KYc meaning and why!

[rnaire 62]

The KYC is a few words, it is the verification of an account, it is to make your data legal, and for me it is of the utmost importance since with that scammers and scammers are avoided in addition to multi-accounts that do not bring anything good in this world

[Fabián Sevillano 252]

On 5/17/2020 at 6:06 PM, 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 are acronyms written in the English language that mean "know your customer". This is a process that many currency exchange platforms, as well as some wallets, use to verify users and avoid scam risks.

 

In the process, each person is asked for personal information such as their identity card or a video to validate our profile. In addition, it is often accompanied by mobile verification, as well as an invoice request to confirm our address or country of residence.

[maikelpg82 153]

Hello my friend, your question is very interesting, and it will surely be very useful to new users in this wonderful forum, KYC, acronym for (Meet your client) these terms are used in some investment platforms and in some Exchange itself , as a security measure, where they request a series of legal documents of the client that is registering where they provide information about the personal record, address, etc. These are data that many of these sites give great importance to, without this verification you cannot do much in the site you intend to enter.

[carybe69 74]

The KYC is a control mechanism, required by some regulatory media, to avoid the anonymity of users in an exchange or registering with false data.

[SoroPa 62]

There should also be the "Know Your Provider", we put our money in the hands of strangers and we are obliged (when they require a KYC) to give documentation and personal information with the excuse of cryptographic money laundering and illegal activities.
I prefer to avoid submitting my documents to any random or regulated exchange or individual employee who does not respect my privacy and may sell or use them for criminal purposes.

[riccp 40]

KYC is the identity verification and it is used to avoid fraud, many do not like it because they maybe will sell their personal data, and of course it can happen, and that is why you should do it only on very reliable platforms, it is something necessary for make some operations to protect users, but it is up to each person whether to do it or not.

[gest49 84]

The KYC verification is used by large exchanges to verify themselves and have total freedom to trade different cryptocurrencies. When it is a page with little reputation, doing these KYC can be risky, because we may be giving our data to a stranger, who we will not know what to do with our data.

[hasaan 289]

KYC refers a verification system, which ensure that the person are the holder of the account is that you. Is the must task to secure your account. And the kyc is widely acceptable and one of the most trusty way to ensure the users identity.  

[diegoram 58]

KYc system or algorithm added to some platforms to obtain the verification of a user, this is a good sign since it indicates that it is a secure platform and that your account cannot be easily hacked, it also gives you the assurance that your money will be sure.

[St3lmaPl 78]

KYC is the verification of your identity using documents.
This is calculated, in my opinion, for security reasons, so that if something happens you can be easily found.

[Cryptpanda 153]

KYC is a verification process. KYC means know your certificate is basically required for exchange sites because you can’t make another account with the saem identification. So they introduced KYC 

[Cesar0207 24]

El KYC es la verificación que haces en algunas plataformas y se trata de pasar la verificación enviada a estos lugares información muy personal como tu identificación, pasaporte y número de teléfono hay quienes te piden una foto de tu rostro o videollamada

[Kerolos3434 56]

KYC is check measure in which you need to give your own data like your public character card or visa, your image and your telephone number. Somebody even gets service bills for your location check.

[nana1607 42]

I really do not like this method very much as I think they could steal the identity of one scammers I think it is not safe.

[DINAUDIO 61]

Although the term "Know Your Customer" did not suggest anything to most of us, it has a very important meaning in the business world. The process of "knows your client", also known for its acronym in English KYC, is what financial entities do to verify the identity of their clients in compliance with legal requirements such as the fourth European directive against money laundering. With problems related to corruption, the financing of terrorism and money laundering, KYC policies have become a fundamental tool to combat illegal transactions in the field of international finance.

[kedoserz4 32]

Kyc is the mandatory process of identifying and verifying the identity of the client when opening an account. You can also complete your kyc formalities by visiting amc office.

[Johermi 1170]

The KYC process is widely used in these times, it is a type of document verification where you have to upload a photo of your identity documents on both sides, it can be the ID or driving document or passport 

[hanguyen 41]

I think KYC should only be applied in forex and not in the crypto market. ask to turn on 2fa protection or turn on phone protection

[sukoe 106]

On 5/18/2020 at 1:06 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.?

Kyc is a verification process which is mandatory in some countries where they are required to know your customers by submitting I'd,passport,names,surname and sometimes address.

[MLAMECHE01 34]

my problem with sites that ask for the kyc is that most of the time they ask for a copy of the biometric passport and i don't have a passport.

[mustaabey 35]

KYC is kind of Security Check. You must have only one account. If there was no KYC verification, someone else could open an account on your behalf. Also some country laws need KYC to trading. KYC is good.

[Flying11Horse 45]

I have found a definition regarding KYC on the web and I have made some changes in it and i am  sharing it to you @Saj555

The know your customer or know your client guidelines(KYC) in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.

Most of the exchanges and website requires it.But do not give your KYC to any website.They can misuse your data.Always research before doing anything.

And I also like your post @mustaabey,your post was different than others.

 

[rvbeus 22]

On 5/18/2020 at 1:06 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.?

It is necessary to prevent money laundering. Funny though as this mostly happens with cash haha 🙂

[david51 44]

kyc mean know your customer is required in some crypto exchanges and it is used to prevent scammers and manoy laundering. if you want trade large amount of crypto you should provide your identification to crypto exchange

[draxco 47]

Hello, good morning, friend, the KYC or, for its acronym in English, Know Your Customer (Know Your Customer) is the practice that companies carry out to verify the identity of their clients, complying with the legal requirements and current regulations and regulations