Why do exchanges require identity verification?
On July 18, 2025, the United States signed the GENIUS Act, requiring payment stablecoins to be backed 1:1 by assets such as cash and short-term Treasury bills. Its main provisions take effect no later than January 2027.
KYC stands for “Know Your Customer.” It refers to the process by which a platform confirms a customer’s real identity and is the foundation of anti-money laundering compliance.
When managing your funds, remember one key point: stay away from services that claim they can “bypass identity verification” or “complete verification on your behalf.” These practices could result in your account being frozen or even your assets being lost.
$BTC 66674.01 (-3.39%)
On July 18, 2025, the United States signed the GENIUS Act, requiring payment stablecoins to be backed 1:1 by assets such as cash and short-term Treasury bills. Its main provisions take effect no later than January 2027.
KYC stands for “Know Your Customer.” It refers to the process by which a platform confirms a customer’s real identity and is the foundation of anti-money laundering compliance.
When managing your funds, remember one key point: stay away from services that claim they can “bypass identity verification” or “complete verification on your behalf.” These practices could result in your account being frozen or even your assets being lost.
$BTC 66674.01 (-3.39%)