Stands for “Know Your Customer” and refers to provisions of US regulation related to financial services institutions, including banks, brokerage firms, and cryptocurrency marketplaces. In order to be KYC compliant, these entities must verify the identity, address, and financial history of their customers or else they are in violation of US law. Many non-US cryptocurrency and blockchain companies have stated they will not do business with US customers since they are not interested in gathering KYC information. In some cases, these non-KYC entities will geo-block their websites and dApps so that only non-US visitors can access their product and service offerings.
NFT Term
Know Your Customer (KYC)
Definition of Know Your Customer (KYC) from the NFTguild.com glossary.
