Cryptionary

Know Your Customer

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.