There are several reasons why your KYC might have been downgraded from Complete to Incomplete. This article will outline possible explanations and how to get back on track.
Why does this happen?
For new users, onboarding may show that the KYC status as complete, but you might still be required to verify before your first payment.
This can also happen when there are high risk transactions or when a change is made to the company type. The KYC status will be changed to Incomplete, meaning the seller is required to fill out additional information.
- Example of a high risk transaction
A seller typically receives payouts below 5000 EUR. His latest payout is 100 000 EUR, triggering a KYC check. Then KYC status changes to Incomplete and the seller will need to provide additional information.
- Example of a company type change
A seller was registered as an Individual but changed their type to Company (has a company registration, VAT etc.). After being changed to Company, the seller will be required to provide additional documents to verify their company registration.
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