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What is Know Your Customer (KYC)?

Crypto Terms Glossary: What is Know Your Customer (KYC)?

Know Your Customer (KYC) is the compliance process instituted by regulators for businesses to verify the identity and level of risk of their customers. This process normally requires users to provide official identity verification using a passport, driver's license, or similar documents. KYC regulation requires financial firms to collect personal data on their customers and ensure the legitimacy of the person or client to whom they may provide services.

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