What is KYC

31 Oct 2025 Updated: 31 Oct 2025
By Bill Robertson
Glossary
KYC (Know Your Customer) is a process used to verify a customer's identity, helping businesses stay compliant and prevent fraud or money laundering.

Why it’s important:

  • Confirms that the user is a real person
  • Validates personal data and documents
  • Assesses risks and ensures legal compliance

Where it’s used:

  • Banks and financial institutions
  • Online casinos and betting sites
  • Crypto exchanges and wallets
  • E-payment platforms and fintech apps

How the process works:

  • User uploads ID (passport, driver’s license, etc.)
  • Sometimes a selfie or proof of address is required
  • Once verified, the user gets full access to the platform

Benefits of KYC:

  • Keeps the platform compliant with regulations
  • Reduces fraud and abuse
  • Builds trust with users and partners
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