We’ve had a lot of questions concerning limitations for non-verified users over the last few days, so I decided to post a blog entry with some answers.
When you launch USD, do limitations go into effect for non-verified users?
No. We will be phasing this part in and will let you know ahead of time exactly what the limitations are going to be. We would like to give a chance for most of our users to get verified, especially those that would be affected by any deposit/withdrawal limits.
When you do impose limits, what will be limited?
Deposit and Withdrawal amounts and daily/monthly limits. Trade activity will not be limited. If you are depositing or withdrawing more than $1k a day or $20k a month worth of cryptocurrencies, then you should go ahead and get the verification process started. If you meet this criteria, we will also be contacting you directly if you are not verified.
Do I need to be verified to trade/deposit/withdraw USD?
I tried to get verified but it got kicked back. How do I finish the process?
Contact our verifications team. If you are who you say you are, then there is no reason we shouldn’t be able to get you verified. It just may take some different documentation than what our standard system supports.
Okay, so when will limitations start?
It’s going to be a little while. We are currently reviewing accounts to determine what the initial levels should be set at. The vast majority of the users of Cryptsy will be unaffected by limits. We will be contacting high volume accounts directly to work them through the process and address any concerns. Our goal is that whenever they do get put into place, nobody will see a negative impact.
What do you do with the personal information I provide to you?
We securely store the information and only use it to identify you as part of our Know Your Customer (KYC) process. Your information is not shared with any 3rd parties.