KYC - know your customer - is the identity check a platform runs before you can trade: a document, a selfie, sometimes more. Many people see it as friction. On a P2P market it is closer to a seatbelt.
On P2P you pay a real person and receive from a real person. Verified identities are what make that workable: they give the other side a name to match against the bank transfer, they give the platform a way to resolve disputes, and they make fraud much easier to trace. When a counterparty refuses the verification an ad asks for, that is information. Honest buyers finish it once and move on.
💬 Does a verification step make you trust a P2P ad more, or less?
Binance Academy covers this in more depth: https://www.binance.com/en/academy/glossary/know-your-customer
Next lesson: AML: the rules behind the questions you get asked
Trading crypto from Dubai since 2019.
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