Understanding KYC In Crypto: How To Complete KYC On BTCC

Over the past years, as cryptocurrencies have witnessed growing popularity and growing adoption, more and more savvy investors are shifting their focus to crypto trading. Generally, traders buy or sell cryptos through a crypto exchange. To protect users’ asset security, most crypto exchanges require users to complete Know Your Customer (KYC) process when they register.

BTCC, one of the longest-serving crypto exchange in the world, enjoys a good reputation in terms of security, reporting zero security accident since its inception. Notably, BTCC implements compulsory know-your-customer (KYC) process. In this article, we will provide detail guidance on how to complete KYC on BTCC, thus making sure users to set a good and safe start on their crypto trading journey.

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Table of Contents

What is KYC in Crypto?

Why is KYC Important in Crypto?

How to Complete KYC On BTCC?

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What is KYC in Crypto?

KYC (Know Your Customer), refers to the series of processes that financial institutions, banks, exchanges, etc., must undertake to verify a customer’s identity to assess the risk they pose properly. When financial institutions provide services, they must understand the purpose of customer registration and conduct KYC (Know Your Customer) procedures. By requiring customers to provide identification documents or other supporting documents for real-name authentication, financial institutions can confirm whether the identity background of customers is legitimate, and also help establish risk management systems.

For crypto exchanges, conducting KYC is crucial to provide users with a safe a secure trading environment, ensuring the security of our users’ accounts. The process generally involves the crypto exchange obtaining customer information such as: Name, date of birth, national ID (passport, driver’s license, National Identity Number or other government-approved IDs) and address.

Why is KYC Important in Crypto?

In recent years, there have been frequent fraud and theft accidents in cryptocurrency trading, as well as illegal activities such as fundraising, money laundering and drug trafficking using cryptocurrency, so KYC has gradually become a rule that cryptocurrency exchanges must implement under the promotion of governments and financial regulators.

KYC in the crypto industry is extremely important for preventing criminal activities such as money laundering and terrorist financing and to protect users from being exploited. Individuals using a crypto platforms requiring KYC processes can be confident that they are transacting with other legitimate users and not bad actors.

Without KYC, cryptocurrency exchanges will face potential fraud and scams because there is no process to screen customers with criminal intent. This is one of the key reasons why several countries have passed regulations requiring KYC due diligence as part of anti-money laundering (AML) and counter-terrorism financing measures for crypto exchanges.

However, depending on the regulatory authorities KYC requirements for crypto exchanges may vary from jurisdiction to jurisdiction. After collecting this information, cryptocurrency exchanges use authentication solutions to verify the identity of their customers. This process ensures that VASP is fully aware of who the customer is and also spots criminals looking to leverage their platform for financial crimes.

How to Complete KYC On BTCC?

On BTCC, users are strongly recommended to complete KYC to ensure a safe trading  environment. At present, BTCC’s KYC process includes two levels: identity document verification and facial verification. Notably, users must finish the identity document verification first before proceeding to the facial verification.

Next, we will provide a step-by-step guide for how to complete KYC on BTCC exchange.

Step 1: go to the  BTCC official homepage and log in to your BTCC account. If you do not have an account, you need to register first.

Step 2: after registration, click on the profile icon on the right side of the navigation bar, then click on Identity verification page.

Step 3: tap Start verification in Identity document part to begin the verification process.

Step 4: Select your current residence countries, then tap Continue and select the document issuing country as well as the document type. Then take a picture of the document and upload it.

Step 5: after uploading the picture, tap Got it to return to the Account Settings page. During the verification process, the identity verification status will be shown as ‘Verifying ID’. Please wait while the system processes the verification.

When the status updates to ‘Facial Verification Not Completed,’ it indicates that your identity document verification process has been successfully completed. By tapping on ‘Identity Verification,’ you will gain access to view all the privileges available to you at the identity document verified level.

Facial Verification

After you have completed the identity document verification, you may continue to begin the facial verification process.

Step 1: tap Identity Verification on the Account Settings page. Then scroll down to the bottom, and you will see the part on Facial Verification. Tap Unverified to proceed with the facial verification.

Step 2: On the facial verification page, tap Continue and take a selfie. Please make sure that you position your face within the frame and follow the instructions.

Step 3: After capturing a selfie, you will see that your photograph is undergoing verification, a process that will take only a matter of seconds to finalize. Kindly tap ‘Got it‘ to revert back to your Account Settings page. Throughout the facial verification procedure, the status will be displayed as ‘Facial Verification in Progress‘.

Step 4: Once the status updates to ‘Verified’, it means you have completed all verification processes. Tap Identity Verification, and you will be able to see the benefits of a fully verified account.

That is all the information and guidance about how to complete KYC process on BTCC. If you are interested, start your crypto trading journey by starting from finishing KYC process on BTCC!

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