Why is KYC Important?

Companies similar to Quadency integrate KYC regulations for many reasons, affecting both investors and their favorite blockchain-based businesses.

Benefits of KYC for crypto investors

Thanks to the AML regulations, KYC procedures help secure users accounts to prevent malicious or unauthorized access as:

• KYC verifies who you are so that bots and scammers do not pervade a financial platform or token sale.
• Complying with AML/KYC regulations means your favorite financial platforms can continue to grow and improve and not get bogged down in regulatory scrutiny.

In addition to the benefits from the user-side, KYC verification also protects crypto platforms and exchanges:

• KYC becomes a part of their risk mitigation strategy.
• Keeps bad actors away.
• Adds an additional element in platform security.
• Helps to retain users’ trust.
• Keeps them compliant with government regulations.
• Expands their capability to attract investors.

What is KYC for Crypto - How Does it Work?

Since 2013, regulators have included cryptocurrency transactions under the umbrella of AML regulations and KYC directives. Regulations are essentially the same for crypto exchanges and banks.

The basic premise is that for any customer, the larger the activity in size and volume, the more documentation they will have to provide to verify who they are.

Learn how Quadency prioritizes security for all users, including through KYC procedures: Is Quadency Secure?

What do I get for going through KYC verification?

KYC enables you to explore the exciting world of digital asset applications, platforms, and exchanges.

Crypto-based KYC falls on a spectrum depending on the level of services you want to receive:

• A decentralized exchange (DEX) may require zero KYC.
• Some crypto exchanges and platforms, such as Coinbase, will let you deposit and store cryptocurrencies with only a name and email address.
• For certain services you have to submit full KYC, such as:
• Cashing out crypto
• Investing in a token sale
• Getting higher transaction limits

What Does Crypto KYC Verification Look Like?

Generally, when you onboard to a new crypto exchange or platform, it is very similar to when you open up a new bank account, except it’s an entirely digital process. You’ll be asked to provide information in order to set up your account, for example:

• Your name, phone number or email address
• Your Social Security or Tax I.D. number.
• Verifying documents such as government-issued I.D. or passport.

For higher transaction limits, the ability to withdraw to your bank, or to participate in a token sale, verification may require:

• Video of yourself stating your name, today’s date, etc.
• Photo of you holding your license or passport.
• Proof of residency, such as utility bill or bank statement.
• Biometric verification.
• Financial information, such as net worth.

KYC Now for QUAD Token Pre-Sale & Airdrop

To protect Quadency users we have put in place KYC procedures to weed out bots and scammers to ensure that only verified good actor investors may participate.

You can now already get whitelisted to access the QUAD token pre-sale and airdrop.

Being verified does not guarantee a spot in the token sale. It is run on a 1st come, 1st served basis. So make sure to connect early on December 6th to purchase your QUADs at an exclusive discount!

The KYC process is instrumental in making sure that genuine investors can participate safely.

Conclusion

KYC regulations help crypto-based companies like Quadency stay compliant, offer better security for their users, and help stop financial crimes. Quadency will always put the security of its users, their data, and their assets front and center. A big part of that will include full compliance with existing and future KYC regulations.

‍