The cryptocurrency sector has grown tremendously in importance since its inception, but just as dangerous to boot. Recosnizing the growing risk, exchanges implemented the ‘Know Your Customer’ (KYC) protective measure as part of an effort to mitigate fraud and identity theft. For this, businesses typically require users to submit important information about themselves in order to be able to verify their identities.
As the same verification protocol used by traditional banks to checkmate the vices employed against them, KYC checks aim to identify and verify clients before allowing them to make transactions. Despite the measure, there are still reports of customers’ identities being stolen, indicating that KYC systems may not be all that safe for exchanges.
KYC checks offer, among other things: improved customer transparency and trust; reduced potential for money laundering and other such scams; reduced legal risks; and enhanced stability in the crypto market. Even despite that, the...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...