@Trinity 18 November 2020

KYC and Cyber Security

You might be wondering what  'KYC' is, probably you are new to cryptocurrency or some of us who use exchanges have not found reasons to set up our  KYCs. Maybe you open an account with an exchange and requested to set up KYC, please do.  what is KYC in Cryptocurrency?  K- know Y- Your  C- Customer  KYC means Know Your Customer and is a concession process which some financial organizations and company administer to collect identity-establishing credentials from a client who opens an account. it involves sharing of identification documents like passport, etc before opening any account.  Unlike our traditional banks, where document is completed before opening the account, the cryptocurrency industry client who registers an account with any exchange would need to upload their document after opening their account for efficient transaction.  what exchanges use KYC KYC requirement varies with cryptocurrency exchanges, for users with small portfolio, KYC may not be required needed. Most exchanges have crypto exchanges in 3 categories such as:  No KYC  Basic KYC  Full KYC  why you need to set up your KYC  The rate of cyber crime is increasing by the second, KYC compliance is not only beneficial to the financial institutions but also the user. Financial institutions are able to maintain trust and integrity with their customer, as KYC compliance helps to mitigate risk and improve security.  It will prevent illegal assessment to individual account and for those willing to trade large volumes, KYC is a must for you.  What you need to complete your KYC registration  Requirements according to some exchanges, though some are quite easier, example is Poloniex exchange.  Driver license  Passport  Voter identification card/International passport  Some require a facial screen shot  Utility bill, etc   It is on this note that i think KYC should not b ignored as it is a measure to reduce cyber-attacks. Set up your KYCs today for better exchange experience. visit here for more information : **https://www.sygna.io/blog/what-is-aml-kyc-in-crypto/**