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Blockchain & Crypto vocabulary · Regulation, Security & Risk

KYC

Meaning in blockchain & crypto, with examples

abbreviationCore term

In blockchain & crypto, KYC means: Short for know your customer: the checks a regulated company carries out to confirm who its customers are, usually by collecting an ID document, a selfie and an address.

In Turkish: müşterini tanı, kimlik doğrulama

How it is used

Used as a noun and before nouns: complete KYC, pass KYC, KYC checks, KYC documents, KYC level. Exchanges require it before deposits or withdrawals, and it is part of anti-money laundering rules. Said letter by letter: K-Y-C.

Example sentences

  1. You need to complete KYC before you can withdraw to a bank account.

  2. The compliance team rejected the KYC documents because the photo was blurred.

Common collocations

  • complete KYC
  • KYC checks
  • KYC documents
  • KYC verification
  • KYC process
  • AMLShort for anti-money laundering: the laws and controls that stop criminals from hiding the origin of illegal money by moving it through financial systems, including crypto.
  • travel ruleA rule that requires crypto service providers to collect and pass on information about the sender and the recipient when they transfer crypto for a customer, as banks do for wire transfers.
  • centralized exchangeA crypto exchange run by a company that holds customers' funds, matches buy and sell orders on its own system and usually checks users' identities. Often shortened to CEX.
  • crypto assetA digital asset that exists on a blockchain or a similar technology and can be stored and transferred electronically. It is the wider legal term that covers cryptocurrencies, stablecoins and other tokens.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Regulation, Security & Risk

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