What does KYC in Crypto mean?
Know Your Customer (KYC) is the first anti-money laundering (AML) due diligence stage. When a financial institution (FI) onboards a new customer, KYC procedures are implemented to identify and verify the customer’s identity. These processes enable financial institutions to assess the customer’s risk profile based on their propensity for financial crime.

Now that cryptocurrency exchanges and wallet providers are regulated as financial institutions, they must integrate KYC processes into their AML programs.

KYC refers to the process that cryptocurrency exchanges must go through to:

1.Confirm their end users’ and customers’ personal information
2.Acquire a better understanding of the activities of their potential customers and verify their legality.
3.Determine the probability their customers pose money laundering risks.

What does the crypto KYC process look like?
To comply with KYC measures, cryptocurrency exchanges must take the following steps:

‍Step 1: Collect their customers’ personally identifiable information (PII), including their full name, place, date of birth, and address.‍
Step 2: Compare this information to their official government-issued identification, such as a passport or state-issued driver’s license, and proof of residence, such as a utility bill.
‍Step 3: Verify the customer’s identity against official databases that contain information on Politically Exposed Persons (PEP) and sanctioned individuals.
These steps assist financial institutions in determining the risk of money laundering and financial crime involving virtual currencies for each client. If everything checks out, the customer is permitted to engage in certain activities on the cryptocurrency exchange.

What is cryptocurrency transaction monitoring?
A cryptocurrency transaction monitoring system aids crypto exchanges, and FIs identify unusual or suspicious activity that they must report to regulatory authorities and assists law enforcement in tracking criminals. Transaction monitoring observes the risk associated with a cryptocurrency wallet. Virtual asset exchanges use tools provided by companies like Chainalysis, Elliptic, Crystal Blockchain, Coinfirm, etc.

Have you ever traded on Crypto Exchange platform that uses KYC ?

Reference : Notabene Crypto Travel Rule 101

Sure I got conversant with this KYC when I signed up to use Yellow card as my crypto wallet

Wow!
This is so insightful!

I have had some problems with my kyc and it has really delayed with a transaction I wanted to do

I’m currently using yellow card but I’m having problems completing my KYC process. Can anyone help?

Try it with yellow card app. I think its reliable.

I also heard of Yellow Card from a friend and I have given it a try. I can now say that Yellow Card is the best Crypto trading platform in Africa

lamzy97:
Sure I got conversant with this KYC when I signed up to use Yellow card as my crypto wallet

Just downloaded the app too
I hope it’s worth downloading Cos I’ve tried different apps but keep getting difficulties in doing some stuffs

OladapoF:
I also heard of Yellow Card from a friend and I have given it a try. I can now say that Yellow Card is the best Crypto trading platform in Africa

OladapoF:
I also heard of Yellow Card from a friend and I have given it a try. I can now say that Yellow Card is the best Crypto trading platform in Africa

That must be reliable trading platform, which someone needs to try out.

I am just so tired of all these Crypto trading apps. I have tried Many and I didn't enjoy the services being rendered by many of them. I think I will need to try out this Yellow Card as well if it will serve me well.

EeshaOfUnilorin:
Just downloaded the app too
I hope it’s worth downloading Cos I’ve tried different apps but keep getting difficulties in doing some stuffs

lamzy97:
Sure I got conversant with this KYC when I signed up to use Yellow card as my crypto wallet

I downloaded this app a long time ago, I haven't done my kyc, can you pls put me through?

tobiapalowo:
Try it with yellow card app. I think its reliable.

that's why I even downloaded it, I saw on their site that they're in 15+ African countries

Had some small hitches with the kyc

Yourfav:
that's why I even downloaded it, I saw on their site that they're in 15+ African countries

Do they cover South Africa too?

Yourfav:
I downloaded this app a long time ago, I haven't done my kyc, can you pls put me through?

Which part of the kyc process didn’t go through for you ?

Kayconcept2:


That must be reliable trading platform, which someone needs to try out.

Are their rates good ?

What’s the advantage of really using all these crypto trading platforms?

Advantage of yellow card over binance I need asap !

This is informative, I just passed my Tier 1 KYC

OladapoF:
I also heard of Yellow Card from a friend and I have given it a try. I can now say that Yellow Card is the best Crypto trading platform in Africa

You’re absolutely right. I have been using it for Months now and I never encountered any issue. Great platform

Criscros:
Advantage of yellow card over binance I need asap !

They offer one of the best cryptocurrency rate out there.

Bignuel100:


You’re absolutely right. I have been using it for Months now and I never encountered any issue. Great platform

It’s great also, I had little issue with withdrawal one time but they were able to solve it before I got angry�

Abiodunspectre:
They offer one of the best cryptocurrency rate out there.

That’s true, their rates are dope

It's worth the try, trust me, you won't regret it.

AyodejiFelix:
I am just so tired of all these Crypto trading apps. I have tried Many and I didn't enjoy the services being rendered by many of them. I think I will need to try out this Yellow Card as well if it will serve me well.

Zero charges, easy to use, an academy where you learn more crypto stuff.

Criscros:
Advantage of yellow card over binance I need asap !

ebunluv2021:
Zero charges, easy to use, an academy where you learn more crypto stuff.

Currently enjoying their zero charges here, you should try the app and see for yourself

Bignuel100:


You’re absolutely right. I have been using it for Months now and I never encountered any issue. Great platform

I’m currently enjoying it also

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Criscros:

Which part of the kyc process didn’t go through for you ?

email verification

Criscros:


Do they cover South Africa too?

yes ofcourse