Last filed income tax statement (2022)

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I can only provide bank statements as I haven't had work for some time. However, it stated that the bank statements' balance must support the claim amount in USD. it doesn't make sense at all. I emailed them and asked why the balance must support the claim amount in USD but they haven't replied to me.

Does anyone have the same experience? I don't have the balance to support the claim amount in USD. What should I do?

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[jackg]

A lot of exchanges' policies on handling finance seem to have stemmed from a very simplistic idea that funds you invested in crypto must've come from a bank account or touched a local account (perhaps making it safer for them to comply with regulations).

I don't think the only option they should be giving you is to prove your source of funds with a bank account if you can use other sources or have historic transactions that backup your activity (although why you'd need to do this at all instead of just proving your identity doesn't really make sense).

Edit: if you can make theoney elsewhere and deposit it into your bank to match what you have on the exchange (or be higher) then that might work to unfreeze your coins (you could use somewhere like Coinbase who won't ask for bank statements afaik but you may want to research in advance).

[jrrsparkles]

3 Bank statements issued for the past 3 months - balance must support claim amount in USD

It doesn't mean the funds should be in USD, it means the balance should be equal to or higher than what you are trying to convert in USD values of the fiat currency or at least that is how it is supposed to be.

If they say all these documents are mandatory then you can do is to convince them that a bank statement is the only thing you have and it should be enough to prove that your source of funds is from a legal source.

[Publictalk792]

If they say all these documents are mandatory then you can do is to convince them that a bank statement is the only thing you have and it should be enough to prove that your source of funds is from a legal source.

They don't ask for these three documents they only ask for one of them.

Please provide one of the following from the list below with all pages.

And OP you should directly contact to the support and you should give the exact reason. In this way they will tell you exactly what they want?
If you don't have that documents which they asking so you should tell them the reason and ask them the solution.
In my point of view they only can help you about this.

I don't have experience about that because I don't store my funds in exchanges.

[Samlucky O]

FTX KYC Status On Hold. FTX requested new documents supporting claim amount to process KYC submission.

Hello all,

I sent 3 bank statements to the FTX support centre for KYC but got an email from them, It stated below:

I think whatever thing dey do is for the betterment of there client. Maybe they want to make the CEX more secured and user friendly and to also revive the dying project. What happen to FTX has change people's perspective and need to be rebranded to bring back people. So I think this strategy is to make FTX famous and for investors to see reason behind coming back to it.

[batang_bitcoin]

If you can't provide salary payslips and income tax statements then you have no choice as you've said to only provide bank statements that are going to be tallied with how much you've got in there. I didn't encountered the same compliance as yours and you know what? When the exchange that I am using asked for that, I have never provided them any follow up requirements because I've already sent it to them before. But on your case, it is your bank that can help you out with that and tell it specifically that you need your statement written or converted at least in USD. I guess that if they can't do that, they'll ask you to open a dollar savings account.

[slashz9]

A lot of exchanges' policies on handling finance seem to have stemmed from a very simplistic idea that funds you invested in crypto must've come from a bank account or touched a local account (perhaps making it safer for them to comply with regulations).

I don't think the only option they should be giving you is to prove your source of funds with a bank account if you can use other sources or have historic transactions that backup your activity (although why you'd need to do this at all instead of just proving your identity doesn't really make sense).

Edit: if you can make theoney elsewhere and deposit it into your bank to match what you have on the exchange (or be higher) then that might work to unfreeze your coins (you could use somewhere like Coinbase who won't ask for bank statements afaik but you may want to research in advance).

I don't know about FTX's KYC policy, but I also experienced losses from FTX. maybe each exchange has its own rules but since this is a big deal so they ask for extra data to ensure that it is the original owner.

[jrrsparkles]

If they say all these documents are mandatory then you can do is to convince them that a bank statement is the only thing you have and it should be enough to prove that your source of funds is from a legal source.

They don't ask for these three documents they only ask for one of them.

Please provide one of the following from the list below with all pages.

And OP you should directly contact to the support and you should give the exact reason. In this way they will tell you exactly what they want?
If you don't have that documents which they asking so you should tell them the reason and ask them the solution.
In my point of view they only can help you about this.

I don't have experience about that because I don't store my funds in exchanges.

If that then providing the bank statement is gonna solve the issue here but I guess OP didn't have the balance to support the amount converted which is why the verification was rejected, yes the source of funds maybe from direct crypto to crypto, and if that case they seek a payslip which is almost impossible to get so I would say depositing some money that is equal to the funds held in the exchange seems the easiest.