Saturday, July 20, 2024

Know Your Customer (KYC)

In this article, We learn about “Know Your Customer (KYC)”.Let’s Go!

KYC is an abbreviation for “know your customer” or “know your customer”.

KYC is the process by which businesses involved in financial transactions identify and verify customer identities.

When you set up an account with a cryptocurrency exchange, you will usually be asked to complete a KYC process.

This is the standard authentication required by cryptocurrency exchanges for anyone who wants to trade cryptocurrencies.

After completing KYC, you will be able to deposit money to buy and sell cryptocurrencies as well as withdraw money.

The purpose of KYC is to confirm the true identity of customers and prevent illegal activities such as money laundering, tax evasion and financing of terrorist organizations.

If a cryptocurrency exchange does not perform Know Your Customer (KYC), then it may be liable for such illegal activities.

Some cryptocurrency exchanges may allow you to create an account without a KYC process, but the account will have limitations, such as limits on the amount you can deposit or withdraw from the account.

If you want to learn more foreign exchange trading knowledge, please click: Trading Education.

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