Binance makes use of a number of tools to ensure a safe ecosystem for all of you, our users. One of these is our robust KYC process, ensuring that we can prevent disallowed access to our platform. Learn more about it below.
, we look at Binance’s Know Your Customer measures – a set of policies and procedures that ensure that we know who our users are to keep bad actors out of our ecosystem.
Know Your Customer is a legally mandated procedure whereby financial institutions, including banks, cryptocurrency exchanges, and other financial service providers collect identifying data and contact information from existing and potential clients. Its main purpose is to prevent fraud, money laundering, terrorist financing, and other illicit activities and to ensure customer due diligence as a part of Anti-Money Laundering/Combating the Financing of Terrorism compliance efforts.
The role of KYC in the crypto industry is thus the same as in traditional finance, which is protecting businesses, their customers and communities by not allowing bad actors access. The development of KYC measures at Binance is a collaborative process involving senior members of the KYC team, subject matter experts from Legal, Technology, and Operations, and members of the senior management team.
Binance’s strict KYC policy imposes a zero-tolerance approach to double registrations and anonymous identities, which is enabled by rigorous document and liveness verification checks. These measures greatly reduce the chances of illegitimate funds making their way into the Binance ecosystem and the larger Web3 space.Identity verification is a necessary step for anyone who wants to transact in digital assets on Binance.
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