KYC

What is Know Your Customer (KYC)?

Financial institutions use a set of procedures known as “Know Your Customer,” or KYC, to confirm a customer's identity. The initial step in anti-money laundering due diligence is known as KYC (AML). It aids financial firms in assessing the degree of risk posed by a consumer.

To comply with AML rules, cryptocurrency exchanges also need to complete KYC. Exchanges can aid in the prevention of illicit behavior like money laundering and the financing of terrorism by confirming the identities of their customers.

While it is feasible to trade cryptocurrency without KYC, it is typically not advised. It is crucial to take extra precautions to safeguard one's identity and personal information when using an exchange that doesn't need KYC.