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shashika92
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KYC
March 19, 2018, 12:25:42 AM
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What is KYC?
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March 19, 2018, 12:49:06 AM
 #2

What is KYC?
KYC = Know Your Customer

It's self explanatory (based on what it stands for) but for more information, refer to this thread (AML/KYC Explained).

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March 19, 2018, 01:54:08 AM
 #3

In short, this is regulation, that demands from exchanges to know their clients. Which means you for example. You register on exchange and before you can trade, they need to know you full personal data, address, country, name etc. etc.
This is famous KYC.

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March 19, 2018, 07:09:00 AM
 #4

KYC is basically the loophole that cab be used to track you in the crypto space.

By using an exchange, and providing your details, any transaction from there can be tracked.

Kyc stands for "know your customer"

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March 20, 2018, 01:54:01 AM
 #5

The KYC form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients' risk tolerance, investment knowledge and financial position. KYC forms protect both clients and investment advisors.

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March 20, 2018, 02:39:35 AM
 #6

KYC is basically the loophole that cab be used to track you in the crypto space.

I wouldn't go as far as to say it's a loophole for crypto. Most registered businesses have to comply with KYC/AML (anti-money laundering regulations, so it's not like crypto exchanges and other crypto businesses are being given special treatment. It could be used as a loophole though, because they will be able to trace transactions connected to your KYC file, but they also do the same thing with fiat so it's basically still equal treatment in this case.

KYC is basically used to detect and dissuade illegal activity, but is a very hot topic in crypto because it goes against anonymity, which crypto is rather known for.

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March 20, 2018, 05:20:31 AM
 #7

KYC = KNOW YOUR CUSTOMER
As an entry point for the entry of criminal proceeds, banks should reduce the risk of using money laundering by knowing and knowing customer identity, monitoring transactions and maintaining customer profiles, and reporting suspicious transactions conducted by parties which use the services of banks. The application of Know Your Customer Principles (KYC Principle) is based on the consideration that KYC is not only important in the context of eradication of money laundering, but also in the implementation of prudential banking to protect banks from various risks in dealing with customers and counter -party.
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March 20, 2018, 05:30:46 AM
 #8

Beware of KYC. I always think that, Is it safe to provide your identity documents to unknown ICO authorities. It is always risky.
Never put your documents in Free airdrops or scam projects. They may try to brute force your password or other sensitive data. Only invest in authentic projects.

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June 22, 2018, 09:06:21 AM
 #9

Know Your Customer refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them.

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June 22, 2018, 09:14:22 AM
 #10

Normally, when a project tells you that you need to provide KYC, you must provide them with your identification information, including your name, age, country, address, etc., and upload photos of certification documents.

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