EOS (EOSUSD)

[BestChange]

Do exchangers require passing KYC?

KYC (Know Your Customer) check is a wide-spread requirement of regulators that combat money laundering with the help of cryptocurrency. Of course, you have noticed, that in the last 2-3 years this check is being implemented by more and more crypto-services, including exchanges and wallets. And what about exchangers?

The majority of them do not yet require passing KYC. The monitor BestChange tries to track services with an exception to the rule and mark them with a special mark. However, exchangers sometimes change their terms of service, so when creating an order for this or that payment direction you can come across a requirement to verify your identity. If you do not want to do it, simply pick another exchanger for the same direction.

We would like to remind you that it is important to look through the terms of service of exchangers that you use. It will help avoid many surprises.

At the same time, it should be noted that verification is by no means a way to steal customer data and use it for illegal purposes. This is just a necessity caused by the requirement of a regulator, and a reliable exchanger will never give away data about a user to third parties.