KYC In Crypto, Why We Need And It's Benefits In Crypto World

in Steem Alliance • last year
Asslam-0-Alikum
Greetings from me to all the members by the grace of Allah Almighty i hope all are fully fine and I'm good and all are doing really well.Today's I'm again here with the new post and I'm going to about KYC (Know Your Customer) in crypto.I will explain why we need and it's benefits in crypto.
KYC In Crypto
In crypto world KYC means when a person creat and account on any crypto exchange then firstly after the sign up process the exchanges verify thier users with getting some type of information from the user.

image.png

The information that's the exchanges collect is the personal information of a user that create account and want to verify himself for trading on crypto exchange.KFC is very necessary for trading on any crypto exchange.

  • Liesence
  • Passport
  • National Identity
  • Person Face Verification

All these things that i mentioned about is basically the KFC process and in crypto exchange after creating account in the verification process the customer gave these information and if all the things are right then the exchange verify the person.

Why Do We Need?
Thier are alot of reasons of KYC in crypto world and as i mentioned before the full form of KYC is the knows your customer and if a exchange can know about thier customer then they can eligible the customer for work on their exchange.

As we all know thier is a no main admin of blockchain especially for the public blockchain and so their is a chances of fraud and scams in the blockchain and anyone can loose his assets.So, the KYC recognize the person and if anyone did that then it can be easily found.

image.png

Crypto exchanges has some of thier own rules and regulations and each customere has to play and important role for maintaining good environment and also customer has to pay taxes.So, that's why the KYC helps the exchanges to collect all the things for doing better work.

Another reason of why we need KYC in crypto exchange is that it's Increase the time of set and the only simple user don't much authority then the KYC holder person.So, it's important for all the customer to completing thier KYC in crypto exchange.

Benefits Of KYC

image.png

  • The first and the main benefit of the KFC in crypto exchange is that the main team of exchange that control the risk management can identify thier customer and can easily manage risk.

  • The second benefit of KYC in crypto exchange is that it's controls the ratio of fraud and scam because a person who gave information and if do any fraud can easily caught.

  • Another major benefit of KYC in crypto wolrd is that it's controls the money laundering because thier is a very high chances of money laundering though crypto and KYC controls it.

  • Next and major benefit of KYC in crypto exchange is that KYC improves the security system and provide more trust to the investors.

  • Another main benefit of KYC in crypto exchange is that it's improves the financial system and all the circumstances in the crypto world has dependent to the financial system and it's can improve it.

Regards By

@azmat545

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#steemexclusive #cryptocurrency #kyc #club100 #pakistan
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      ¡Congratulations!

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        Dear @azmat545 ,

        We appreciate your active participation and contributions to our community. To ensure a positive environment for all members, we have implemented a set of guidelines to maintain respectful and constructive discussions while upholding community guidelines.

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          This is a nice post you have written but please pay close attention to your grammars and spelling.

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