KYC stands for Know Your Customer. It's a regulatory process that requires financial institutions (including crypto exchanges like mb.io) to verify the identity of their users.
Why KYC exists:
Prevent fraud: Ensures that users are who they say they are
Combat money laundering: Stops criminals from using the platform for illegal activity
Counter terrorism financing: Prevents funds from being used to support terrorism
Regulatory compliance: Required by ASIC, VARA, and international financial regulations