What is KYC How to verify your identity -KYC- on OKX ⚡️ Hamster Academy

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00:00Hey hamsters, you might have heard about KYC, or know your customer, or even gone through
00:08a KYC process yourself, but why do exchangers introduce them, and why is it important?
00:18Imagine a big hamster community where all the hamsters love running on wheels.
00:23In this world, running on a wheel is like trading or investing in cryptocurrencies.
00:28But there is a catch, some hamsters are sneaky and want to cause trouble, or they want to
00:33sneak into other hamster wheels and steal seeds, just like bad actors in the crypto
00:39world trying to do fraud or launder money.
00:42This is where KYC comes in.
00:43KYC, or know your customer, is a security procedure where a hamster fills out the necessary
00:49information about themselves to see if they are a fit for the platform.
00:54KYC is introduced to comply with anti-money laundering laws.
00:58Anti-money laundering laws are regulations and procedures aimed at uncovering illegal
01:03income.
01:04Centralized exchanges in the crypto world are regulated platforms, and they have to
01:08comply with the laws in the countries they operate in.
01:12Let's see how it works using the OKEx exchange to understand it better.
01:16So before a hamster is allowed to use the fancy wheels of a centralized exchange, they
01:20have to go through a KYC process.
01:23This means they have to provide answers to a couple of questions, their hamster ID or
01:28driver's license, proof they are a real hamster, selfie time, sometimes answer questions about
01:34their seed-gathering habits, address, date of birth, and, at times, financial background.
01:40This process ensures that only known, legitimate hamsters with no dirty crypto are participating
01:46in trading and other activities.
01:51Once they pass, they get a special approval stamp to use the wheel, a verified account.
01:57Usually passing KYC not only means you are a real hamster, but it also gives you additional
02:02benefits a non-verified account doesn't have, like increased limits on withdrawing your
02:08assets, P2P trading, and many more.
02:12What else?
02:13KYC ensures that the funds operated on the platform are clean, i.e. not previously involved
02:20in illegal activities.
02:21In some countries, these assets can be used as proof of profit income for your government.
02:27The platform protects their hamsters from financial fraud.
02:30As you might have seen, it's a pretty easy process, and it takes a couple of minutes
02:34to go through.
02:36Just make sure that you have all the info ready, all the photos and selfies are clear,
02:41and the process of the verification won't take long.
02:45Stay tuned for more videos on how to interact with exchanges as we are getting closer to
02:50our TGE and Airdrop!
02:57Oh, and our OKEx referral link is in the description below.
03:02That's all for today!
03:04Thanks for watching, subscribe and remember, hamsters are power!
03:08One for all and all for one!
03:09See you tomorrow!