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What is the KYC verification? Why is it needed?

Learn about KYC verification, why it's required, and how it keeps our platform secure.

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Written by Clapp Finance
Updated over 2 months ago

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:

  1. Compliance: Clapp operates within a regulated environment and is required to comply with relevant anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

  2. Security: KYC procedures help to ensure the security of our platform and protect our users from fraud and other illicit activities.

  3. 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.

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