|KYC stands for "Know Your Customer," and is an essential procedure for every organization that provides financial services. KYC is crucial for preventing money laundering and unscrupulous actors from utilizing the optional financial offerings.|
|Divi Labs' in-house offerings are entirely self-custodial, and many features are KYC-free. Divi Labs' in-house offerings are entirely self-custodial, and many features are KYC-free. However, the banking solutions we offer are passed through to financial organizations that may require them. Completing KYC is usually needed when using your bank account, credit card, or other traditional non-blockchain financial services. Divi Labs does not store your details and has a strictly hands-off philosophy regarding KYC.|
|Like traditional banks or exchanges, you must prove who you are and prevent others from maliciously using your identity|
The KYC procedure prevents attempts to conduct financial crimes or other illicit acts. Financial platforms are obligated by law to gather this data from their consumers to prevent committing these sorts of financial crimes.
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