KYC, or “Know Your Customer,” is a process used in Xbitu to verify the identity of users. This step is crucial to comply with regulatory requirements and ensure the security and integrity of the platform.
When a user creates an account on Xbitu, they are required to provide certain personal information and documentation to confirm their identity. This information may include:
• Full legal name
• Date of birth
• Residential address
• Nationality
• Government-issued identification (e.g., passport, driver’s license, national ID)
• Proof of address (e.g., utility bills, bank statements)
* Proof of address is required as an additional document only when issuing Xbitu card.
The goal of KYC is to prevent identity theft, fraud, money laundering, and other illicit activities. It helps Xbitu ensure its services are not misused and that the platform adheres to relevant anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
The identity verification process on Xbitu is fully automated and typically takes just a few minutes to complete. However, in certain cases, additional Know Your Customer (KYC) checks may be required. All submitted information is securely encrypted and stored solely for verification purposes.
It’s essential for users to provide accurate and up-to-date information during the KYC process. Failure to complete KYC may limit account functionality or restrict access to certain Xbitu services. Additionally, Xbitu may periodically review and update KYC information to maintain compliance and security standards.