Key Takeaways
- Enhanced Due Diligence (EDD) is a verification process to comply with local financial regulatory requirements.
- EDD is done to protect Coins.ph users and to create a safe and secure environment for users to do their transactions
- You will require a Photo Bearing ID and Primary Financial Document for the verification process and it takes only 10mins to complete the verification via an online form
- Not completing EDD will result in limited access to your Coins.ph Account, preventing any transactions from happening, and the account limits will be reduced.
If you opened your Coins App and got greeted with a notification that you need to do Enhanced Due Diligence (EDD) fret not, because, in this article, we will be explaining why you got that notification, how to complete Enhanced Due Diligence and what will happen if you do not complete Enhanced Due Diligence.
What is Enhanced Due Diligence (EDD)?
EDD or Enhanced Due Diligence is an additional process outside of the usual Customer Due Diligence (CDD). This is done to further assess the account usage and better understand the relationship between Coins and our users.
Why complete Enhanced Due Diligence (EDD)?
EDD is to ensure that our users have a safe and secure environment to buy and sell digital assets. The Coins Team will be reaching out to affected users through your registered email address and in-app notifications. If you do receive an in-app notification, please reach out to our team via the Coins App under Account>Help Center and the Coins Team will help you with completing your EDD verification process.
How to complete EDD? (Step by Step Guide)
To complete EDD, you will need to have your Photo Bearing ID as well as Primary Financial Document ready, once you got those ready, completing EDD is as simple as filling up our EDD form.
At the end of the form, you are required to take a selfie video recording. In this recording, you will need to wave your hand in front of your face, show your Photo Bearing ID, and state your name and the date you are doing EDD verification.
Frequently Asked Questions About Coins.ph EDD?
What happens if you don’t complete Enhanced Due Diligence (EDD)?
Affected users who do not complete EDD will have their account features limited which will prevent them from doing any transactions and at the same time having their account limits reduced.
If you have any queries with regards to EDD Verification, please feel free to reach out to the Coins team via the Coins App or you can submit a request to us at any time!
How long does it take to complete the EDD verification?
The EDD form takes about 10 mins to complete. You will also need to have your Photo Bearing ID as well as Primary Financial Document ready to complete the form!
I tried EDD verification but failed multiple times, what should I do?
There are some updates to our list of acceptable Financial Documents, do a quick check to see if your document is on the list.
Alternatively, you can reach out to our coins team via the in-app help center or submit a request to us at any time!
How can I get my Coins.ph account features and limits back?
If you did not complete EDD, your account features will be limited and limits will be reduced. However, after your EDD verification has been reviewed by the Coins Team, your account will be reverted back with its full features and account limits will be removed.
How will Coins.ph reach out to me for EDD Verification?
Coins.ph will only reach out to our users via email & in-app notification for EDD Verification. Our Coins.ph Team will not privately reach out to you via social media messaging apps like Discord, Telegram, or Twitter.
If you do receive unsolicited messages from other sources asking for your personal details for verification, please ignore and report these users immediately.
Get your crypto journey started with Coins.ph
Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
Sign up for a Coins.ph account now to start trading OR download the Coins.ph app. Once you have verified your account, you can convert PHP into the cryptocurrencies of your choice.
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