What is KYC on Phemex? (Identity Verification)
What is KYC? KYC stands for “Know Your Customer” and is a form of identity verification that allows financial institutions to confirm the identity of their customers. The process requires some form of an identity document, such as a passport or valid ID card. The necessary identification documents vary by institution and geographic location. Despite slight differences, the KYC process always serves the same purpose. The core components of KYC are data collection and verification. Customer due diligence and continued monitoring are also part of the process. KYC broadly comprises three procedures. First, the institution collects and authenticates customer data….