Benefits of Crypto KYC?Implementing KYC standards, WOWMAX and it users benefit significantly from regulatory compliance for the reasons listed below:
Reduced legal risk:
As legal requirements evolve, having KYC processes allows us to stay ahead of the curve. We can focus on increasing conversion rates, expediting transactions, and assuring compliant transactions. Moreover, by proving KYC due diligence, the WOWMAX team can reduce legal and regulatory risks, and avoid unfair lawsuits.
Increased transparency and trust among customers:
Verifying WOW user identities benefits transparency and customer trust. We want our users to feel confident that their cryptocurrency exchange is taking proactive and preventive measures to protect them.
Increased market stability:
The cryptocurrency market is notoriously volatile due to anonymous transactions that may be suspicious. KYC programs that feature increased identity verification contribute to the market’s overall stability and value growth.
How does the crypto KYC process look?Public Sale participants must take the following steps:
Collect their customer’s personally identifiable information (PII), including their full name, place, date of birth, and address.
Compare this information to their official government-issued identification, such as a passport or state-issued driver’s license, and proof of residence, such as a utility bill.
Verify the customer’s identity against official databases that contain information on Politically Exposed Persons (PEP) and Sanctioned individuals
If everything checks out, the customer is permitted to engage in certain activities on the exchange.
Our fundamental organizational principles are transparency, trust, and security. As a licensed service, compliance and self-regulation are critical to protecting both our users and our company. We work in a dynamic and rapidly changing sector, and KYC must keep up with rapid progress while never sacrificing service quality. We are able to do so because WOWMAX works and collaborates with a reputable partner, Sumsub.
Sumsub guardedly collects information and provides a high level of data privacy security. In any case, relationships with this provider will always be subject to the guarantees required by data protection regulations, guaranteeing in all cases the security and confidentiality of the process, as well as sufficient protection when processing customer data.
“Don't be afraid to use the KYC verification to purchase $DEFI !”