Glossary
KYC Meaning: What Does KYC Mean in Crypto?
Definition
Know Your Customer - identity verification required by exchanges
KYC procedures verify user identities to comply with anti-money laundering laws; while reducing anonymity, its mandatory for most centralized exchanges to prevent illicit activities. Process Levels: Basic: Email/phone verification. Standard: Government ID + selfie. Enhanced: Proof of address, source of funds. Privacy Trade-offs: Links trading to real identity, data breach risks. Alternatives: DEXs dont require KYC but have limitations.