BasicCrypto1 min
KYC (Know Your Customer) is a check of a customer’s identity by a bank, exchange or payment service: documents, a selfie and sometimes proof of the source of funds.
In plain words
The Ukrainian financial monitoring law calls this “due diligence”: identifying and verifying the customer, establishing the ultimate owner, understanding the purpose of the relationship and ongoing monitoring of transactions. Without KYC a service may refuse to open an account or limit what you can do. Give documents only through the official website or app: phishing “verifications” often steal passport data.
Sources
- Law of Ukraine “On Prevention and Counteraction to Legalisation (Laundering) of Proceeds from Crime, Terrorist Financing and Financing of Proliferation of Weapons of Mass Destruction” No. 361-IX of 6 December 2019 — Art. 1 (item 34), Art. 11 (version of 26 June 2026). Checked 14.10.2026.
Example. An exchange asks you to upload a photo of your passport or ID card and take a selfie with the document. After the check, higher withdrawal limits open up.