Hello everyone!
A lot of cryptocurrency exchanges these days ask users to go through KYC checks, mostly to follow the law and keep things secure.
But have you ever wondered why exactly they do this? Is it just about obeying rules, or is there something more to it?
Cryptocurrency exchanges typically need name, address, passport, photo ID, etc. to ensure you are who you claim to be, which aids in the prevention of fraud and money laundering.
But do they handle this process themselves, or are they hiring other companies to check your details? And how safe is your information once you hand it over? Some platforms also set limits on your account if you haven’t completed KYC.
If you’re curious about these things, it’s fair to ask of course: Why does the exchange really need your data, what do they do with it, and who actually gets to see it? These are important questions to ask for anyone using a crypto exchange today.
Just ask the name implies kyc that is know your client, the exchanges want to know the identity for as many that is their users is more like a registered showing the eligible users to have full access of using their exchange and not by an unknown user, the kyc is the only way they can identify and verify user for ownership of accounts for answerability, of course is a compliance protocol which we might not completely say that our data is safe with them like given out our personal information lets wish such bad day never comes.