At Spritz, the safety, security, and trust of our users are our top priorities. That's why we have implemented a light identity verification or Know Your Customer (KYC) procedures for our platform users.
What is KYC?
Know Your Customer, commonly known as KYC, is a standard verification process that financial institutions and many online platforms employ to verify the identity of their users. It involves collecting specific personal details from users to ensure they are genuine.
Why does Spritz require KYC?
To Comply with Regulatory Standards: Spritz, like other financial platforms, must adhere to regulatory standards set by governments and financial authorities. These standards are in place to combat money laundering and other illicit activities. KYC procedures help ensure that the funds flowing through our platform are legitimate.
To Protect You: We can provide an extra layer of security by ensuring that all our users undergo a thorough identity verification process. This helps protect your account and funds from potential threats and unauthorized access.
To Enable Off-Ramping: To allow our users to off-ramp smoothly and ensure that the funds end up in the rightful owner's account, identity verification is essential.
For Bill Payments: When you use Spritz to pay your bills, we must ensure that transactions are genuine and that the payment goes to the correct recipient. Verifying our users' identities helps maintain the payment process's trustworthiness.
What information do I need to provide?
The specific information you need to provide might vary based on your region and the type of service you're looking to use. In most cases we can verify your identity with a quick text message, but some users may need to submit more information. In these cases, you may be asked for:
A valid government-issued ID (e.g., passport, driver's license).
A recent utility bill or bank statement to confirm your address.
A selfie or portrait photo to match against your ID.
Is my data safe?
Absolutely. At Spritz, we take the privacy and security of our users seriously. Your personal information is stored securely and is only used for verification purposes. We do not sell, trade, or share your personal information with third parties without your consent.
Does Spritz report to the IRS?
We do not report anything to the IRS. All transactions are on-chain, so you can use whatever crypto tools you already use for taxes, e.g. Zenleger, TaxBit, Cointracker.