KYC, or Know Your Customer, refers to the process financial institutions use to verify the identities of their clients. In the cryptocurrency sector, KYC procedures aim to prevent fraud, money laundering, and other illicit activities.This process typically involves users providing personal information such as their name, address, date of birth, and identification documents like a passport or driver’s license. Exchanges and platforms use this information to validate the user’s identity before granting access or allowing transactions.KYC measures also help ensure compliance with government regulations. By implementing these procedures, businesses can enhance security and trust, making the environment safer for all users.As the popularity of digital currencies grows, more platforms are adopting strict KYC procedures. This shift aims to create a more transparent and regulated market, ultimately fostering a safer experience for both traders and investors.