Know Your Customer (KYC): What You Need to Know
KYC stands for "Know your Customer" and is designed to ensure the safety of your crypto assets and provide an additional layer of security for your account. KYC requires a binding of your personal proof of identity and proof of address to your account in order to limit any other individual from creating an account using your identity. Sanctioned and blacklisted individuals will also be unable to pass KYC, preventing them from withdrawing large amounts or moving funds for malicious intent.
The KYC process is simple and straightforward, but highly secure. Everything you need to know about submitting documents and what is required can be found here.
Why is KYC Necessary?
KYC is in place to decrease the ability of a malicious actor to move funds quickly and easily. The KYC process helps maintain an additional layer of security to decrease fraud rates, money laundering, terrorist financing and other illegal activities.
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