KYC stands for Know Your Customer – a regulatory requirement that obliges financial and crypto service providers to verify the identity of their clients. It's a key part of anti-money laundering (AML) laws and helps prevent illegal activities like fraud, terrorism financing, and tax evasion.
KYC is mandatory for licensed crypto platforms in most jurisdictions, including the European Union and Liechtenstein. That means if you're using a regulated provider like Floin, you’ll be asked to verify your identity before using most services.
Why does KYC matter?
- Preventing abuse: Criminals use anonymous wallets and exchanges to launder money. KYC blocks that path.
- Protecting users: Identity checks help prevent impersonation and account takeovers.
- Building trust: Regulated platforms that follow KYC rules are more secure and compliant with international law.
- Required by law: MiCA, the TVTG, and most AML frameworks require strict KYC policies.
What information is typically required?
- Full name and date of birth
- Government-issued ID (passport or ID card)
- Proof of address (utility bill or bank statement)
- Sometimes a selfie or video verification
For business accounts, additional documentation such as company registration and beneficial owner data may be required.
Is KYC safe?
Yes – as long as the provider is regulated and stores data securely. At Floin, all KYC data is encrypted, handled under GDPR standards, and only shared with authorities when legally required.
Floin Insight
As a fully licensed platform in Liechtenstein, Floin strictly adheres to KYC obligations under both EU and national law. Our seamless KYC process ensures compliance without sacrificing usability — making crypto secure and accessible for everyone.
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