Know Your Customer (KYC) refers to the process of verifying the identity of users who engage in financial transactions. In this case, it focuses on individuals who buy, sell, or trade cryptocurrencies.KYC helps prevent fraud, money laundering, and other illegal activities by requiring users to submit personal identification documents, such as passports or driver’s licenses, along with proof of address. This process ensures that platforms know who their customers are and can monitor transactions accordingly.By implementing KYC procedures, exchanges and financial institutions can comply with regulations and safeguard their services. It builds trust between users and platforms, as both parties are aware of the measures taken to protect against illicit activities.In essence, KYC is a crucial part of fostering a secure environment for cryptocurrency transactions while adhering to legal requirements. It’s a step towards greater transparency in the growing field of digital assets.