{"id":4547,"date":"2022-03-24T08:37:38","date_gmt":"2022-03-24T01:37:38","guid":{"rendered":"https:\/\/test.wikibinance.com\/?p=593"},"modified":"2022-12-13T11:35:53","modified_gmt":"2022-12-13T04:35:53","slug":"kyc-identity-verification","status":"publish","type":"post","link":"https:\/\/wikibinance.com\/en\/knowledge\/kyc-identity-verification.html","title":{"rendered":"What is KYC? How to KYC? Why should users KYC on Binance?"},"content":{"rendered":"<h2><b>What is KYC? <\/b><b>\u00a0<\/b><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>KYC<\/b><span style=\"font-weight: 400;\"> stands for <\/span><b>Know Your Customer <\/b>which<span style=\"font-weight: 400;\"> is the process of verifying the identity of customers. When opening an account or periodically checking, customers are required to submit personal information such as passport, ID card, driver&#8217;s license,&#8230;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is essential to verify identity in banking activities as well as financial activities<\/span>\u00a0<span style=\"font-weight: 400;\">to monitor customer&#8217;s <\/span><span style=\"font-weight: 400;\">risks and minimize\u00a0illicit activities.<\/span><\/li>\n<\/ul>\n<figure id=\"attachment_6502\" aria-describedby=\"caption-attachment-6502\" style=\"width: 768px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-6502\" src=\"https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-stands-for-Know-Your-Customer-which-is-the-process-of-verifying-the-identity-of-customers.png\" alt=\"KYC stands for Know Your Customer which is the process of verifying the identity of customers\" width=\"768\" height=\"426\" srcset=\"https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-stands-for-Know-Your-Customer-which-is-the-process-of-verifying-the-identity-of-customers.png 768w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-stands-for-Know-Your-Customer-which-is-the-process-of-verifying-the-identity-of-customers-300x166.png 300w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-stands-for-Know-Your-Customer-which-is-the-process-of-verifying-the-identity-of-customers-750x416.png 750w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption id=\"caption-attachment-6502\" class=\"wp-caption-text\">Know Your Customer is the process of verifying the identity of customers<\/figcaption><\/figure>\n<p><b>Know Your Customer <\/b>consists of two main processes:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Collecting<b>\u00a0Personally identifiable information<\/b><\/span><\/i><b>\u00a0(PII) <\/b><span style=\"font-weight: 400;\">through government-issued IDs to citizens.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\"> Verify customers<\/span><\/i><span style=\"font-weight: 400;\"> by marking <b>Politically Exposed Person<\/b><\/span><b> (PEP)<\/b><span style=\"font-weight: 400;\">\u00a0and individuals with criminal records.<\/span><\/li>\n<\/ul>\n<blockquote><p>&gt;&gt;&gt; Related: <a href=\"https:\/\/wikibinance.com\/en\/basic-binance\/kyc-identity-verification-2.html\">KYC guide \u2013 identity verification on Binance<\/a><\/p><\/blockquote>\n<h2><b>The role of KYC?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><b>Know Your Customer<\/b> plays an important role in compliance with legal standards on both national and international authorities around the world. Overall, its<\/span> goal <span style=\"font-weight: 400;\"> is to prevent financial and non-financial businesses from money laundering, terrorist financing and other illegal purposes.<\/span><\/p>\n<figure id=\"attachment_6503\" aria-describedby=\"caption-attachment-6503\" style=\"width: 698px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\" wp-image-6503\" src=\"https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-plays-an-important-role-in-compliance-with-legal-standards.jpg\" alt=\"KYC plays an important role in compliance with legal standards\" width=\"698\" height=\"403\" srcset=\"https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-plays-an-important-role-in-compliance-with-legal-standards.jpg 1024w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-plays-an-important-role-in-compliance-with-legal-standards-300x173.jpg 300w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-plays-an-important-role-in-compliance-with-legal-standards-768x443.jpg 768w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/03\/KYC-plays-an-important-role-in-compliance-with-legal-standards-750x433.jpg 750w\" sizes=\"(max-width: 698px) 100vw, 698px\" \/><figcaption id=\"caption-attachment-6503\" class=\"wp-caption-text\">Identity verification plays an important role in compliance with legal standards<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The four main factors of <\/span><b style=\"font-weight: 400;\">KYC <\/b><span style=\"font-weight: 400;\">include:<\/span><\/p>\n<ul>\n<li aria-level=\"1\">Preventing criminal acts.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">Create trust and transparency for customers.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">Increase healthy competition for the cryptocurrency market.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">Legalize cryptocurrencies.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It can be said that <\/span>it<span style=\"font-weight: 400;\">\u00a0is the most important factor in online trading platforms, especially the crypto market <\/span><b style=\"font-weight: 400;\">.<\/b><\/p>\n<p><em>Hopefully the article brings useful information to you and helps you understand more about KYC in the financial markets. When you have a question, leave a review and we&#8217;ll help you answer it!<\/em><\/p>\n<p><em>Start your investment journey with WikiBinance <a href=\"https:\/\/wikibinance.com\/en\/basic-binance\/binance-sign-up.html\">here<\/a>!<\/em><\/p>\n<blockquote><p><em>&gt;&gt;&gt; Related: <\/em><a href=\"https:\/\/ecoinomic.io\/en\/knowledge\/guide\/binance-futures-margin-trading.html\" target=\"_blank\" rel=\"noopener\">Binance Futures and Binance Margin Trading Guide 2022<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-center kksr-valign-bottom\"\n    data-payload=\"{&quot;align&quot;:&quot;center&quot;,&quot;id&quot;:&quot;4547&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;bottom&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;5&quot;,&quot;greet&quot;:&quot;Rate this post&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}\">\n    \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n    \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">Rate this post<\/span>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is KYC? \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 KYC stands for Know Your Customer which is the process of verifying the identity of customers. When opening an account or periodically checking, customers are required to submit personal information such as passport, ID card, driver&#8217;s license,&#8230; It is essential to verify identity in banking activities as well as financial activities\u00a0to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6503,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[394],"tags":[1457,2411,1564],"_links":{"self":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/4547"}],"collection":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/comments?post=4547"}],"version-history":[{"count":12,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/4547\/revisions"}],"predecessor-version":[{"id":89291,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/4547\/revisions\/89291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media\/6503"}],"wp:attachment":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media?parent=4547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/categories?post=4547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/tags?post=4547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}