The KYB Framework stands for “Know Your Business.” It is designed to help financial institutions and platforms ensure that businesses engaging with them are legitimate and compliant with regulations. Similar to KYC (Know Your Customer), which focuses on individual users, KYB evaluates the identity and background of businesses. This includes verifying company registration, ownership structures, and assessing the business’s financial practices. Implementing the KYB Framework helps reduce risks associated with fraud, money laundering, and other illicit activities. By conducting thorough due diligence on businesses, platforms can foster a more secure environment for transactions. Additionally, the KYB process may involve ongoing monitoring to keep up with changes in a business’s status or operations. This continuous assessment helps ensure that the standards remain high and that any potential risks are addressed promptly. Overall, the KYB Framework is essential for maintaining integrity and trust in the space, benefiting both financial institutions and legitimate businesses.