Notice regarding mandatory KYC Verification

The Indian Computer Emergency Response Team (CERT-In) has mandated that all VPN providers and cryptocurrency exchanges keep customer data records for up to five years in an effort to strengthen India’s cybersecurity and crypto infrastructure.

According to CERT-In, which is part of the Ministry of Electronics and Information Technology, this information is needed to “ensure the cybersecurity of citizens’ payments and financial markets.” The idea here is to strike a balance between customer data protection and economic independence as virtual assets such as cryptos gain traction.

In compliance with the regulations, Coinsbit India requests all its users to complete their KYC verification process as soon as possible before 13/08/2022. Failure to do so would result in your Coinsbit India account getting banned, and ultimately deleted.

What happens if my Coinsbit India account is already blocked?

If your account has been blocked, please reach out to our support team (support@coinsbit.in) or IVR ☎️ (11 am — 7 pm) at +91 8069222000. After your account is unblocked, you will have a period of one month (from 12/07/2022 to 13/08/2022) to complete KYC verification. Failure to do so within the said period would result in the complete deletion of your account.

What is KYC?

Know your customer or KYC is an efficient method for a business/company to authenticate a client’s identity. Before investing in various products, the consumer is needed to present necessary KYC documentation. The Reserve Bank of India (RBI) requires all banks to conduct a Know Your Customer (KYC) check on every customer before allowing them to make any financial transactions.

What information do I need to provide for KYC?

Users must provide identifying information such as name, date of birth, and gender.

You’ll also need to provide digital copies of your PAN card and Aadhar card in addition to a recent, high-quality photo of yourself.

It’s important to note that your account name must correspond with the name on your Aadhar card or Permanent Account Number. If you use a different name in your KYC application, it will be declined.

How do I start the KYC process?

To begin, a user should navigate to the profile section in the upper right-hand corner of the Coinsbit India portal, then click “Verification” at the bottom of the page.

For more information on how you can complete the KYC verification process, click here

About Coinsbit India

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers. Coinsbit India aims to bring a professional, smooth, easy, and highly liquid Crypto platform to India delivering a superior user experience.

Important Reminder: We advise all users to enable two-factor authentication for their Coinsbit India accounts for maximum security.

Disclaimer: Cryptocurrencies are volatile and investments in them are risky. We advise you to do thorough research before investing.

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