Do I need to upload KYC to buy cryptocurrency?

Modified on Thu, 21 Jul 2022 at 06:43 PM

To create a trading account, it is mandatory to submit both PAN (Tax identity card) and the Aadhaar number (Identity card) along with bank account details.

Like other financial institutions, major cryptocurrency exchanges around the world make KYC verification mandatory for uninterrupted access to their services. 

What is KYC?

KYC is an acronym for "know your customer," but it could also stand for "know your customer." Refers to a mandatory verification of a customer's identity, usually by a financial institution.

Clients are usually required to submit KYC details during account opening and sometimes when there has been a change in information. For example, if you officially change your name a few months after creating your account, you will be prompted to update your KYC information.

If you do not complete the KYC process, you may not be able to access all the features on a cryptocurrency exchange. For example, BuyUcoin allows customers to create accounts, use basic features, and perform limited transactions without submitting KYC information. To gain full access and increase deposit and withdrawal limits, clients will need to complete KYC verification.

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