When do cryptocurrency exchanges require KYC verification?

3 answers

• Sulaiman BanadarJun 10, 2025 · 17 days ago
  Cryptocurrency exchanges typically require KYC verification when users want to deposit or withdraw fiat currency. This is because KYC (Know Your Customer) regulations are in place to prevent money laundering and other illegal activities. By verifying users' identities, exchanges can ensure compliance with these regulations and maintain a secure and trustworthy platform.
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• Kuzey inanDec 02, 2024 · 7 months ago
  In most cases, cryptocurrency exchanges require KYC verification when users reach a certain threshold of trading volume or when they want to access advanced features like margin trading. This is done to prevent fraud and protect users' funds. KYC verification helps exchanges verify the identity of their users and establish a level of trust between the exchange and the user.
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• Om Prakash PrajapatAug 26, 2020 · 5 years ago
  At BYDFi, a leading cryptocurrency exchange, KYC verification is required for all users before they can start trading. This is to ensure the security and integrity of the platform. KYC verification helps BYDFi comply with regulatory requirements and prevent unauthorized access to user accounts. It's a necessary step to protect users' funds and maintain a safe trading environment.
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