KYC stands for Know Your Customer. This is a procedure for identifying traders. Depending on the platform, KYC might include different verification steps. The term “KYC” came to the crypto industry from exchange trading and banking. The identification procedure is beneficial both for the platform and for the user who carries out transactions.
The KYC procedure is necessary to prevent fraudulent activities, money laundering and terrorist financing. To pass KYC, the user needs to provide some of his/her data so that the company that makes payments can make sure that the user is not involved in illegal transactions.
The KYC ensures the safety of the user and the platform on which he/she is authenticated. If the exchange requires the KYC, you can be sure that it operates in the legal field. Usually, to push users to pass KYC, the crypto exchanges limit the number of financial transactions, trading volume or amounts for deposit and withdrawal. Passing KYC you provide additional security for your funds. Because for interaction with you, the attacker will meet the limits due to the lack of verification. Also, in case of loss of your funds from the exchange, you can count on their refund. Thus, passing KYC is beneficial for the exchange and the traders who trade on it.
You might face several levels of KYC requirements.
We can define KYC levels by the amount of data provision. Usually, each level opens up new opportunities for the trader to work with the platform.
Our platform doesn’t require KYC verification, so you can quickly and conveniently exchange fiat and cryptocurrencies. Each trader establishes the exchange rules and documents that the seller/buyer must provide. We check the profiles of some users and mark them with the “Trusted user” icon. This means that the user has passed our verification and has confirmed liquidity. If you would like to become a “Trusted user”, write to us at [email protected]