noun Internet Slang

KYC

KAY-WY-SEE · noun · informal

Know Your Customer — identity checks required by exchanges.

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Definitions

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Know Your Customer refers to the identity-verification process exchanges and services require to comply with regulations. 'KYC'd' means having completed it; some prize 'no-KYC' venues for privacy.

“You'll have to KYC before you can withdraw fiat from that exchange.”
by community
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KYC In A Sentence

You'll have to KYC before you can withdraw fiat from that exchange.

Origin & Usage

Financial-compliance term applied to regulated crypto platforms.

Variants KYC'dKYC'ed
Tags #crypto#web3#compliance#exchange#regulation

People Also Ask

What does KYC mean in crypto?

KYC stands for Know Your Customer — the identity-verification process exchanges require, usually involving ID and proof of address, to comply with financial regulations.

Why do crypto exchanges require KYC?

Regulations aimed at preventing money laundering and fraud require regulated platforms to verify who their users are before allowing trading or fiat withdrawals.

What is a no-KYC exchange?

A no-KYC venue lets you trade without submitting identity documents, prized by privacy-focused users, though such platforms are often decentralised or come with lower limits and higher risk.

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