Have you familiar with the term KYC in cryptocurrency? You may have seen this while doing an airdrop, bounty or when you are going to invest in an ICO pre-sale.
Even on the cryptocurrency exchanges, asking for KYC.
So what is this KYC stands for in cryptocurrency?
“Know Your Customer”
In other words, Submitting personal information and financial information and verifying them called “KYC”
The reason for this KYC is knowing exact details about their customers.
As a customer, What do you need to submit for KYC?
- Full Name
- Residence address
- Photo of government-issued ID (Driver’s License, Passport, ID card)
- Social Security number or Tax Identification
- Bank Statement
- Utility Bill
- Photo of bank card (If necessary for funding)
After submitting for KYC, It will verify after a few hours or even days. (It depends)
Tips for a KYC submission
When taking photos of documents, Place it on a white background and take. Even better If you can scan those documents
Enter the full and same details as appear in your government-issued ID
Never submit older utility bills.
When submitting your photo, Take a simple one and make no expressions. Better take it on a clear background.
Using high-quality images is a good idea.
KYC in cryptocurrency exchanges
As you heard from above, Cryptocurrency exchanges also KYC required.
In most common exchanges, Verification is required in order to increase the daily withdrawal limit.
In CEX.IO that we talk in the cryptocurrency exchanges post, You cannot do anything without KYC verification. As you already know, KYC is so important in this cryptocurrency field.
If you have to face a KYC, Take your time and submit the required documents clearly.
If you received an email letting you know that details mismatch, That saying your submission details and in documents details are not matched.
You have to open a support ticket to resolve this case.
What is your opinion about KYC?
Share your experiences below.