BankSocial® operates as a currency exchanger and money transmitter, and is registered as a Money Services Business (MSB).
As a regulated MSB, BankSocial® is required by federal law to verify the identity of its customers, a process commonly referred to as Know Your Customer (KYC).
Why Verifiied® is Required
Completing the Verifiied® process ensures:
Regulatory Compliance
BankSocial® meets federal KYC requirements, as mandated by law.
Helps the company operate safely and legally as a money transmitter.
Protection for You
Verifiied® helps protect your account and your cryptocurrencies from fraud, theft, or unauthorized activity.
Confirms that transactions are secure and traceable when necessary.
Full Access to BankSocial® Products
Certain features and services are only available to users who have completed the Verifiied® process.
How It Works
The Verifiied® process collects and verifies your identity, address, and liveness selfie.
Once verified, you gain full access to BankSocial® products and services.
In short: Being Verifiied® is both a legal requirement and a security measure, ensuring your safety while using BankSocial®.