FAQs

1. Why is there a delay for customers to receive their cryptocurrency?

In general, if all KYC documents are provided correctly, a customers’ orders will be fulfilled automatically. However, if there is a delay, this could be due to:

• Payment method that customers used. For example, if customers chose Bank Transfer (e.g. iDEAL, Faster Payment or SEPA), this could take up to 2 business days for Banxa to receive the fund from customers (this means it will be longer if customers put orders during weekends). Only when we receive the fund, then we will be able to transfer coins to customers. For SEPA payments, we also do require customers to send a receipt confirming the transfer.

Please help us to identify the payment methods that customers used to purchase coins and the time they made the order and assist us in advising customers accordingly.

• Customer KYC information is incomplete or does not meet requirements. For example, customers sent through ID but the quality is not readable or with glare. Or the selfie that customers sent through was taken from a long time ago, when we require the selfie to be taken within 24 hours of the time order placed. For these cases, we will have to review the order manually and we will send SMS/emails to customers requesting for new/further information. Please kindly assist in asking customers to check their emails and email’s spam inbox for Banxa communications.

2. What is KYC?

KYC means "know your customer." It refers to a financial institution’s obligation to carry out certain identity and background checks on its customers before allowing them to use products or platforms. It is part of a broader set of measures that regulators around the world use to fight money laundering. In other words, it stops bad actors from hiding the illicit source of their money behind legitimate financial activity.

3. What KYC information does Banxa require?

We require the following information for each customer:

• First Name, Middle Name (if any), Last Name, Date of Birth, Address and Country of Residence
• Documents to be provided:

1. If passport, then an upload of the photo page
2. If driver license, then an upload of the front and back of card
3. If ID card, then an upload of the front and back of card

• Liveliness check

Please note that for high-value transactions, in order to avoid customer scams and fraud, we might also contact customer to request proof for their source of funds.

4. Does Banxa have 24/7 customer support?

Yes, we have 24/7 customer support. Customers can reach us at support.banxa.com

5. Can partners reach out to Banxa for end-user support?

Absolutely, please feel free to contact your designated Account Manager if you would like us to assist in any way. In order for us to support an order inquiry, please kindly quote the Order Reference or Customer information (email address or full name used for the order).

6. What are the transaction limits?

Please refer to this page for transaction limits by fiat.

7. How are refunds from customer orders processed?

Refunds of cash payments is process that is reviewed and executed by our customer service team. As with most refunds, generally takes between 1 to 5 business days to process cash payment refunds.

Once we process a refund, the time it takes for the funds to arrive in the customer’s account depends on the payment method and their providers i.e. their banks or financial institutions.

Expected timings based on payment method