What Is Know Your Customer (KYC) and How Does It Work?

Crypto exchanges and other cryptocurrency industry businesses use KYC or Know Your Customer, to verify their customers' identities. KYC aims to prevent money laundering, terrorist financing, and other illegal activities. The process typically involves collecting personal information such as a customer's name, address, and government-issued ID. Some exchanges also require proof of address and other documentation. The role of KYC in the crypto industry is to comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. In addition, KYC is…