Short for 'know your customer'. Oftenly used in trading websites to avoid scams by making users send a Photo of their ID, of their Phone bill or something similar.
by cyberll December 8, 2020
The IRS would define KYC, or Know-Your-Customer, as the applicable laws, regulations, rules, and administrative practices and procedures governing the requirements of financial institutions (e.g., Coinbase) to obtain documentation confirming the identity of account holders. However, in the Bitcoin space, KYC is often used more generally and refers to ANY time an entity asks a user for information which does not necessarily confirm the users identity but requires the information before the user can sign-up and utilize the entities services, such as name, phone number, email, and payment methods, such as a debit card.
My VPN is KYC at the moment. I used my real name, phone number, email, and payed with my debit card. Next time, I will use Mullvad VPN, which doesn't require any KYC and accepts bitcoin as payment so I don't have to use my bank associated debit card.
by 7erkcxtwug February 20, 2022