KYC is a standardized security method that was introduced to combat money laundering through cryptocurrency. Over the past couple of years, more and more cryptocurrency platforms, including exchanges and wallets, have implemented this process.
Cryptocurrency exchanges have the right to determine the verification steps themselves, but here is what data about the user is required:
- FULL NAME
- Date of birth
- E-mail
- Phone number
- Country and address of residence
- ID (passport, driving license, etc.)
What is the situation with exchangers?
BestChange monitors and accepts exchangers with this feature.
Verifying personal data is essentially equivalent to verifying data when a user registers with a bank.
We recommend reviewing each exchanger's policies before using them so you understand what to expect from the verification procedure.
The verification procedure is not intended to misuse your personal information. It is a requirement set by regulators and bona fide exchangers will not disclose your data to a third party.
We wish you profitable exchanges!