KYC
1. concept
Guidelines to remove anonymity from crypto holdings and trading, ultimately aimed at combating illegal activities.
1.1
Most exchanges which offer fiat-crypto pairs implement KYC as a legal requirement. This is usually done by verifying identity documents.
Most exchanges require a registration process which range from near anonymity to full identity verification (KYC - Know Your Customer).
In general, the more an exchange deals directly with fiat based trading, the stronger the KYC requirements are.
* All terms and definitions may update as the Cryptionary improves.
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