What is KYC verification?
KYC stands for "Know Your Customer." It is the process of identifying and verifying customers. Identification involves gathering a customer's personal data, such as their name, date of birth, and address. Verification entails confirming the accuracy of this information.
It's a set of procedures that financial institutions, including cryptocurrency platforms like Clapp, use to verify the identity of their customers. This is a standard regulatory requirement aimed at preventing financial crime, such as money laundering and terrorist financing.
Why is KYC needed?
KYC verification is essential for:
Compliance: Clapp operates within a regulated environment and is required to comply with relevant anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
Security: KYC procedures help to ensure the security of our platform and protect our users from fraud and other illicit activities.
Transparency: KYC helps maintain transparency and trust within the cryptocurrency ecosystem.
By completing KYC verification, you contribute to a safer and more secure platform for everyone. Follow the steps in our guide to complete KYC verification on Clapp.