Did you really know what KYC (know your Customer) is? KYC is used to check require financial service providers to identify and verify their customers. This is done as part of the Anti-Money Laundering or Combating the Financing of Terrorism (AML/CFT) compliance efforts to combat financial crime and ensure customer due diligence.
The first thing you do when you opened an account with an exchange ( mostly done on exchange anyways) it’s likely you will have to complete a KYC check. KYC requires financial service providers to collect information verifying their customers’ identities, in most cases you will be asked to submit you government identity card, passports etc. Which are safe from intruders.
KYC checks can feel like an annoyance, but they provide a great deal of security. Most especially to your account and your funds. Its also being used to identify activities carried out on your account if involved in money laundering.
The first thing you do when you opened an account with an exchange ( mostly done on exchange anyways) it’s likely you will have to complete a KYC check. KYC requires financial service providers to collect information verifying their customers’ identities, in most cases you will be asked to submit you government identity card, passports etc. Which are safe from intruders.
KYC checks can feel like an annoyance, but they provide a great deal of security. Most especially to your account and your funds. Its also being used to identify activities carried out on your account if involved in money laundering.