KYC (Know Your Customer)
Identity verification required by regulated platforms — ID, sometimes a selfie — before you can trade or withdraw at scale.
KYC is the identity-verification process financial law requires of regulated platforms: government ID, proof of address, sometimes a liveness selfie. It exists to enforce AML rules and sanctions screening. Expect it at every licensed exchange; approval typically takes minutes to a day.
The trade-off is real: KYC creates honeypots of personal data (exchange breaches have leaked them), which is a legitimate criticism — but platforms advertising “no KYC” trading are typically unlicensed, geoblocked-evading, or outright scams, leaving users with zero legal recourse. Treat surrendering ID to a platform as trusting them twice: with funds and with identity.