KYC, or Know Your Customer, refers to the processes used by businesses to verify the identities of their clients. In cryptocurrency, this involves collecting information like names, addresses, and government-issued identification.The main goal of a KYC program is to prevent fraud, money laundering, and other illegal activities. By confirming identities, companies can ensure that users are not involved in any illicit activities.KYC programs also help build trust between users and companies. When clients know that a platform adheres to regulations and conducts thorough checks, they may feel more secure in their transactions.Implementing KYC can sometimes slow down the onboarding process for new users, as they may need to submit documents and wait for verification. However, it serves to protect both the company and its users by fostering a safer and more compliant environment. Overall, KYC programs play a crucial role in promoting transparency and accountability, helping to create a more regulated space for digital financial transactions.