What does KYC look like at Binance, and why is it so important? Read about it in detail in our blog 👇
. However, KYC may vary depending on the user's region of residence. For example, some countries require Tier 2 KYC verification checks, such as proof of address or other jurisdiction-specific requirements, before the user can access any crypto service.. For example, any Binance user who wants to increase their withdrawal limit above Tier 2 must declare their source of funds.
KuCoin's tier one verification gives 20x leverage on futures in exchange for basic identity verification. Similar to KuKoin, Bybit also eschews what is considered sound KYC practice by allowing users to trade and withdraw a significant 2 BTC worth of crypto a day with only an email address for verification.
Bybit adopts a similar strategy to KuCoin, but has been seen as willing to negotiate with local regulators in certain countries, including a willingness to pay some fines.The data on this table was pulled from competitors' publicly available information on their KYC limits and requirements, as of this writing .
A strict KYC policy imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.
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