Question

What is know your customer (KYC) in crypto?

Answer 1

Know Your Customer (KYC) in the context of cryptocurrency refers to the process of verifying the identity of customers before they can engage in trading or using cryptocurrency services. This usually involves providing personal information and documents to comply with regulations and prevent fraud, money laundering, and other illegal activities in the crypto space.

Answer 2

Know Your Customer (KYC) in the context of cryptocurrency refers to the process through which businesses verify the identity of their customers to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This typically involves collecting personal information such as government-issued ID, proof of address, and sometimes additional documentation to establish the identity of the customer. KYC helps to prevent illicit activities and protect the integrity of the financial system.