In this blog post, we introduce our new and improved verification process. It is key to more trading volume and a commitment to the highest security standards.
Today, we’d like to share an important update that will help us continue serving you better and comply with Swiss regulatory requirements. Starting now, all unverified Relai users must complete a quick verification process by October 31, 2024.
Why are we doing this?
To put it simply, it is a legal requirement we must comply with.
As a Swiss-licensed financial service provider, we maintained regular contact with local regulators regarding the law that mandates user verification. We have always strived to keep the Relai experience simple and minimize any additional steps for our users.
Despite our extensive efforts to explore alternative solutions, the regulators have now firmly reiterated the necessity for us to verify all of our users. Consequently, to ensure we can continue offering our services, in Switzerland as well as in the EU, we must implement these new verification measures.
What does it mean?
To comply with the law, we must now require verification for all users and eliminate non-verification limits.
Starting August 14th, new app installations and users must complete the verification process to access all app features. Existing users don’t need to do this and have time until October 31st.
After October 31, only verified users can use Relai. Unverified users will need to complete the verification step to access all app features, including buy orders and wallet functions. However, you can always retrieve your 12-word backup phrase and your Bitcoin will remain safely in your self-custody.
We’ve redesigned our verification process to be as quick and straightforward as possible. The entire verification can be easily completed allowing you to get back to stacking sats with minimal disruption (please note: in some cases, due to manual processing it can take up to 24 hours).
By completing the verification process, you will be able to get the most out of our app:
- Enhanced Security: Verifying your identity means we can boost the security of your Relai experience, protecting you from potential fraud and making your Bitcoin transactions safer than ever.
- Higher Limits: Once you’re verified, you’ll be able to trade up to 100,000 CHF/95,000 EUR per year. That’s a lot more room to grow your Bitcoin investments.
- Building Trust Together: Complying with these regulations helps us maintain the trust and credibility of our app. This ensures we can keep offering you the best service and keep things running smoothly.
- New features: An important benefit of this change will be our ability to fast-track the implementation of a new European IBAN and Instant SEPA for all European users.
Here’s how to get started with your verification:
- Update your Relai app if an update is available
- Open your Relai app
- Tap on ‘Profile’
- In the profile menu, choose ‘My Wallet Level’
- Follow the instructions on screen or watch the following video
Need Help?
We get it—changes can be a bit of a hassle. Our in-app customer support team is here to help with any questions or concerns you might have. We’re committed to making this as smooth as possible for you.
Thank You for Understanding
We really appreciate your cooperation with this new requirement. By getting verified, you’re helping us build a safer and more compliant Relai for everyone. Of course, we’ll stay self-custodial!
Thanks for being a part of our community and for your continued support.
To start buying Bitcoin and experience our service, download the Relai app for Android or iOS.
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