Verification

Ledn is committed to ensuring compliance with regulatory standards to maintain a secure financial platform. Occasionally, you may be required to provide additional documentation to verify your Source of Wealth (SOW) and Source of Funds (SOF). This helps maintain the safety and integrity of our services.

Why Is Additional Documentation Required?

As a registered Virtual Asset Service Provider with the Cayman Islands Monetary Authority (CIMA), Ledn adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. Part of this process includes collecting documentation to verify the origin of assets associated with your account. This is to ensure both transparency and compliance with local and international regulations.

What Documentation Might Be Required?

If your account is under review, you may need to provide specific documents to demonstrate the origin of your funds. The requested documents will depend on your funding source and should meet these criteria:

1. Identify the origin of your funds: Show when, where, and how you obtained the assets held on the Ledn platform (e.g., funds in your Transaction account, Growth account, DCN, or as loan collateral).
2. Display your legal name as it appears exactly on your Ledn profile.
3. Be unaltered and authentic.
4. Be recent (typically no more than 90 days old) when applicable.

Examples of Accepted Documentation Types

Depending on the source of your funds, acceptable document types include: Recent bank statements, latest payslip, sale contract, title deed, etc.

How to Submit Your Documentation

1. Access the Document Submission Section: Log in to your Ledn dashboard, where you will see a banner if your account requires document submission.
2. Upload Your Documents: Use the banner feature to submit clear images or PDFs of your required documents.

Upon submission, our compliance team will review your documents within 48 business hours. If additional information or clarification is needed, a Ledn agent will reach out to you directly.

What If My Account Is Suspended?

If your account has been temporarily suspended, this likely indicates that additional SOW or SOF verification is required. To resolve the suspension:

1. Upload the Requested Documents: Follow the steps above to submit all necessary information as soon as possible.
2. Await Verification: Account suspension will be lifted once the review process is complete and all documentation meets compliance standards.

Completing the KYC (Know Your Customer) process is essential to start using Ledn’s services. If you’re experiencing issues, this guide will help you troubleshoot common problems and ensure your documents meet the necessary requirements for verification.

Possible KYC Issues and How to Address Them

1. Government ID Requirements
   • Ensure that the submitted photo-ID is government-issued and includes the following information:
     • Your full legal name (first and last name) that matches your Ledn profile
     • Date of birth
     • ID number
     • Date of issue and expiry date
   • Use an ID Document, Driver’s License, or Passport from your country of residency to complete the verification.
   • Make sure the document is valid (not expired) and clearly legible in the uploaded image.
2. Proof of Address Requirements
   • Verify that your proof of address document is:
     • No more than 90 days old
     • Clearly shows your full legal name and address as registered on your Ledn profile
     • Ensure that all information on the document is clear and legible.
     • An accepted document type, such as:

• Main utility bills (e.g., electricity, water, gas, phone, TV, internet)
• Bank Debit Card Statements
• Bank Credit Card Statements
• Personal Insurance Payments
• Government ID that is not the same as the one used for your identity verification
• Documents issued by an authority in your country/state certifying your place of residence

3. Image Quality
   • Poor image quality can lead to verification issues. Follow these tips to improve image quality:
     • Use bright lighting and avoid shadows over your document.
     • Place the document on a flat, dark surface to enhance contrast.
     • Ensure that all text on the document is clear and readable.
     • Avoid cropping the document’s edges to ensure the full ID or proof of address is visible.

What If the KYC System Doesn’t Recognize My ID or Picture?

If your ID or picture is still not recognized by the KYC system after following the above steps:

1. Retry the Submission: Ensure the document meets all specified requirements and resubmit.
2. Contact Support: If issues persist, submit a request through the Help Center for additional assistance. Our support team is ready to guide you through alternative verification options if needed.

At Ledn, we aim to make the KYC (Know Your Customer) verification process as efficient as possible. The time required to complete your verification depends on document accuracy and whether additional review is required.

What Is the Typical KYC Verification Time?

For manual verifications, the KYC review will typically be completed within 2 business days after your verification submission. Please note that we may require additional information to complete your review, and a Ledn team member will contact you directly if further documentation or clarification is needed.

How to Ensure a Faster KYC Approval

To help expedite your verification:

1. Ensure that all documents meet the specified requirements for ID and proof of address.
2. Submit high-quality images to avoid delays due to unclear information.

If your KYC approval is still pending beyond the standard timeframe, please submit a request. for further assistance.

To maintain a secure platform and meet regulatory standards, Ledn collects certain personal information from clients during the identity verification process. This information helps us comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, ensuring the security and integrity of our platform.

During the verification process, Ledn requires specific details to confirm your identity. To maintain a secure platform and meet regulatory standards, Ledn collects certain personal information from clients during the identity verification process. This information helps us comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, ensuring the security and integrity of our platform.

What Personal Information Does Ledn Collect?

During the verification process, Ledn requires specific details to confirm your identity. These include:

1. Full Legal Name:
   • Your first and last name as shown on official documents, used to match your identity with submitted documents.
2. Date of Birth:
   • Verification of your date of birth helps confirm eligibility and ensures compliance with age requirements.
3. Residential Address:
   • Your current address, as confirmed by a proof of address document, is used to verify your residency status and jurisdictional compliance.
4. Government-Issued ID Information:
   • Type of ID: Accepted forms include a passport, driver’s license, or national ID, ideally from your country of residency.
   • ID Number: The unique identifier on your government-issued ID.
   • Issue and Expiry Dates: This information confirms the validity of your ID.
5. Contact Information:
   • Email Address: Used for account access and to communicate any product updates.
   • Phone Number: Serves as an additional security measure and may be used for two-factor authentication (2FA).

Why Does Ledn Collect This Information?

Ledn collects this information to:

• Verify your identity in compliance with KYC and AML regulations.
• Ensure eligibility to use Ledn’s services based on age and jurisdiction.
• Enhance account security and prevent unauthorized access.
• Provide reliable and timely communication regarding your account status and verification updates.

At Ledn, protecting your personal information is a top priority. We implement robust security measures to ensure your data remains confidential and secure throughout and after the Know Your Customer (KYC) process. This commitment to privacy aligns with both our internal policies and the regulatory requirements in the jurisdictions where we operate.

What Security Measures Does Ledn Use to Protect My Information?

Ledn uses a combination of advanced security protocols to safeguard your information, including:

• Data Encryption: All personal information submitted during the KYC process is encrypted both in transit and at rest. This encryption prevents unauthorized access to your data
• Access Control: Only authorized personnel with specific clearance can access your personal information. Ledn enforces strict access control policies to ensure that only those who need access to your data for verification purposes can view it. 
• Continuous Monitoring: We continuously monitor our systems for any unusual activity and conduct regular security checks to ensure compliance with the highest industry standards for data protection.

How Long Is My Information Retained?

In compliance with applicable regulations in the Cayman Islands, Ledn is required to retain KYC-related documentation for 5 years after the termination of our business relationship with you. This retention period helps us fulfill regulatory obligations and respond to any necessary regulatory inquiries.

Ledn recognizes that personal information may change over time, such as your address, phone number, or legal name. While certain updates are possible, others may require a new verification process due to regulatory and security requirements. This article explains when and how you can update your verified information.

What Information Can I Update?

• Phone Number:
  • To update your phone number, please contact Ledn Support through the Help Center. 
• Address:
  • If you have moved or need to update your residential address, you must submit, through the Help Center, a new proof of address document showing your updated address. Ensure your document meets the following requirements:
    • Recency: The document must be no more than 90 days old.
    • Full Legal Name: It must show your full legal name and updated address as registered on your Ledn profile.
    • Accepted Document Types:
      • Main utility bills (e.g., electricity, water, gas, phone, TV, internet)
      • Bank Debit Card Statements
      • Bank Credit Card Statements
      • Personal Insurance Payments
      • Government ID that is not the same as the one used for your identity verification
      • Documents issued by the corresponding authority in your current country certifying your place of residence
• Legal Name:
  • If you’ve legally changed your name, contact Ledn Support through the Help Center to initiate the update process. You will need to provide official documentation of the name change, such as a government-issued document or a court order, along with a government-issued ID reflecting your updated name.
• Email Address
  Please note that your email address cannot be changed once your account has been registered. If you need to use a different email, we recommend creating a new Ledn account with the desired email address. Once the new account is approved, you can request the closure of the old account.
  
  Migrating Balances: You can transfer your BTC, USDC, USDT, and ETH balances from the old account to the new one, but any active loans will need to remain in the old account until they are closed.

How to Submit an Update Request

To request an update for your verified information:

1. Visit the Help Center and submit a support request explaining the details you need to update.
2. Provide Required Documentation:
   • For address changes: Attach a recent proof of address document that meets the requirements listed above.
   • For name changes: Include legal documentation showing your name change.
3. Await Confirmation: Ledn’s support team will review your request within 48 business hours. If any additional information is needed, a support specialist will reach out to guide you through the process.