As the crypto market grows steadily, there is a need for regulation and verification to prevent money laundering and terrorism financing.
KYC (Know Your Customer) is a process used by financial institutions and businesses to verify customer identities. The process includes verifying customer credentials, creating a risk profile, and detecting suspicious activity.
All-Time High Fraud Addresses in Crypto
Fraud addresses in crypto held a record $20.6 Billion in 2022, sourced from scams, stolen funds, and transactions. A study found that 56% of virtual asset service providers worldwide had inadequate AML compliance. KYC practices can prevent the concealment of illegal funds and reduce the risk of criminal activities, such as money laundering and financial support for terrorists on exchanges.
What Are The Benefits Of Crypto KYC
KYC application in the cryptocurrency world creates a safer environment by mandating the submission of personal information and documents for verificati
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