Title: Get to know about KYC on Crypto Exchange Post by: FMCPAY_GLOBAL on February 23, 2023, 08:27:28 AM Global and national financial authorities are increasing pressure on companies that provide services for digital assets to adhere to the same regulations as traditional banks as the cryptocurrency sector develops and matures. Although the right know-your-customer (KYC) procedures are necessary to avoid the unauthorized use of cryptocurrencies, there is a constant discussion over how to strike the right balance between privacy and security. What does KYC mean? KYC, a.k.a “know your customer” or “know your client”, refers to the process of confirming a customer’s identification, typically by a financial institution. It refers to a financial institution’s obligation to carry out certain identity and background checks on its clients before allowing them to use its product or platform. It is part of a broader set of measures that regulators around the world use to fight money laundering. In other words, it stops bad actors from hiding the illicit source of their money behind legitimate financial activity. When creating an account to join a cryptocurrency exchange, users are often requested to provide identification verification papers and occasionally when their personal information changes. For instance, you will need to update your personal information if you change your name after creating your account. What does the crypto KYC process look like on FMCPAY? To complete the KYC process, users must take the following steps:
Benefits of Crypto KYC Despite any operational changes and challenges associated with KYC regulations, cryptocurrency exchanges stand to benefit significantly from regulatory compliance, including the following:
The KYC Event To remind you how important KYC is in crypto exchanges, we are delighted to announce that the new KYC Event is coming to town this February. Therefore, every new register will receive a special gift as FMC tokens along with numerous advantages if they have done their KYC in FMCPAY Exchange. Duration: From February 1st, 2023 (UTC -4) Reward: 🎁 2500 FMC for KYC new register 🎁 2500 FMC for each referral Here is a detailed instruction: 1. Download FMCPAY Application for KYC. 2. Submit your KYC form and wait for review. FMCPAY commits to approving KYC in up to 3 working days if they submit the correct information and clear photos. 3. After your account has been verified, just claim your FMC token. 4. Refer to your friends and get more FMC tokens. The more you invite, the more FMC you will receive. A bunch of FMC tokens is waiting for every new user. Let’s invite your friends and help them to be clever investors like you! Terms and Conditions: Both you and your Referrers must KYC. Want to know more about running FMCPAY events? Please visit: https://t.me/FMCPAYAnnouncement Detailed instructions for KYC: https://news.fmcpay.com/how-to-complete-identity-verification.html |