When you buy or sell Litecoin (LTC) through Nexus Wallet, you may be asked to complete an identity verification process before your transaction can be processed.
This verification is known as KYC (Know Your Customer).
What is KYC?
KYC is an identity verification process used by financial service providers to confirm who their customers are. It is a standard requirement across many financial and cryptocurrency services and helps providers comply with applicable laws and regulations.
Depending on the provider, you may be asked to provide information such as:
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Your full name and date of birth
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Your address
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A government-issued ID
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A selfie or identity check
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Additional information required by the provider
The exact requirements can vary depending on your country, the transaction amount, and the company processing your purchase or sale.
Why is KYC mandatory?
Companies that provide services for buying and selling cryptocurrency are generally required to follow financial regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
These checks help providers verify customer identities, prevent fraud and misuse of their services, and comply with the regulations that apply to their business.
Because of these requirements, KYC cannot simply be skipped when a provider requires it for a transaction.
Nexus Wallet does not perform the verification
It is important to understand that Nexus Wallet does not directly process your fiat purchase or sale and does not conduct the KYC verification itself.
Buying and selling LTC inside Nexus Wallet is provided through third-party payment and cryptocurrency service providers. When you choose to buy or sell, the transaction and any required identity verification are handled by the provider you select.
This means that the provider is responsible for:
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Reviewing your verification documents
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Approving or rejecting your verification
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Requesting additional information when necessary
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Processing your payment
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Handling transaction-specific verification issues
Nexus Wallet does not control the provider's verification system or make decisions regarding KYC approval.
What should I do if my verification is not working?
If you experience an issue during verification—for example, your ID is not being accepted, your verification is taking a long time, or your account cannot be verified—you should contact the customer support team of the third-party provider handling your transaction.
Since the verification takes place on their platform, their support team has access to the information needed to investigate the issue and provide assistance.
For your security, never share your Nexus Wallet recovery phrase or private keys with a third-party provider or support agent. Your recovery phrase is not required to complete KYC.