The crypto landscape is popular for its market volatility, but it is driven by attractive advancements and innovation. The demand for cryptocurrencies is increasing globally, as they offer quicker and cheaper money transfers as well as the possibility of financial gains. One of the main factors that makes a few people stay away from the crypto market is the security concerns.
Based on the latest reports, Cryptocurrency transactions associated with fraudulent activities are increasing daily, and investors are encountering high losses. To overcome these issues and protect themselves from illegal activities, users need to properly complete their account’s KYC verification, a significant feature provided by the crypto exchange platform.
KYC verification can be considered the security foundation in the crypto landscape. This article discusses what KYC verification in Crypto is and provides step-by-step guidance on completing KYC verification in seconds. Let’s know more about it.
What is KYC verification in Crypto?
KYC (Know Your Customer) has an essential role in the cryptocurrency market. In the Crypto landscape, KYC verification can be described as the process by which crypto platforms accumulate and validate the identities of users to secure them from fraudulent activities like money laundering and other illegal practices, as followed by global AML (Anti-Money Laundering) laws (FinCEN guidance). Usually, users provide personal data, including address, full name, date of birth, and government ID. After that, the platform verifies the given details and ensures the authenticity of the user’s identity. Crypto exchange platforms require these verification processes to recognise their users. Currently, the majority of platforms ask for biometric data like fingerprint scans or selfies to ensure additional security.
Know Your Customer verification process includes a set of procedures significant to evaluating user difficulties, and is legally required to follow the AML regulations. Crypto AML includes rules, laws, and policies put in place to prevent the use of cryptocurrencies for fraudulent practices. KYC is a subset of AML law, and it mainly focuses on identity verification of customers (OFAC guidance). The key features of KYC that ensure its position in the crypto landscape include building trust, combating financial crime, and protecting users. Moreover, KYC verification assists cryptocurrency platforms in following the same financial security standards and AML as traditional financial firms. ( IRS list of approved KYC rules).
Guide to Completing KYC Verification in Seconds
For signing up on the authorized platform, users need to strictly complete their KYC verification on the crypto exchange platform. Here given the step-by-step guidance for completing KYC verification in seconds.
Step 1: The initial step is to create an account on a reliable cryptocurrency platform. For that, users need to register on the reliable crypto platform by clicking the “register “ or “Sign up” button. Then, enter the email address and confirm it by typing the OTP sent to your email inbox. Additionally, create a unique and strong password for the account to ensure its security. The registration process of each exchange platform may vary, but they share almost similar elements.
Step 2: The Next step is to submit the personal data. After account creation, the user’s next movement is to give some important personal data, including full name (make sure the name matches the name written on the government ID card), residential address, nationality, Date of birth, and Phone number. This personal information is the root of the user’s verification profile and assists in initiating the compliance checks. The selected crypto exchange platform utilizes this personal information to make the user’s verified profile and also to analyze significant risks.
Step 3: The third step for the quick completion of the KYC verification process is uploading the government-issued ID. Users need to upload any one of them: a driver’s licence, a national ID card, or a passport as a government-issued identification document. Take a clear and quality picture of the selected document and double-check to ensure everything is readable before submitting to the site.
Step 4: After uploading the document, the next step is the video verification. Take a clear and quality photo of the user and strictly follow the on-screen instructions. Always remember, this step is important for liveness detection. Some crypto exchange platforms require video KYC interviews for cases that need additional checks.
Step 5: The last step for completing the KYC verification is waiting for approval and verification status. The selected crypto exchange platform reviews the entire data and documents submitted by the user. The verification process takes from a few minutes to several business days, based on the quality of submitted documents and the system in place. After that, the User account is shown as “verified” when it is approved, and allows complete access to the features of the platform, involving huge transaction limits. Additionally, users can monitor the verification status using their account settings or profile.
Bottom Line
To succeed in the crypto space, users need to prioritize features that ensure a perfect balance between convenience and security. The KYC verification process is one of the best features in the exchange platform that protects users from illegal and fraudulent activities in the crypto landscape. Users need to deeply understand the crypto KYC verification process, as it is significant for safe involvement in the crypto space, and it provides security advantages while necessitating personal data.
The step-by-step guidance described in this article helps user to easily complete their KYC verification in Seconds without encountering more security-related issues. Moreover, the main thing that the user needs to remember in connection with their KYC verification is that they need to verify the entire process again when their data varies or any documents have expired. Knowing Your Customer is not a one-time thing
