Identity Verification (KYC)

What is KYC?

KYC stands for Know Your Customer. It’s a standard procedure used by banks, exchanges, and any companies working with private money to verify a customer’s identity and the legitimacy of their activity.

Before a financial transaction can be processed, KYC checks three key points:

Identity — who is making the transaction?
Legality — on what basis is the transaction carried out?
Purpose and risks — what is the nature of the transaction and what risks may be involved?

KYC is considered complete only when the organization receives clear answers to all three questions.

To pass verification, you should provide documents that confirm their identity and basic information. For more information, please check How to pass Identity Verification (KYC).

What is the main purpose of KYC?

First of all, KYC is aimed at protecting financial institutions from illegal and fraudulent use of the services they provide. In particular, this applies to money laundering and terrorist financing.

KYC ensures that sufficient information about the client is received, which helps to make an objective decision about a problem-free cooperation.

Why do I need to go through KYC?

GoMining holders must go through KYC to protect their addresses and transactions from illegal and fraudulent activities

Also, identity verification is required for several actions in your GoMining personal account:

Withdraw GOMINING tokens
Unlock more BTC withdrawal options
Mint, sell, and withdraw miners
Access all GoMining Launchpad projects