What is KYC? A Complete Guide for Cryptocurrency Users

1. Brief description:
KYC ("Know Your Customer") is a user identity verification procedure used by banks, financial institutions, and crypto exchanges to combat fraud, money laundering (AML), and terrorist financing.

In the crypto industry, KYC means providing documents (passport, selfie, proof of address) before using the platform.

2. Overview of the KYC system
KYC includes three stages:
a) Identification — uploading a document (passport).
b) Verification — verification of data through databases.
c) Monitoring — tracking suspicious transactions.

Where is KYC required?
a) Crypto exchanges (Binance, Bybit, KuCoin) and Exchangers.
b) Fintech services (Revolut, PayPal).
c) Banks and payment systems.

3. KYC Compliance
Is it necessary to go through KYC?
a) On centralized exchanges (CEX) — yes, otherwise there are restrictions on trading / withdrawal.
b) In DeFi and P2P platforms — more often not, but the limits are lower.
c) abcobmen offers cheating options with and without KYC.

What happens if you refuse?
a) You cannot trade on regulated platforms.
b) Limits on deposits/withdrawals (for example, only $1,000 per day without KYC).
c) You can make exchanges on abcobmen without KYC and registration.

4. Completing KYC for Cryptocurrency transactions
How do I get KYC on abcobmen?
- Register and log into your personal account, section "Verification";
- Upload: A selfie with a passport in hand and a piece of paper with the date and domain written on it;
Wait for verification (from 1-5 minutes).

Tips:
- Use clear photos without glare.
- The data must match in all documents.

5. Advantages of KYC:
a) Protection from scammers — less chance of encountering a scam;
b) Increased limits — full access to trades and withdrawals;
c) Account recovery — if access is lost, it is easier to confirm ownership;
D) Legality — The speed and effectiveness of problem solving.

7. Arguments against KYC:
- Loss of anonymity — data may leak (hacking exchanges).
- Censorship — blocking accounts without explanation.
- The barrier to entry is that not everyone has documents.

Alternatives:
- P2P exchangers with minimal checks.

8. Conclusion
- KYC is a compromise between security and privacy.
For active trading, choose licensed exchanges with KYC.
For anonymity, use DeFi and wallets without verification.

Important: Before passing KYC, study the reputation of the platform — trust only trusted services!