KYC (Know your customer), is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities.
KYC in crypto world.
Almost every exchange needs to verify clients by KYC process. You will need usually:
- Copy of ID or passport
- Full address
- Sometimes phone number
On most exchanges KYC process is about 1-2 bussiness days.