GlossaryBeginner
Know Your Customer
Identity verification requirements many regulated crypto platforms require of their users.
Know Your Customer (KYC) refers to identity-verification requirements — such as submitting government ID — that many regulated crypto exchanges and platforms require before allowing full account access.
KYC requirements vary significantly by platform and jurisdiction, and are generally intended to address regulatory obligations around fraud and financial-crime prevention.
Examples
- Many centralized exchanges require KYC verification before allowing fiat withdrawals.
- KYC requirements are a common, general feature of regulated financial platforms, not unique to crypto.