Liquid Account Verification & Identification Changes
Table of Contents
Liquid is embarking on becoming a licensed crypto exchange operator in Singapore. We are committed to improving operational excellence, and are therefore enhancing our account verification processes. These changes apply to both new and existing customers.
What is happening with Account Verification?
Many of our long time Liquid Users have recently been contacted by our Support team to provide additional information such as Government Issued ID, a valid Proof of Address (utility, bill, bank statement, etc.) or a selfie.
Why is Liquid asking for more information?
Liquid is in the process of applying for a license under Singapore's Payment Services Act (PSA) for the provision of Digital Payment Token (DPT) services. The Monetary of Singapore requires all licensees to comply with strict anti-money laundering (AML) and know-your-customer (KYC) practices. This additional information is used to better protect the interests of our global user community.
- Proof of address (please submit one of the following): A Utility bill (such as an electric bill, gas bill, sewage bill, etc), Bank Statement, tax document, a national ID card that contains your address (document must be less than 3 months old).
- Identity document (please submit of the following): National ID, Valid Passport, Driver’s license, Government-issued ID.
- Selfie: clear, straight-on head shot, color photo.
My account was already "Approved"; why is more information needed?
During our operating history, there were periods when Liquid accounts were approved based on different sets of documents. As Liquid is applying for a license under the Payment Service Act, we are enhancing our KYC process in order to continue servicing our global community. If you have been contacted, it means at least one of the required documents or information is missing from your records. The email we sent to impacted users has specifics about exactly which document was/is missing.
Where can I submit the required documents?
Information can be provided via various secure channels:
You are now able to upload your documents directly via the Liquid GUI web site or by using the latest version of our Liquid Pro Mobile app
Sign-in to your Liquid account and chat with your customer champions who can guide you through the secure document upload process
- You can send an email to firstname.lastname@example.org with the requested information and we'll update your account for you
Is someone going to take my crypto?
No. Our goal is to serve the crypto community in a compliant manner. You will be able to withdraw your crypto assets or leave it at Liquid during the account verification process. If someone is asking you to send any crypto to an unknown address, this is not Liquid. Liquid will never reach out via Telegram or social media unless via the official account.
When do we need to complete account verification?
To ensure continuity of trading services we encourage customers to complete account verification by 27th July 2020. Detailed timelines are provided in the email correspondence you will have received via your registered email address. Liquid customer champions are available 24x7 to help complete account verification over the next 3 months.
Services for unverified users will be impacted as set out as follows:
21st July 2020: Previously Approved users with missing or invalid documents will be set to “Declined” status.
28th July 2020: Unverified users will no longer be able to trade on the Liquid exchange or withdraw fiat.
8th October 2020: Unverified users will lose access to remaining services, including crypto withdrawals.
There are so many scammers out there, how do I know the email is real?
All genuine email from Liquid are sent from domain `@liquid.com` or `@quoine.com`. Users may recall our branding changed in September 2018 with the launch of Liquid.com.
Please do not request for support on Telegram and social media as this opens the door to impersonators.
From the Liquid team to our Users
From its humble beginnings working in a 1 bedroom apartment in Saigon, Liquid has always been an ambitious project. In 2014 we were one of the first global exchanges to offer a fiat-crypto exchange venue. Liquid has been early to apply for licensing and work with regulators around the world to develop crypto ecosystems in a compliant manner. In Japan when we were licensee #2 of Virtual Currency Exchange (VCE) licenses issued by the Japan Financial Services Authority (JFSA) in September of 2017.
We are now in the first wave of applicants under the Singapore's Payment Services Act license for the provision of digital payment token services.
Regulators, exchanges and Technologists around the world are wrestling with how to develop blockchain utilization while still adhering to important principles such as Anti Money Laundering (AML) & Counter Financing of Terrorism (CFT).
Being one of the first global exchanges that is trying to find the delicate balance between facilitating mass adoption of blockchain & working with regulations that were not developed with this technology in mind has not been easy.
Blockchain was designed from the onset to be a decentralized peer-to-peer payment system with built-in anonymity. It’s a long journey but we at Liquid are committed to serving our users & the regulatory ecosystem to find that balance.
We appreciate your continued faith in Liquid and look forward to serving our users with a focus on innovation, compliance, and security.