KYC stands for Know Your Customer. Here we ask you for a few details like your relevant identity documents to know you better.
1. It is a means through which we ensure that every individual on our platform is a genuine user. And this enables us to identify and verify every user to protect the interest of our entire user base.
2. This is mainly done to prevent money laundering instances, frauds, and criminal activities. KYC is another name for such background checks.