As the cryptocurrency sector develops, it becomes obvious that it cannot go far without close cooperation with regulators. Proponents of cryptocurrency’s primary ideology of decentralization and anonymity may not like it, but nothing can be done. The authorities do not want to tolerate a free instrument for potential money laundering and other criminal operations.

In connection with this, almost all major exchanges are forced to introduce a procedure of confirming the identity of users, known as KYC, or verification.

Advocates of anonymity should turn to decentralized exchanges that do not ask for information about users. However, they also sometimes disappoint: for example, dYdX in August 2022 blocked a number of addresses associated with the sanctioned cryptomixer Tornado Cash. Innocent people suffer because it’s not just criminals who use cryptocurrencies.

What is KYC (verification) in a cryptocurrency exchange

KYC (Know your customer) is a concept used even before crypto, for example, absolutely all banks, as well as brokers, many payment systems and other companies focused on financial transactions uses it. It is one of the stages of AML (anti-money laundering).

When a new customer applies to a financial institution, there is a process of identification, which allows the company to assess the risk profile of the user and the likelihood of committing financial crimes.

On crypto exchanges, this process serves three main purposes:

Confirming the accuracy of the personal information provided by the customer.
Verifying the user’s activity and its legitimacy.
Determining the likelihood that the customer will be involved in money laundering or other crimes.
So, KYC is a process for companies to verify that their customers really are who they say they are and can provide financial services to them.

continue reading:https://altcoin.ng/what-is-kyc-verification-and-why-do-you-need-to-pass-it/

Freelancerx:
I remember how seamless Yellow Card App and Binance verification is

You can day that again, my KYC verification was done within a minute.

All crypto platforms always ask for KYC. I had to do my KYC verification on Binance, Yellow card, KuCoin, Bitget.

That's just how it works with them.
No stress.

Ezlynn:

You can day that again, my KYC verification was done within a minute.

Can one Verify Binance with NIN?

Doing this on Yellow Card App is so easy and straightforward.

Kayconcept2:
Doing this on Yellow Card App is so easy and straightforward.

Yes
I find the app interface very smooth

Ezlynn:

You can day that again, my KYC verification was done within a minute.

Don’t know but I am still yet to be verified? Contacted support and they promised to get back to me within 2 business days.

Can you suggest a cryptocurrency mixer, how fast do they work? I'm reading about Chipmixer review and I can't understand what cryptocurrency I will get money in? Or is it possible to withdraw there in dollars? I need to mix several types of cryptocurrencies to lose my transfer history. How hard is it to track the number of transactions and to which wallets were made?