KYc meaning and why!

[Moaz 7239]

Yes, there are some platforms or airdrops that require you to do KYC in order to join them which is to send your passport or your ID to these sites, but I do not advise members to do KYC if this site is not Security

[Solex 2262]

The term KYC is referring to Know Your client and sometimes it is reffered to as  Know Your Customer. KYC verification procedure is a mandatory process of verifying and identifying the identity of the client or customer when opening an account and periodically over time and it is applied to make sure the funds of there customers are safe from unknown individuals such as frauders, scammers and hackers.

[sayems 1513]

As i can know, KYC check is the mandatory process of identifying and verifying the identity of the client when opening an account and periodically over time. In other words, banks must make sure that their clients are genuinely who they claim to be. I don’t know how accurate I am.

[Sarahden111 1231]

It means confirming your identity with official documents such as personal identity and passport photo, or any official document that proves your identity and is required in some trading platforms and on the one hand it raises the level of safety and verification and on the other hand it may be used to steal your accounts when publishing your information randomly.

[Projectcrypto 4382]

KYC is a verification procedure that enable companies to identify there customers by the means of understanding a identification process. KYC simply means Know your customer and It is done in order to keep our accounts safe from the likes of frauders, scammers and hackers who mostly attack to steal from our wallets.

[Mwangi 5611]

I actually dont know what is KYC so very important to really understand what it is all about, so lets look at it this way there is a chance to really look forward to what you are doing, KYC I have seen this term being used in so many places , especially brokers crypto brokers

[estee369 489]

KYC means "know your customer" . Nowadays there are many  fraud using multiple account . To solve this problem companies use KYC to insure the user is not fake but valid. So no one can use multiple account.

[iloveyobit 6599]

Yes, it is simply a type of activation and is done through the official private documents, whether a passport or identification card or sometimes even a document proving your place of residence.

[Alex9876r 1408]

It is used by platforms that impose bans on some countries and in others, they use it to increase confidence and assertion of a person's identity. As for some AirDrops you use them for fraud, and this is what you should pay attention to It means sharing your documents and personal information with the platforms.

[dimmix_ua 81]

On 18.05.2020 at 02:06, Saj555 said:

I have been listening about the word kyc a lot of times. And i also saw some people asking questions related to this. But actually i didn't find any answers about this. What is a KYC? Is this some kind of verification or what! Why this is so important for the users. I nwver faced anything in crypto related tools i assume. Please let me know what is this actually.?

KYC is verification with your passport. It i used to be sure that you are not a scammer, anyway you have pretty big withdraw limit (about 2 btc/day), so you do not need to complete kyc until exchange will ask you

[Rekciuq 3]

KYC is your security, and the security of the site on which you want to conduct a transaction, it reduces terrorism (as I read), and fraudulent transactions.

[babaji 1228]

KYC means KNOW YOUR CUSTOMER.

This is actually a good process of knowing your customer, if the organisation is in the same country. However, when institutions which are outside your country starts asking documents as part of KYC, thats when it all gets tricky. They should limit asking for KYC from anyone. It defeats the entire purpose of CryptoCurrency that is annonymity.

[JoelLeal21 8]

It is a process of identification and verification of customer identities by companies. The growing concern about the use of cryptocurrency for money laundering led the authorities to apply KYC in the cryptocurrency market and services.

[Domoz 17]

Kyc mean Know your customer ! Kyc is important because in crypto world no one knows any identity of any user ! Some exchange do this for knowing their customer

[Yarling Alvarez 254]

The KYC or Know Your Customer , is a strategy that has become mandatory for banks, all in order to avoid fraud or criminal operations and money laundering. Clients must provide personal documentation that guarantees their identity, and thus the institution verify the accuracy of their data and you will become a trustworthy client for the institution. At present this method is also used in different exchange platforms, in order to give more reliability to your operations.

[RubDario 122]

Kyc is a verification process to know the client in this case to know if you are a real person and it is also used to identify different people who usually do money laundering and it is used for all that so the kyc is an important piece of information I know some people like us but kyc is good.

[Pathakayush 213]

Full form of KYC is know your customer it's a method of verification of a perticular person in which they are asked to provide a national identity card so that they can be Authorize throughout that country and in some cases throughout the world. Hope you are clear with my answer.

[KpymounapeHb 33]

KYC-Know your customer. It is a verification. You have to take photo with your pasport. Some projects ask to pass KYC because of multyaccounts. But you always can refuse to pass verifications.

[Moontong 5312]

KYC is part of the validation, you need to input your personal information, it is needed for creating an account. Don't be worried about your identity because it would be kept private and safe. Before proving your personal information make sure that you are on a legit website. Once you provide your personal information with the fake website, hackers and scammers can use it for some purposes. 

[KainVrn 88]

Good afternoon! I have not heard or seen this either. It's very interesting what this word means. I know that security is 2fa. Well, let's read it, can anyone answer what it is ?!

[kevinuif 21]

kyc is useful for filtering crypto scammers, but be careful when doing kyc, because there are also scammers who ask you to do kyc on their projects, and your identity will be sold on illegal websites

[Rajeevgorai 95]

Hellow my dear friend, kyc is nothing but just a verification process which is very important now a days in very sectors like banks, cryptocurrienses sites for tranfering money as money laundering and illegal activities have increased now a days, its just they want to verify that its you by taking your id proofs and some personal information. Thank you

[Arpit Gupta 581]

Kyc is a verification process that many sites use to verify your identity. I have to provide your personal information such as your passport and your picture. But I think this is not good and safe. It can be used for wrong ideas. 

[Mark wood 2970]

Same to you I didn't know about kyc now I was reading comments on your post so I got the meaning of kyc before that I was just facing the questions only now I understand so that's why I'm saying that being here it is good to learn more..

[Dinero49 39]

Good afternoon, my friend.
Know Your Customer (KYC) is a standard due diligence process used by investment companies to assess investors they are conducting business with. Apart from being a legal and regulatory requirement, KYC is a good business practice as well to better understand investment objectives and suitability, and reduce risk from suspicious activities.
In a nutshell, it is the process of identifying who the investors are, verifying the sources of the client's funds (if they are legitimate or not), and requiring detailed anti-money laundering (AML) information from the clients. Getting the detailed information about the customer protects both parties in a business transaction and relationship. KYC serves an important purpose for providing superior service, preventing liability, and avoiding association with money laundering, and other illegitimate money frauds. Regards.