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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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