Do I need to verify my identity on US legal crypto exchanges?

3 answers

• May 12, 2022 · 3 years ago
  Identity verification is a crucial step for US legal crypto exchanges to comply with regulations and prevent money laundering. By verifying your identity, the exchange ensures that you are a legitimate user and not involved in any illicit activities. It also helps to establish trust and security within the crypto ecosystem. So, yes, it is necessary to verify your identity on US legal crypto exchanges.
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• May 12, 2022 · 3 years ago
  Absolutely! Just like traditional financial institutions, US legal crypto exchanges are required to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations aim to prevent fraud, money laundering, and other illegal activities. By verifying your identity, the exchange can ensure a safer and more transparent trading environment for everyone involved.
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• May 12, 2022 · 3 years ago
  Yes, identity verification is a standard practice on US legal crypto exchanges. It helps to protect users and the exchange from fraudulent activities. At BYDFi, for example, we prioritize the security and safety of our users, and identity verification is an essential part of that. It may seem like a hassle, but it's for the greater good of the crypto community.
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