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Description
What is KYC or Know Your Customer?
KYC, or Know-Your-Customer, is a process that exchanges and other financial institutions use to ensure that their users are who they say they are. KYC rules vary depending on the institution. For example, a cryptocurrency exchange like CoinW, may require their users to provide proof of identity, whereas your bank likely will not.
The purpose of KYC is to prevent money laundering and the financing of terrorism. These crimes are facilitated by the ability to move large sums of money without drawing attention, and therefore KYC helps keep these activities from going unnoticed.
Today's digital world makes it much easier for criminals to move money around with little oversight, so implementing KYC as an anti-money-laundering tool has only become more important as time goes on.
A major part of KYC is AML—Anti-Money Laundering—and this is where KYC gets interesting for crypto exchanges. Cryptocurrencies have been used for illicit activities such as drug trafficking and money laundering ever since their inception.
But with the rise in popularity of Bitcoin, altcoins and trading pairs including XLM USDT and many more in recent years, it's become even easier for criminals to launder their cash through crypto exchanges.
CoinW is a crypto exchange that adapts the use of KYC. Because of its high-security features, it only shows how secure and safe it is to use CoinW exchange especially as the CoinW price token increases.
Location
Juneau County
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