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KYC frequently asked questions

Can I have more than one account?

Yes, customers are allowed to have multiple Midas accounts with a confirmed KYC.

How do I register a business account?

Midas does not support the option to create business accounts currently, but it may be available later, keep an eye out for announcements.

Can I set up an account for my children under 18?

Unfortunately, account registration is not available for customers under 18 years of age.

Will there be any restriction to pass the KYC? 

Based on Midas announcement, no one will be excluded as part of this KYC onboarding. 

How long does an identity check take?

Sumsub standard check normally takes about 3 minutes. In case of difficulties, it may last for up to 24 hours.

What restrictions will apply to accounts that do not pass KYC?

Without KYC after 28th April, users can:

  • Withdraw their funds at any time.

Users will not: 

  • Be able to deposit.
  • Have access to swap
  • Earn payouts
  • Receive affiliate rewards

What to do if I failed verification  

If you have uploaded incorrect documents five times, or your application is rejected during the verification process then you should contact Midas support team for manual review. Don't worry if your application get a rejection, it may have been some kind of oversight in the automatic verification system. 

Why has my status changed from "verified" to "verifying"?

All verified customers will be re-verified automatically it calls "Ongoing monitoring". It's basically just automated re-verifing so if you see that your status was changed to "verifying" from "verified" than it's just means that regular monitoring is ongoing, nothing to worry about.