KYC for crypto exchanges and wallets?

[neku]

Most of the crypto exchanges like Binance, Kucoin are asking for tax id and verification as part of their know your customer (KYC) requirement. This is time consuming and tedious. Do the crypto wallets like Metamask, Trust Wallet have KYC requirement?

 

[Suba]

Currently, almost all crypto exchanges require KYC to be able to make transactions, some exchanges even need to take photos of the face and around the mouth, for trust, metamask and atomic wallets you don't need KYC, but for Coinbase etc. you need KYC and proof of address.

 

[eLdavis]

It's time consuming yes but the purpose for this is to protect their users from scammers and the likes.

 

[Stardom22]

For me l hate the thing called KYC procedure. It's very irritating for sure.

 

[mrki444]

Exchange service require KYC but wallets don't. Metamask and Trustwallet don't need it. Cold wallets like ledger also don't require it.

 

[King Belieal]

You don't have to consider it as a time waster if crypto exchanges are demanding for identity documents to verify an account. That's because so many people are hiding under the annonymity provided by crypto to fund terrorism and launder funds.

 

[deucher]

I like the fact that such exchanges require verification because they are important financial institutions, but I do not know if Meta Mask or TrustWallet are like that because they do not require personal identification

 

[Augusta]

KYC is a set of steps cryptocurrency exchanges take during onboarding to verify customer identity and perform due diligence to understand their financial activities and risks.

 

[Fidelia]

I have not had to do KYC on custodial wallets. It is only crypto exchanges that I get to do KYC before being verified.