Know-your-customer are the requirement that crypto exchanges establish to acquire insight about a person during or after the onboarding process to become the company’s customer.
There are different approaches taken by crypto exchanges when it comes to its KYC implementation.
Some exchanges request immediate identity verification while others don’t but limit access to some crucial features.
Three major components form the KYC: the customer identification program (CIP), customer due diligence (CDD), and continuous monitoring.