LIVE--・1.7k views
Crypto speak: KYC
Short for “Know Your Customer,” KYC is a verification process businesses conduct to identify their customers and clients.
Most CEXs require users to complete KYC verification to identify the user and comply with regional laws, which also makes the platforms safer.
The process only takes a few minutes, with the CEX requesting a photo ID and a selfie.
Meanwhile, one of the biggest advantages of DEXs is the lack of KYC requirements.
Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.