Account Verification & Identification Changes

When do we need to complete account verification?

To ensure continuity of trading services we encourage customers to complete account verification by 10th Oct 2020. Detailed timelines are provided in the email correspondence you will have received via your registered email address. 

 Services for unverified users will be impacted as set out as follows:

1. 30th Aug 2020: Unverified users will deposit funds will be on hold until KYC is completed
2. 24th Sep 2020: Previously Approved users with missing or invalid documents will be set to “Declined” status.
3. 10th Oct 2020: Unverified users will lose access to remaining services, including crypto withdrawals.

Why is ABCC asking for Account Verification for each customer?

ABCC is currently in the process of applying for a major payment service provider license under section 6(1) of the payment service act 2019 read with regulation 6 of the payment services regulation with respect to digital payment token service. Under the regulations of the Monetary Authority of Singapore, ABCC as a licensee will be required to comply with strict anti-money laundering (AML) and know-your-customer (KYC) practices. This license is used to protect the interests and assets of ABCC’s community members.

KYC process

1. by clicking KYC, the Page will jump to Cynopsis Solution (AML/ KYC service provider)

1. You will be required to Sign up a new account
2. After the new account is registered, please follow the instruction on “ https://www.youtube.com/watch?time_continue=50&v=5RFyGDZMcwI&feature=emb_title”

My account was already "Approved"; why is more information needed?

ABCC starts in 2018, there were periods when ABCC accounts were under the previous KYC system, which required different sets of documents. As ABCC is currently applying for the Digital Payment Token (DPT) Services of Singapore’s Payment Service Act (PSA), enhancing the KYC process is required to meet the requirement and to meet community expectations. If you are required to provide more information, this is most likely because some documents are/were missing.  

Where to submit the required documents? 

There are two channels for users to provided information:

Website / Mobile App– users can directly upload the documents via the ABCC website or using the ABCC mobile app, which is similar to the previous KYC process.

Customer Support – Users can speak to our customer support, our customer support will guide you through the secure document upload process.

Is someone going to take my crypto?

Verification is 100% free. Our objective of applying a license is to serve the crypto community within a compliant manner. Therefore, the verification process is 100% free. During the account verification process, users will still be able to withdraw crypto assets.

Please be aware that our customer support will NOT ask users to transfer assets.

“@abcc.global” or “@abcc-in.com”, these addresses two are official addresses. Therefore, users should not be sending any information to any unknown address.

There are so many scammers out there, how do I know the email is real?

All genuine emails from ABCC is sent from domain `@abcc.global ` or `@abcc-in.com`. If the user is still unsure whether the address. Users can contact our customer support for further confirmation.

From the ABCC team to our Users

ABCC is a cryptocurrency exchange headquartered in Singapore, with a subsidiary in Gibraltar. Launched in March 2018, it has a daily trading volume of USD$35 million and communities in 12 languages. At the end of 2018, it was ranked as one of the top 5 exchanges in the world in trading volume. The team has a wealth of prior experience in some of the top technology and financial firms, providing ABCC users with secure and seamless trading experience.

Following the acquisition, the company is looking to relaunch as a 'Community Focused' crypto exchange and sets its sights to transform into a crypto finance company. The refreshed ABCC platform will share all of the economic and non-economic benefits to the community be it traders or promoters.

More recently, ABCC joined the Singapore Fintech Association, a cross-industry platform to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. This comes at a time when the Singapore parliament has passed the Payment Services Act ("PSA"), positioning the country as one of the emerging leaders in regulating the Fintech space.

In the near term, ABCC will actively move in the direction of being regulated as the company views regulation as the next positive step in the industry. Mr. Ng and his consortium of investors have earmarked US$20 million for aggressive expansion initiatives should ABCC be successful in obtaining a PSA license.

ABCC also has plans to broaden its geographical presence in burgeoning crypto markets such as Vietnam, Singapore and Russia. Market expansion in each of these countries is ongoing, having partnered with local players while carrying out airdrop campaigns for their communities.

We appreciate your continued faith in ABCC and look forward to serving our users with a focus on innovation, compliance, and security.