Notice of Reapplication for COVEST KYC

  Due to a change in Binance's compliance policy, official trading partners with Binance have integrated the same KYC solution as Binance. As a result, all new and existing members must complete KYC verification to proceed with deposits and trading.

• Deadline : ~ March 19, 2023, 23:59:59

• Target : All members who have not completed new KYC

• Content : Members who have not completed the new KYC process will be unable to trade or deposit starting from March 20, 2024 (withdrawals only).

• Key points :

- Even those who have completed the existing KYC (real-name authentication) must reapply for KYC under the new regulations and receive approval.

- For users who have not completed the new KYC, from March 20, their accounts will be converted to withdrawal-only accounts, and services other than [liquidation orders, withdrawal requests] will be unavailable.

- KYC approval is controlled by the Binance system, and the COVEST team has no control other than KYC rejection.

Even if KYC is entered correctly, there may be cases where KYC processing is rejected or pending. If pending lasts for more than a day (displayed as "review" on the customer screen), please contact the COVEST team to request forced rejection processing and prompt reapplication.

- Normally, the process is completed within 10-30 minutes after correct input, but in delayed cases, it may take up to 3 days.

- Considering potential system rejections or pending situations, it is necessary to supplicate should be submitted at least 10 days in advance.

*KYC Application Method

Overall, there seems to be confusion between First Name and Last Name. Please refer to the guide below for clarification:

For Resident Registration ID Card/Driver's License, enter the name in Korean:

First Name: 길동

Middle Name : empty

Last Name: 홍

For Passport, enter the name in English (as it appears on the passport):

First Name: gildong

Middle Name : empty

Last Name: Hong

Thank you.

COVEST Team.