KYC
Know Your Customer. A process used as an anti-money laundering countermeasure that involves investors providing exchanges and banks with verifiable means of identification such as a Government issued Passport or Driver’s License.
In a sentence
The exchange required KYC before allowing the customer to withdraw large amounts.
- The exchange required KYC before allowing the customer to withdraw large amounts.
- During KYC, the user submitted identity documents for verification.
- The compliance team used KYC information to assess customer risk.
- A decentralized protocol may not collect KYC data even when its centralized interface does.
- The company updated its KYC procedures to meet new regulatory requirements.
Continue your research
Stories, market data, and analysis that reference this concept.
SEC’s Hester Peirce wants to end crypto’s KYC honeypots before stablecoin rules create more of them
Proposed GENIUS Act rules could require issuers to retain identifying records for five years despite a string of damaging data breaches.
Leaked compliance records shatter anonymity of 291 crypto users by matching names directly to wallet activity
Copied support records exposed varying combinations of identity, location and compliance data, while private keys and customer funds remained safe.
Forced liquidations begin in 30 days for business crypto accounts missing new verification rules on Bybit
Only notified business users are covered; access restrictions follow Aug. 21 and market-price liquidation starts Sept. 21.
US sanctions exposed a $6.3 billion crypto pipeline linking Iran and Russia
Blockchain data shows Shelbit processed billions through rotating wallets and had $318 million in transactions involving Russia’s sanctioned A7 network.
