KYC or the abbreviation for Know Your Customer has become a general requirement that must be met by financial service providers. Because if we want to create a financial service account such as a bank, e-wallet, etc., there must be a data check first, and this must be done so that the financial service provider knows the customer. So apart from being a customer identifier, the main purpose of KYC is to help fight money laundering, terrorism financing, fraud, illegal fund transfers, etc.

Well, KYC has also become commonplace in the crypto world, even though crypto has been known since its inception as a decentralized and anonymous system. But because crypto is often used as a forum for crime, every exchange requires users to carry out KYC.

That's why crypto exchanges like Binance require their users to carry out KYC. The aim is the same as financial services in general. Binance must also know its customers to protect their assets. Indeed, we can open a Binance account without completing the KYC process, but its functionality is definitely limited, and we cannot trade cryptocurrencies. By completing the KYC process we can trade, withdraw, transfer, etc. more safely and can access all products and services on Binance.