What is KYC (Know Your Customer)?. KYC is the process of verifying a customer’s identity to comply with regulations and reduce fraud.
How it works
Exchanges collect documents and run checks before enabling higher limits or fiat services.
Why it matters
KYC affects where you can trade, deposit, and withdraw. It also shapes privacy considerations.
Common pitfalls
- Uploading documents to fake portals
- Re‑using exchange passwords
- Assuming KYC removes all risk
Quick example
You submit an ID and proof of address to raise your withdrawal limits on a regulated exchange.
See also
- AML
- Custodial vs. Non‑Custodial
- Compliance
TL;DR: What is KYC (Know Your Customer)? defined in plain English with practical next steps.
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