Why do I need to pass the KYC to buy crypto in Lumi Wallet?
Modified on: Fri, 26 Mar, 2021 at 3:19 PM
This is a requirement from our USD payment provider, Simplex. As things stand with cryptocurrency regulations today, whenever you buy digital currencies with fiat money (USD, Euro, etc) you have to prove your identity. This is done to prevent fraud, money laundering, and also for your safety, to make sure that nobody uses your credit card to make a purchase.
Although our wallet is completely anonymous, once you decide to use your credit card to buy cryptocurrencies you need to prove your identity. This is a legal requirement that can’t be ignored. If you want to stay anonymous, use our crypto-to-crypto exchange instead.
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