Explanation
Every licensed European provider must establish your identity and be able to justify the source of funds. Without KYC you cannot deposit or withdraw euro in the EU.
What is asked
Identity document, address, and for larger amounts the source of funds: a payslip, a deed of sale, or an overview of earlier purchases. Licensed providers are legally required to ask; refusing means no access. The data is kept for a number of years and can be requested by supervisors and, in a tax context, by the tax authority.
Practical tips
Make sure your bank account and your account are in the same name; third-party transfers are almost always rejected or frozen. Keep your own file of purchase receipts — it saves months of discussion when a platform or the tax authority later asks about origin.
Key takeaways
- Account and bank account in the same name.
- Collect proof of origin in advance.
- Refusing = no access at licensed firms.