Recent rule changes implemented by the UK Financial Conduct Authority (FCA) require CoinCorner as a cryptoasset service provider to make a few amendments to our registration process for any new users who are resident in the United Kingdom.
As well as providing your personal details and uploading your verification documents, UK users will also be required to classify themselves as one of three 'investor types' and complete an appropriateness assessment to evidence that you've done your research and that investing in cryptoassets is a good idea for you.
A guide to the new sign up process for UK users can be found below:
Step One: Create your account
You can begin the registration process here by entering some basic personal information and choosing the email address and password you want registered to your account.
We'll send an activation email to the email address you enter, so check your emails and click the link in there to advance to the next step (worth checking your junk/spam folder if not received).
Step Two: Provide your address and contact details
The next step will require you to provide us with your current residential address and the mobile number we can contact you on for any account related purposes.
You can change the area code using the dropdown if you have a mobile number from a different location than your current country of residence.
Step Three: Upload your identity document
Provide the remaining information required and upload your proof of identity document. Choose the type of document you're uploading and upload it by clicking the Choose File button.
Our automated checks will review the document and information you've provided up to this point. Whether further verification documents are required will depend on the outcome of that review.
Step Four: Provide some source of funds documentation
In line with current Anti-Money Laundering (AML) requirements we ask that you provide some information regarding your source of wealth/funds to complete the registration process.
Fill out the Additional Information form and click the Submit button to complete your registration.
At this point our system will run an automated address check using the information provided and, if you pass, no address document will be required.
If this check fails then you will be asked to upload a proof of address document and, under certain circumstances, a selfie.
Step Five: Cooling off period and investor classification
At this point there is a mandatory 24 hour cooling off period that must be adhered to before you gain full access to your CoinCorner account.
UK consumer protection rules require us to give you this 24 hour cool off period so you can consider whether investing in cryptoassets is right for you, but you can continue your account setup in this time by completing your investor classification.
To help you understand more, and decide which of these classifications you fall into, more information on each one can be found here.
Step Six: Complete the appropriateness assessment
The final step of the registration process is to complete a short appropriateness assessment to evidence that you have the necessary knowledge and understanding of cryptoassets to continue on your investing journey with CoinCorner.
You will face a 6 question quiz where a score of 4 out of 6 is required to pass. If you fail the quiz once you are able to try again straight away, but after 2 failures you will have to wait 24 hours before you can try the quiz again for the third and final time. Passing the assessment will gain you access to your CoinCorner account (once the original 24 hour cooling off period has elapsed).
Step Seven: Confirm you want to proceed
After completing the process to this point and passing the appropriateness assessment you will be able to access your account once the 24 hour cooling off period has elapsed. To fully complete your registration you just need to confirm one final time that you wish to continue your cryptoasset investment journey with CoinCorner, and upon doing so you will gain full access to your account and all it's functionality.
This new registration process is only for UK residents, users from other countries will follow the standard registration process that can be found here.
Have any questions? Get in touch!