What is Know Your Customer (KYC)
Know Your Customer (KYC) is an implementation for organizations in the crypto and financial sector seeking to comply with Anti-Money Laundering (AML) requirements and standards. KYC processes are mandatory for investment platforms as they ensure compliance with federal regulations and laws. Whether it’s a bank or cryptocurrency exchange, KYC is in every area of the financial world.
- Starting April 14, 2022, new users will be required to complete the KYC process to get full access to Midas, including cryptocurrency deposits, swaps, and earning rewards.
- Already registered users will be required to complete KYC by April 28, 2022. Users who haven’t passed the verification by this day will have the ability to only withdraw from the platform.
Once the verification is completed, full access will be restored.
Why am I being asked to go through Identity Verification?
As a regulated financial services company, Midas is required to identify the users on our platform to comply with AML laws and to protect from potential fraudulent activity.
Is it secure to share my data?
Yes. You can get more info from KYC provider here: https://help.sumsub.com/faq/sumsub-compliance-and-data-protection-policy