BestChange
Newbie
Do exchangers require passing the KYC procedure?
What is the KYC procedure?
Know Your Customer obliges all financial institutions, including cryptocurrency exchanges, to identify and verify the identity of each client. And this happens before they can conduct financial transactions. This protects companies against the risk of working with fraudsters and terrorists, and provides safety of the client’s assets. Some time ago, this was only the internal policy of each company, but for about 5 years KYC has become established as a clear legal practice.
What about exchangers?
The majority of them do not require passing KYC yet. We are doing our best to track the services which are an exclusion to the rule and mark them with a special icon. Exchangers sometimes change their terms of service, sometimes when creating an order, you may be asked to verify your identity. If you don’t want to do that, simply pick another exchanger for the same direction.
Verification is not a way to steal customer data and use it for illegal purposes. This is just a necessity caused by the requirement of the regulators, and a reliable exchanger will never give the customer date to the third persons.
BestChange.com is your reliable partner in your search for the best e-money and cryptocurrency exchange rates.
What is the KYC procedure?
Know Your Customer obliges all financial institutions, including cryptocurrency exchanges, to identify and verify the identity of each client. And this happens before they can conduct financial transactions. This protects companies against the risk of working with fraudsters and terrorists, and provides safety of the client’s assets. Some time ago, this was only the internal policy of each company, but for about 5 years KYC has become established as a clear legal practice.
What about exchangers?
The majority of them do not require passing KYC yet. We are doing our best to track the services which are an exclusion to the rule and mark them with a special icon. Exchangers sometimes change their terms of service, sometimes when creating an order, you may be asked to verify your identity. If you don’t want to do that, simply pick another exchanger for the same direction.
Verification is not a way to steal customer data and use it for illegal purposes. This is just a necessity caused by the requirement of the regulators, and a reliable exchanger will never give the customer date to the third persons.
BestChange.com is your reliable partner in your search for the best e-money and cryptocurrency exchange rates.