EOS (EOSUSD)

[BestChange]

Do exchangers require KYC?

KYC (Know Your Customer) check is a widespread requirement of regulators which are trying to fight money laundering with the help of cryptocurrency. For sure, you have noticed that during the last 2–3 years this check has been introduced in more and more crypto services, including exchanges and wallets. And what about exchangers?

The majority of them do not yet require passing KYC. The BestChange monitor is trying to trace the services with an exception and mark them with a special icon. However, an exchanger can sometimes change their terms of service, so when creating an order for this or that payment direction you can be asked to verify your identity. If you don’t want to do that, simply select another exchanger for the same direction.

We would like to remind you that it is important to read the terms of service of exchangers you use. This will help you avoid any surprises.

At the same time, we need to note that the verification in no way is a way of stealing the client’s data and using it illegally. This is just a necessity caused by the requirement of regulators, and a reliable exchanger will not give the information about the user to a third party.