Bitcoin and KYC Policies – Everything You Need To Know (Risks, How To Protect Yourself, …)

Whatever your choice, the important thing is to understand where the risks lie.

KYC. These three letters should not be unfamiliar to you, but I'll start with a quick reminder. KYC is the acronym for “Know Your Customer”. It is a regulation that applies to all companies that have relations with the banking world.

These rules apply in most countries around the world and seek to ensure that a business that exchanges money or transmits money has appropriate information about each customer it serves.

As Bitcoin's success has grown, regulators around the world have increased the pressure on exchange platforms, in particular, to enforce increasingly strict KYC policies with their customers. Long gone are the days when any member of the general public could come in and buy Bitcoin in a virtually confidential manner.

All the major exchange platforms have come to enforce increasingly strict KYC policies. Even Binance has been forced to comply.

Even if you have nothing to worry about, you should be aware of the risks of KYC policies on your Bitcoin