KYc meaning and why!

[RoyalHouse01 9]

in some of the cases when there is good and high reward people are asked to do kyc because the compnay wants to verify if there is one person using more than one account.

[mdrijel6 37]

Kyc is the most important thing in any website. Its verify you are fake or real user. Kyc is company verification process. Most websites require kyc because it is necessary to determine who is given the money paid to people. Hope i help you a little bit.

[BhenGhix 804]

On 5/18/2020 at 12:06 AM, 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.?

This is so wonderful and genuine.

I don't know if you'll believe me if I said this is also my first time of hearing this abbreviated term of KYC.

But blessed enough is now that you raised the topics in the form of question that I got to emphathize the precise and exact explanation of the abbreviation

[alaarami 103]

Of course, this is a kind of verification, my friend, where personal data are added to you, such as a passport or national card, electricity bills, current residence address and personal photos for this. No one will be able to access your account and this is a wonderful thing because it works to fully secure the account

[cryptoman22 1026]

The kyc is important for many platforms to know that they are real people and cannot make fraudulent use of said platform but you also have to recognize the street in some platforms that ask you for the kyc in simply to collect data and they sell it to the highest bidder
A big greeting to the whole community

[Areeb06998 940]

My friend KYC stands for Know Your Customer . When you are doing big exchange with some websites . Then they will do kyc . The wanted to know everything about their customer . With whom they are doing exchange . They asked about your address , your passport , Nic ,your phone number etc . I hope you have understand all the things about KYC . I try my best to tell you everything about that. But still if you can't get it . Plz asked me

[BraveHeart01 1569]

The websites and the projects need to confirm the real user of them that is why they ask you to complete KYC so that they can avoid the multiple accounts from one mobile a device or person and also so it they will be able to know that there are real people who are using their services

[Julia Roberts 358]

KYC is basically a process of verification your identity that you're a genuine user or not. I'm very impressed that every currency exchange is going to apply this condition in order to minimize the attacks of scammers. In KYC you have to provide your address verification, phone number verification, your national id card or passport copy os being reserved that you are a totally genuine user or not. And when we talk about why KYC , every exchange  is trying to deal with theor user in a protected way , without KYC exchange doesn't aloow you to make a deal with others . For example paxfull exchange . KYC for reducing the scammers approach.

[teebasas 3018]

KYC is a kind of verification of your personal data and it is required by some sites by its registered members to provide their personal information in order to join or withdraw from the site.

[Julia Roberts 358]

KYC is basically a process in which you are able to verify your identity to the desired exchange. Almost every exchange nowadays is requiring the KYC . In KYC you have to upload your address verification , identity , passport verification etc. I think to know your customers well it is a good thing. And also you are known to them  so scammers attack is completely minimized.

[Nupeboy 627]

Kyc it is a method where by you will be asked of your passport in fact all your identity documents will be needed before starting your verification it is done in order for you not to be scammed 

[Quickbee 26]

KYC is the short form for 'Know your Customer'. Before opening an account with any entity, the entity will demand to know certain details about the customer (you). This is a statutory requirement in certain countries. It is also for the benefit of the customer itself. This is so that no one can impersonate you or represent you without your permission.

[Jonson Smith 343]

I would say that because now crypto money laundering and illegal activities are on the rise, some people verify our personal details, because unfortunately when something happens they display account details. For this protection you need to upload your legal documents for your government  Site owners can know your full details and reduce spammers on their site.

[Zamani1 17]

1 minute ago, Quickbee said:

KYC is the short form for 'Know your Customer'. Before opening an account with any entity, the entity will demand to know certain details about the customer (you). This is a statutory requirement in certain countries. It is also for the benefit of the customer itself. This is so that no one can impersonate you or represent you without your permission.

@Quickbee I must commend you for this useful and educative post as i personally don't know the meaning of KYC and doesn't have much knowledge on it not until now i came across this useful post. I think this is a good and encouraging requirement for the benefit of the customer to be on the savers side of being impersonated by someone else.

[Rituu 224]

The full form of KYC is know your customer. That means you have to put your information like driving  licences, passport, nid card or birth  certificate that is called KYC verification . In short personal  information  is called kyc verification. Some sites need kyc verification  to check your are eligible  to join this site or not. 

[Julia Roberts 358]

KYC is basically a process of verification to a exchange or something, in which you have to verify yourself by giving your nional identity or some passport copies or like giving utilities bills , this process is applied to some exchabge as you talked about why . Every exchange needs a genuine user working on it thats why they go for verification first before trade to others.

[Aliraza2 318]

KYC is the term and condition that is required from any exchanger it means they ask for your identify card your personal information and cell number they verify that you are legal and use this platform for right purpose.

[Mr.Rayan 2]

It is a verification process. Know who your customer wants to take your personal data or passport. You should pay close attention when mentioning this code. If you are dealing with an illegal party, you may be hacked by strangers.

[MK AHMAD 1134]

KYC means know your costumer and it is used in financial sectors or institutes where you will be ask for your documents or your personal informations that will clarify your identity which will be use as a means of verification to protect you from scammers in order to secure your account. 

[Arratee877 272]

KYC verification just like from ordinary business sectors it literally means KNOW YOUR CUSTOMER'S. Members will add their bio data or confidential details to a sites for them t enjoy some specific privileges, advantages that can't be giving to others without first completing the KYC verifications stage. It's very important in crypto world

[Usnman 631]

KYC is the process where you have to verify yourself on that platform you are going to work or using and this process has been introduced to overcome the rate of illegal works and now people cannot use any platform for unhealthy work also so now it's going to more easy to find any person if they are doing any illegal work by their KYC verification and I think it makes people more secure form scamers.

[imrantaj33303 946]

Kyc is a verification process mate. In the process you have to verify your national id card or pictures in order to verify its you. it may be helpful in paying the utility bills etc..

[Poppisnop 428]

Its just to make things easy and more secured so as for them to know that someone else doesn't use the same details as you, and if theres more verification to it.

[Oki 675]

KYC is a passport to verify personal data if we register on an exchange. Not only your passport, you can also use other personal data to register on an exchange if the exchange has these requirements. Today many exchanges have KYC requirements due to government regulations to collect taxes on every cryptocurrency transaction.

[Beryymark 126]

Know your customers(kyc) refers to the verification process your customers went through in order to their identity and link in cryptocurrency aslo KYC is one of the most important to reducing suspicious activity and fighting against bad actors on crypto exchange platforms