ZenFlow
Sun Jul 07 2024
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6 answers
1284
Why do cryptocurrency exchanges require KYC verification?
In the ever-evolving landscape of <a href="https://www.btcc.com/en-US" title="cryptocurrency">cryptocurrency</a> and finance, a crucial aspect that often raises questions is the necessity of Know Your Customer (KYC) verification on cryptocurrency exchanges. Could you elaborate on the reasons behind this requirement? Does KYC serve as a safety measure to protect investors from fraud and scams? Does it help exchanges comply with regulatory requirements and mitigate the risk of illicit activities such as money laundering? Or is it simply a means to gather user data for market analysis and advertising purposes? Clarifying these motivations would undoubtedly enhance the understanding of KYC's role in the cryptocurrency ecosystem.
CryptoQueenBee
Thu Jun 06 2024
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7 answers
1169
Why is Binance not working in Canada?｜Disclaimer: Binance has withdrawn from Canada . While it's possible use a VPN to access the platform, completing the KYC verification isn't possible with a Canadian ID.due to the country's stringent financial trading restrictions
Could you please elaborate on why Binance is not operational in Canada? I understand that Binance has withdrawn from the Canadian market, but why is that so? Is it related to any specific regulations or policies in Canada? And even if I try to access the platform using a VPN, why would I be unable to complete the KYC verification with a Canadian ID? Is it because of Canada's strict financial trading restrictions? Could you provide more details on this matter? Thank you for your assistance.
GangnamGlitz
Thu May 23 2024
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5 answers
987
What is the KYC verification process?
Could you please elaborate on the KYC verification process? I'm curious to understand the steps involved and what information is typically required for such verification. Is it a mandatory process for all cryptocurrency transactions? And how does it ensure the safety and security of transactions? I'm also interested in knowing the potential challenges or drawbacks associated with KYC, if any. Thank you for your assistance in clarifying this process.
