OTC operators, as with other types of exchanges, must conduct know-your-customer (KYC) procedures. This allows us to conform to anti-money laundering guidelines for new accounts. This means collecting data and documents from the applicant, including a valid proof of ID and valid proof of address.
This has two main benefits. Firstly, it assures the public that the OTC is running legitimately and in a proper manner. It also plays a role in protecting the OTC from investigation by governments and financial authorities seeking to detect and prohibit fraudulent transactions.
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