Cryptocurrency is a wonderful new technology that takes our interaction with money to the whole new level. Blockchain technologies capture much attention from a range of investors, companies, banks, and offers massive potential for a range of industries. Being at its early days, however, crypto becomes an easy means for fraudulent activities, such as running fake ICO projects, hacking traders’ accounts and stealing money, and traffic on the darknet.
Legislators all over the world are concerned at these issues and require cryptocurrency services to implement KYC that stands for Know Your Customer procedure and aims to reveal the real customer identity.
Here at Changelly, we know how crucial transparency and anonymity are in the crypto world. We try to strike a balance between providing a smooth and flexible exchange process for everyone and following the regulations that in some cases may put strict limitations on crypto.
Hence, we prepared this handy guide to show what actually happens when Changelly user falls within the KYC procedure so that you are able to see that there’s nothing inconvenient about this process.