Privacy guide
Identity verification and KYC
KYC is shorthand for checks a provider uses to know who its customer is. The exact process depends on the provider, service, country, transaction, and assessed risk.
What KYC means
KYC means Know Your Customer. Providers use the term for identity checks that form part of customer due diligence. These checks can help a regulated financial business understand who is using its service and manage legal, fraud, money-laundering, sanctions, and account-security risks.
KYC is not one universal form. One provider may verify identity when you open an account. Another may do it when a transaction reaches a limit, uses a particular payment method, goes to an external wallet, or triggers a risk review.
Information a provider may request
Depending on the circumstances, a provider may ask for some combination of:
- legal name and date of birth;
- home address and country of residence;
- email address or phone number;
- a government-issued identity document;
- a live photo or short video used to compare you with the document;
- payment-method ownership;
- occupation, source of funds, or purpose of the transaction;
- information about the sender, recipient, or external wallet.
This list describes possible requests, not information every provider is entitled or required to collect in every case.
What identity verification does not need
A provider does not need the recovery phrase or private key for your personal wallet to verify your identity. It should not ask for your account password, a one-time code you did not initiate, or remote control of your device.
A receiving address is public destination information. Recovery information gives control of the wallet. Keep that distinction clear throughout every support and verification conversation.
Before uploading a document
Check that you are using the provider's official secure website or app. Read which company is collecting the information, the purpose, whether the field is mandatory, how long the record is kept, and which other parties may receive it.
Use the provider's designated upload process. Do not send identity documents through an unrelated chat account or to a person who contacted you unexpectedly.
If a request seems broader than the transaction, ask for an explanation before uploading. Do not provide false information. You can provide the accurate information genuinely required, pause the transaction, or choose another compliant provider.
KYC does not remove every risk
Identity verification does not prove that a payment request is legitimate, guarantee that a provider is safe, or make a cryptocurrency transfer reversible. Continue to verify the recipient, network, address, amount, and fees.
Likewise, a provider offering a lighter identity process is not automatically more private or trustworthy. Review its security, location, custody, data practices, and ability to deliver to your wallet.
Official reference
The Financial Action Task Force explains that virtual-asset service providers can be subject to preventive measures including customer due diligence, record keeping, and reporting. Countries implement these standards through their own systems, which is one reason actual processes differ.