Frequently asked question: why is it advisable to pass KYC on the platform?

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23.03.2021
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IQeon KYC

We continue to answer frequently asked questions from users. Today we will tell you why platform players need to go through the KYC procedure.

Security, whether financial, legal or customer-related, is a priority for any organization. And KYC or Know Your Customer procedure is exactly the kind of practice that can provide it.

It is designed to help companies better understand their customers and monitor the risks of their transactions. Due to that, in January 2020 IQeon team began implementing a security procedure.

Let's recall what it is

Know Your Customer (KYC) is a procedure aimed at obtaining some data about the company’s customers. Its main goal is to monitor the security of financial transactions, reduce risks, prevent illegal actions, and also help to understand the users of the platform.

Compliance with KYC shows that a business is ready to take on social responsibility, fight fraud and operate within the international legal framework.

Why go through KYC on our platform?

Passing the KYC procedure is not a requirement to log in or withdraw IQN digital assets from the gaming platform. The user only needs to go through a partial identification procedure if our team receives a signal about the potentially illegal or high-risk activity.

Let’s take a chain of suspicious transactions from one account as an example. In this case, the player will be asked to confirm that he/she has reached the age of required legal capacity or is in a permitted jurisdiction.

KYC procedure guarantees the platform's reliability, transparency and security. It requires a minimum of time, but at the same time provides additional protection for users, their assets, and the project's reputation, as well as IQeon team compliance with the main international requirements for combating criminal activity.

Stay with us and follow the news in the official IQeon Telegram community – there are many answers to interesting questions ahead!

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