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Know Your Customer (KYC)

Know Your Customer (KYC) refers to the process of verifying the identity of the customers before they can avail of any service from any trading platform or crypto exchange. KYC is a measure taken to prevent any money laundering whatsoever.

KYC has become the staple practice among financial institutions to ensure that advisors have adequate information about their clients/customers. What started out in the stock market, is also followed in crypto exchanges as well.

The process of KYC begins with collecting all the basic information of the customer including their name, DoB, account and social security number, and a few other details to detect fraudulent activity or financial crime.


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