KYC (Know Your Customer)

KYC (Know Your Customer) is an identity verification process required by regulated financial services and cryptocurrency exchanges. Users must submit government-issued ID documents and, in many cases, proof of address to verify their identity before accessing full platform features.

Why KYC exists

KYC is mandated by law in most countries under AML (Anti-Money Laundering) and CFT (Counter-Financing of Terrorism) regulations. Financial service providers — including many crypto exchanges — are required to verify who their customers are.

Typical KYC requirements

• Government-issued photo ID (passport, national ID card, driver's licence)
• Selfie with ID or liveness check
• Proof of address (utility bill, bank statement)
• In some cases: source of funds declaration

Relevance to miners

Miners typically receive payouts directly to a wallet address — no KYC is required by mining pools. However, when converting mined coins to fiat or trading on a centralized exchange, KYC is usually required:

• Selling BTC, ETH, or other coins on a CEX requires a verified account
• Withdrawal limits are often much lower for unverified accounts
• Some miners prefer decentralized exchanges (DEX) or peer-to-peer platforms to avoid KYC

See also

• Exchange
• Digital asset