A KYB Program, or Know Your Business Program, is a process used by cryptocurrency companies to verify the legitimacy of businesses as clients or partners. Its main goal is to prevent fraud and ensure compliance with regulations.The process involves collecting information about a business’s ownership, structure, and operations. Companies typically require documentation such as business licenses, tax identification numbers, and financial statements. By doing this, they aim to confirm that the business is legitimate and not involved in illegal activities, such as money laundering or fraud.In addition to initial verification, a KYB Program may also include ongoing monitoring of the business relationships. This helps to ensure continued compliance with regulations and address any changes that may arise over time. Overall, effective KYB practices enhance trust and security within the industry, benefiting both businesses and consumers.