Account Verification (KYC)
KYC or Know Your Customer is a thorough process of verifying a customer's identity when opening an account.
Identifying every customer that opens an account on LYOPAY improves transparency and trust in our community. Moreover, KYC avoids the risk of illegal activities such as identity theft, money laundering, fraud, and other scams.
LYOPAY needs to make sure that you are who you say you are, and you can count on the security protocol to make your experience safer.
We follow strict global standards with each of our clients by investor profiling (KYC) and money laundering prevention (AML), but to make users feel more secure they can review and adjust their security settings and view the recommendations.
In 2010, there were only a few hundred cryptocurrency exchanges in the market. By 2018, there were more than 1,000 exchanges worldwide. Now in 2021, there are only around 400 exchanges in the world. During this short period of 2018–2021, numerous exchanges were closed due to their non-compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards as governments cracked down on money laundering activities.
LYOPAY takes KYC and AML compliances very seriously and we are proud to say that we are 100%, fully compliant. Our approach to conducting business is to always work within the framework of the law. Not only does this protect us from any future litigations, but it also ensures that the money of our customers is safe with us.