CRYPTO GLOSSARY · SECURITY

What is KYC?

Know Your Customer identity verification.

📖 Full Definition

KYC (Know Your Customer) is the process by which financial institutions verify the identity of their customers to prevent fraud, money laundering, and terrorism financing. Most centralized crypto exchanges require KYC.

💡 Example

Binance requires users to complete KYC by submitting government ID and proof of address.

🔗 Related Terms

CEX

Centralized Exchange operated by a company.

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