Get to know about KYC on Crypto Exchange

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:

Personal information: Users need to submit their personal information such as their full legal name, place, date of birth and address.
Government-issued ID: Those upper data need to match with information of their official government-issued identification, such as a passport or state-issued driver’s license.
Facial recognition: When taking the picture, hold the camera steady and follow the green dot with your eyes (this process uses video and photo camera), without turning your head. Try to remain still as much as possible – it won’t take long!

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:

Unlock the full potential: FMCPAY: Users of FMCPAY can register accounts, access basic functions, and complete a limited number of transactions without supplying KYC information. Customers can gain full access and obtain higher deposit and withdrawal limits once the KYC process is complete.
Increased transparency and trust among customers: Verifying user identities benefits transparency and customer trust. When users feel confident that their cryptocurrency exchange is taking proactive and preventive measures to protect their accounts, they are more likely to continue using their service.
Money laundering and other scams are less likely to occur: Transparency and consumer trust are benefited from user identity verification. Users are more inclined to stick with a cryptocurrency exchange if they believe it is taking proactive and preventive steps to safeguard their accounts.
Reduced legal risk: Implementing strong KYC standards enables businesses to stay ahead of the curve as legal requirements change; rather than chasing new rules, they can concentrate on boosting conversion rates, expediting transactions, and assuring compliant transactions as international norms change. Businesses that demonstrate KYC due diligence can reduce their risk of legal issues or regulatory fines.
Enhanced stability of the crypto market: The market for cryptocurrencies is well known for its erratic behaviour because of potentially suspicious anonymous transactions. The market’s general stability and value growth are aided by KYC processes that offer more extensive identification verification.

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