KYC (Know Your Customer)
Identity verification that exchanges require before withdrawing funds.
KYC (Know Your Customer) is a regulatory requirement for financial institutions, including crypto exchanges, to verify the identity of their users. The goal is to prevent money laundering and terrorism financing.
What KYC typically requires:
•Copy of ID card, passport, or driver's license
•Selfie with document
•Sometimes proof of address (utility/phone bill)
On Binance and OKX, KYC is needed for:
•Withdrawing cryptocurrencies
•P2P trading
•Higher transaction limits
Without KYC you can deposit and trade, but not withdraw above a certain limit.