KYC, or Know Your Customer, is a process in which businesses verify the identity of their customers before allowing them to engage in financial transactions. In the cryptocurrency space, exchanges and other service providers often require users to complete KYC procedures to comply with regulations and prevent fraud.
Typically, users are asked to provide personal information such as their name, address, and government-issued identification. This information is used to ensure that the customer is who they claim to be and to meet anti-money laundering (AML) and counter-terrorism financing (CTF) requirements.
Completing KYC verification can vary from platform to platform, with some requiring more documentation than others. It is an important step for businesses to establish trust with their customers and build a secure environment for trading cryptocurrencies.
Overall, KYC helps to protect both customers and businesses by reducing the risk of illicit activities and ensuring compliance with regulations in the crypto industry.
