What is KYC and why it is a good thing for you

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What is KYC and why is it a good thing for you

When you hear about KYC – Know Your Customer, you might associate the process with providing proof of identity and proof of residence. When it comes to cryptocurrencies, a new financial innovation allowing people to bypass traditional agents such as banks and remittance agents, it is important to have a good set of rules in place in order to protect people from scammers and criminals. Read on to know more about KYC and how it is one of the most important security features for you.

What is KYC?

KYC means Know Your Customer, it is the process of identity verification performed by businesses on its customers. KYC is typically done before the client is onboarded to the company. Almost all types of financial institutions such as banks, credit providers, insurance companies, stock brokers, etc.. are required to perform KYC on their customers.

As disruptive as cryptocurrency is, at Bitprive we strive to provide the safest trading environment for our customers. Therefore, we have invested a lot of attention and resources in KYC, making sure our customers are not involved with illicit businesses and harming our law abiding clients.

How does KYC work on Bitprive?

Bitprive is a fully compliant peer-to-peer crypto exchange headquartered in Delaware, USA. We have a full Anti-Money Laundering (AML) program in place and we are providing our clients with a fully automated and smart KYC process with the help of external service providers.

Among many KYC providers, we chose an extremely established and secure provider that uses artificial intelligence with machine learning and human quality assurance to detect any fraudulent documentation. For example, when a new user submits a selfie and photo of their ID, our KYC provider will use 3D biometrics to ensure that the selfie matches the actual ID that has been submitted. And it doesn’t matter where that user is; Bitprive allows customer verification from every corner of the world and across various types of devices.

What does it mean to you? 

If a client wants to join Bitprive but is flagged by our compliance department for suspiciousness, we will not only immediately reject the account opening but will also prevent such user to join Bitprive indefinitely. With our KYC system in place, transactions are much more legitimate, traceable and transparent. Now our verified users can trade exclusively with other verified users with a much lower risk of fraud.

KYC is a comprehensive check of a user’s background. When you sign up for Bitprive, we use our KYC system to verify the validity of your name, selfie, ID, and your address. You can easily see if a vendor is verified on their user profile. Doing so greatly establishes credibility for our customers, and makes it easy for you to identify which vendors are trustworthy to transact with.

It’s all for more security

At Bitprive, our compliance team is tirelessly trying to protect our honest and legitimate clients by reducing the risk exposures associated with people who are flagged. Having that said, our KYC process is very streamlined and the average time required to complete the whole process is a few minutes.

If you haven’t already, join us now and start your crypto journey to success!

Disclaimer: The content herein is not, and is not intended to be, legal, financial, investment, or other advice.

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About Bitprive (BPVE)

Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.

Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.

At Bitprive, we value security and efficacy.

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