![]() Regulators from each country are responsible for ensuring that each company under its purview comply with KYC requirements with the ultimate goal of preventing money or assets from being used for illegal activities, such as fraud, money laundering, terrorist financing, and more.Īs cryptocurrencies become more mainstream, it becomes important for industry participants to ensure that crypto transactions are not linked to illegal activities. ![]() KYC is required for all institutions that are permitted by regulators to provide financial services. Every person or entity opening a new account with a bank or a similar financial institution has to disclose details such as their identities, sources of funds, and supporting documents such as IDs and so on. Understanding How KYC Works and Crypto’s Roleįor any company that handles significant assets on behalf of customers and users, getting to know who they are and who they deal with has become an important step in ensuring that both the assets and the financial institutions are protected from criminal activity. As part of Binance’s continuous efforts to strengthen user protections, risk management protocols, and overall security, we have recently implemented a new KYC requirement for all users to be ‘Verified.’ In a recent announcement, we shared how the new requirement supports our wider efforts to create a sustainable ecosystem that is safe for all users.īelow, we will take a look at how KYC is used, how it is aiding crypto’s rise to the mainstream, and how our recent enhancements benefit all users in the long term.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |