The KYC benefit on centralized exchanges

Let’s talk about the pros of centralized solutions and how you can protect yourself by using them.

All centralized exchanges have a KYC (know your customers) procedure.

This procedure requires all financial institutions to identify each customer. This must be done before they can conduct financial transactions. This protects companies from the risk of working with scammers and terrorist organizations and provides double protection of customer funds and accounts.

To pass KYC you will need a passport/driver’s license/ID (not for Russian Federation). Only by passing KYC, you will be able to restore access to your exchange account if you lose your password or in other emergencies.