Yes, it's one of the first things you should do after opening a new crypto wallet in a centralized or hybrid exchange: prove you're a real human and get to know you better (KYC) as a valued customer.

Verifying identities is also important for preventing money laundering and other financial-related crimes, such as human and hard drug trafficking.

However, many people believed that identity verification could be decentralized after all; read on for more information: https://www.quora.com/Can-the-KYC-Know-Your-Customers-process-be-decentralized/answer/Larynx-Hedon?ch=10&oid=372069822&share=cf880d4d&srid=XYzvF&target_type=answer