As cryptocurrencies are gaining popularity in the world and becoming a great option to invest for traders and investors. There are many centralized or decentralized exchanges emerging in the crypto market with the aim to provide a better, fast, more secure, and wide range of services. One such exchange is the Gemini exchange, a most popular crypto exchange that allows its investors or traders to purchase, sell, trade, and store various cryptocurrencies. It was initially founded in June 2013 by two men: Tyler Winklevoss and Cameron Winklevoss. Later, it was publicly established on 2015, October 25.
In our further content, we will cover some topics such as the importance of KYC in Gemini Exchange and steps that will help you to verify your Gemini account.
What does KYC mean in the Crypto exchange platform?
KYC stands for “Know Your Customer”, a process that requires users to provide their personal information and identity documents to verify their identity. It is the first stage of AML (anti-money laundering) due diligence. As we can see, cryptocurrencies are gaining so much popularity in the world of finance and are cryptographically secured on the blockchain network. The transactions of digital assets that occur between users or traders are normally anonymous (unidentified) and instant. Due to these anonymous transactions criminals or hackers get the opportunity to evade conventional AML/CFT controls. KYC prevents its users from fraud, identity theft, and money laundering activities or scam.
Significance of KYC in Gemini Exchange:
The KYC verification process plays a crucial role in Gemini Exchange for both financial institutions and its users, as it works with AML (anti-money laundering) regulations. To access and enjoy the features of the exchange users have to complete the KYC verification process, which includes submitting a national ID card, passport, and driving license. This process provides safety to its users' funds, helps to identify, and improve security, protect institutional integrity, and prevents them from fraud, identity theft, and money laundering activities or scam. The KYC verification process also builds trust for its users to choose the exchange. It also helps to replace outdated verification systems, performs necessary services such as screening and registering new users of the platform, and makes sure that high-profile transactions are fully flexible.
Steps to Verify Your Gemini Account:
We have mentioned below an easy step-by-step guide that will definitely help you in verifying your Gemini account.
Step 1: First of all, open your preferred web browser on your computer or laptop and then go to Gemini Exchange official website.
Step 2: Now, click on the three horizontal lines icon, located at the top right corner of your screen, and then sign in to your account by entering your registered email address and password. If you don’t have an account then you can also create a new one by clicking on the “Create a New Account” option, located at the top right corner of your screen.
Step 3: Once you are logged in to your account, you just have to click on the “My Account” Tab and then select the “Verify your Identity” option.
Step 4: Now you have to follow the on-screen instructions, and submit the required documents to finish the process.
Note: The process of verification on Gemini Exchange is simple and straightforward but sometimes it can take 2-5 working days. After your verification on the Gemini account, you can fully enjoy or avail of its services in your account.
Conclusion:
In our above content, we have covered some topics such as an introduction to Gemini Exchange, what is KYC, and the importance of KYC in Gemini. Along with that, we have mentioned an easy step-by-step guide that will help you in the verification process of your account on Gemini.