Why do I have to verify my identity?

Depending on the onramp you chose, verification of your identity is required by law to execute the conversion of fiat currencies to cryptocurrencies. This process exists to minimize the risk of suspicious transactions involved with money laundering or the financing of terrorism. Such customer due diligence and transaction monitoring are required by law in virtually any jurisdiction. Identity verification is done by the onramp you choose to buy cryptocurrency from. Transactions with Wyre do not require uploading a copy of your passport or identity document.