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KYC
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What is KYC? And why do crypto exchanges in Saudi Arabia need KYC?
Written by: Dr. Zayed Al-Hamri
What is KYC? And Why Do Crypto Exchanges in Saudi Arabia Need KYC?
Know Your Customer is an abbreviation for Know Your Customer, a procedure followed by financial institutions and trading companies to verify the identity of their customers before allowing them to open accounts or use certain services. KYC aims to ensure that customers’ personal information is correct and up-to-date and that the customer does not pose a security threat. In the cryptocurrency exchange sector, KYC is an essential part of regulatory compliance and is considered an important standard for enhancing trust and security between users and the platform.
Know Your Customer is an abbreviation for Know Your Customer, a procedure followed by financial institutions and trading companies to verify the identity of their customers before allowing them to open accounts or use certain services. KYC aims to ensure that customers’ personal information is correct and up-to-date and that the customer does not pose a security threat. In the cryptocurrency exchange sector, KYC is an essential part of regulatory compliance and is considered an important standard for enhancing trust and security between users and the platform.
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