- Thread Author
- #1
I have realized that most centralised crypto currency exchanges requires the users to do the KYC before accessing services. What is most likely to be the reasons behind that.
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Why does most crypto exchanges requires users to do the KYC?
- Thread starter Stardom22
- Start date
It is what government requires to be done in order to prevent money laundering and other practices that people may engage in to sabotage the economy.
Every crypto exchange must comply with the regulations of each country where it operates, such as the Coinbase exchange not only requires KYC verification but also requires proof of address where we live. Although Binance initially freed transactions under $ 2000 without KYC, it was widely used by hackers and money launderers. Currently, many crypto wallets also require KYC.
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KYC is a way the platform uses to know their customers, and it is also a way to create a safer platform for the users.
- Thread Author
- #5
I have realized that the KYC verification is really required in the help of the security of the users coins and more especially on the P2P trading.