Crypto Exchanges Now Require Strict KYC for All Users
Crypto platforms are now required to implement strict Know Your Customer (KYC) requirements, treating exchanges as financial institutions and not just tech platforms. Regulated crypto platforms demand identity verification through layered CIP, CDD, and EDD processes, with skipping this step being strictly forbidden for licensed exchanges.
Verification typically includes full legal name and date of birth, government-issued photo ID, proof of current address, and a selfie or live video match against your ID. The EU's MiCA framework has tightened enforcement through 2026, introducing new authorization and due-diligence rules that took effect in December 2024.
Rules vary sharply by region, with the US running through FinCEN and state licensing, while the EU lowered thresholds to near zero under MiCA. The Financial Action Task Force's Travel Rule requires Virtual Asset Service Providers to share identifying information whenever crypto moves between platforms above set thresholds.