Cryptocurrency Exchanges Make KYC Verification Mandatory for Users

The Know Your Customer (KYC) process in cryptocurrency is an identity check that exchanges run to ensure users are legitimate and not engaging in money laundering or other illicit activities.

Major platforms like Binance and Coinbase require users to provide personal details, government-issued IDs, and sometimes a live selfie or video to confirm their identity.

This process is mandated by regulators to prevent the misuse of crypto exchanges for illegal purposes. In return, verified users gain access to higher trading limits, better account security, and legal protection if something goes wrong.

However, some users worry about sharing sensitive personal data with exchanges, especially in light of recent high-profile data breaches.