KYC (Know Your Customer)

The process of verifying the identity of clients.

Detailed Definition

KYC refers to the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time. It is heavily utilized in centralized crypto exchanges for regulatory compliance.

Related in Crypto

Cold Storage

Keeping cryptocurrency offline for security.

Blockchain

A distributed, immutable digital ledger.

Ethereum (ETH)

A decentralized platform featuring smart contracts.