What’s KYC?

Published 09 October 2021

👀 And why do you need it 👀

KYC (Know Your Customer) is a procedure of user verification. The process is rather simple and takes only a few minutes. Users provide required documents and specify the necessary information.

💻 KYC is beneficial for both service providers and customers. The institution gets comprehensive information about clients, including their risk profiles and financial stance. This prevents money laundering and terrorism.

💁‍♂️ Users, in turn, get more opportunities on the exchange, while their accounts become even more secure. For example, customers without KYC can withdraw up to 2 BTC a day (in crypto only), while those with KYC can withdraw up to 100 BTC a day in crypto and fiat. Plus, if they lose the device used for 2FA, they can still regain access to the account.

 WhiteBIT Team