WHAT IS KYC

KYC (eng. Know Your Client) is a method of confirming the user's identity (verification) on the exchange. The KYC procedure is created to guarantee secure trading conditions on various platforms, including cryptocurrency. KYC standards meet national and international requirements for the regulation of cryptocurrencies.

These days, financial regulators of various states are tightening the requirements for cryptocurrency exchanges. This is the reason why the exchanges are forced to implement an identity verifying procedure and set restrictions for anonymous users.

The regulators push the exchanges due to the fact that money is laundered through cryptocurrencies more and more now, cases of fraud and crimes sponsorship are becoming more frequent. To make cryptocurrency transactions more transparent, users’ verification is necessary. This is what the KYC procedure is used for.

When passing the KYC procedure, the following data is required:

• Name;
• Date of birth;
• Country and residence address;
• ID (passport, driving license ets.);
• E-mail;
• Phone number.

Some exchanges may additionally ask for bank statements to confirm the payment address and other information.

After specifying the data, you need to confirm them. For example, enter the code from the SMS, upload an ID scan and a selfie with it.

The CScalp team has prepared tutorials for passing KYC on the following cryptocurrency exchanges:

• Binance;
• EXMO;
• OKX (OKEx);
• Bybit.

Some of the cryptocurrency community members believe that verification on exchanges violates the basic principle of the blockchain – the anonymity of each participant. However, the regulation of cryptocurrency platforms is a trend that cannot be stopped. Providing safe conditions for trading, according to the national and international regulations, will make cryptocurrency exchanges more attractive to new users and will beneficially affect the development of the market in general and in the future.