What is identity verification in cryptocurrencies?
Identity verification (Identity verification) is the process of confirming the authenticity of the data a user provided when registering an account on a cryptocurrency exchange or investment service. The procedure confirms that the account belongs to the very person whose data is entered in the profile, and it is part of the policy against fraud and money laundering (KYC — "know your customer").
Usually, to pass verification you need to provide a photo or scan of an identity document: an international passport, a national passport, or an international-standard driver's license. Often a selfie with the document and proof of residential address are additionally requested.
Why verification is needed
- Protecting the account and reducing the risk of unauthorized access.
- Gaining access to withdrawals and extended operation limits.
- Compliance with regulators' requirements and the platform's rules.
Passing verification increases the level of security and the platform's trust in the user. Documents should be submitted only to trusted and reliable services, paying close attention to the protection of personal data.
Cryptocurrency Terms and Definitions
Random quote about money
"Философия богатого отличается от философии бедного следующим: богатый инвестирует свои деньги и расходует то, что осталось; бедный же расходует свои деньги и инвестирует то, что осталось."
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