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Academy Blockchain Glossary Article

Verification

2019.11.21 limin.zhang

You must be pretty familiar with this vocab if you are a cryptocurrency trader. KYC verification, aka Know Your Customer verification, is an absolutely essential part of all financial activities worldwide. It is conducted to prevent anti-money laundering, identity theft and financial fraud. Usually the three components of verification are name, ID number and phone number.
By introducing KYC verification, community values, blockchain regulation and personal assets can be well guaranteed.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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