Ever heard about KYC? It stands for Know-Your-Customer. This is used by financial services to get to know their customer and make sure they are actual people.
If you opened an exchange account you will probably be asked to do a KYC or verification of your identity.
During KYC you will mostly be asked to provide your:
Government ID
Driving license
Passport
Wondering why KYC is needed? Here's why:
It is due to cryptocurrency’s pseudonymous nature, it’s often used for the laundering of illicit funds and tax evasion. Improving the regulation of cryptocurrency betters its reputation and makes sure that taxes are paid where they are due.
-c/o Binance Academy
