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Verified users of Binance get to enjoy a tier upgrade with lower fees and higher withdrawal limits. Moreover, KYC does not benefit the exchange alone but the customers as well.
AMP COIN BINANCE VERIFICATION
KYC verification is one way Binance helps the governments of the countries where it is present to combat financial crimes. Subsequently, exchanges like Binance are regarded as the enemy. Since Binance deals on crypto, it needs a tool to prevent such scams and that’s where KYC comes in.īeing able to know who is trading what and with who, is an advantage.įurthermore, blockchain transactions may be irreversible but with KYC in place, the admins of the exchange can help customers find solutions when they make mistakes in their transactions.Īgain, some governments still see cryptocurrency as a threat. Secondly, crypto is pseudonymous, making it susceptible to scam. Therefore, it is normal that it will try to abide by the laws of the land.Īdopting KYC makes Binance an anti-money laundering complaint. Let’s talk more about that in the next section.Īs it is with all crypto exchanges, Binance did not drop from the sky. You can now see why crypto exchanges like Binance mandate their customers to complete KYC. With KYC in place, customers will better manage the risks of lending since they can easily access the financial history of the other party.Īlso, the platform involved reduces the risk of being used for money laundering. Thus, frustrating the activities of fraudsters posing as customers. Know Your Customer also helps to secure funds as transactions can be traced when something goes wrong.
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Having a KYC feature shows that a provider is accountable. It helps to build trust in financial service providers. Though it may not look like it, Know Your Customer offers several benefits including: Trust I elaborated more on the benefits of KYC in the next section. That’s why a ‘no-KYC’ feature is commonly viewed as an advantage in the crypto space.īut we cannot dismiss the need for safe management of funds, which KYC helps to achieve. However, the process could be exhausting and sometimes annoying. Usually, customers are required to provide personal information and then verify it with valid documents. a cryptocurrency exchange can verify their customers’ identities, it makes it difficult for their platforms to be used for illegal transactions.
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The goal is to reduce the possibility of financial crimes to the barest minimum. It is a regulatory measure used by financial service providers to identify and verify their customers. KYC is short for Know Your Customer or Know Your Client.