User Verification (KYC)
MYKOBO is a legal entity in the jurisdiction of Lithuania. The Lithuanian Financial Crimes Investigation Service therefore supervises us. This gives us the right to operate as a Virtual Currency Wallet Operator (VCWO) and a Virtual Currency Exchange Operator (VCEO).
Therefore, we have two levels of required KYC that must be performed:
- 1.Upon signing up, we need to verify your email address. If you do not verify your email address you will not be able to login and use the MYKOBO app.
- 2.Upon reaching a transactional value threshold, we need to go through a compete KYC process in order to verify your identity.
The legal threshold in Lithuania which triggers the need for full KYC verification is when the sum of transactions reach EUR 700.
Two examples of reaching and triggering the KYC limit are as follows:
- One single transaction valued at EUR 700, excluding fees.
- 35 transactions of EUR 20 each bringing total transactional volume to EUR 700, excluding fees.