KYC (“Know Your Customer”) is the process by which a business identifies and verifies a customer’s identity. By law, KYC is required of certain businesses—such as banks, financial services, exchanges, custodial account services, etc.—in order to comply with anti-money laundering (AML) regulations.
For example, in order to connect a custodial account to your Brave Rewards profile, your custodial account needs to have completed KYC (ID-verification).
Why do I need to KYC?
KYC or ID-verification is required to enable and use Brave Rewards. A user must complete KYC verification to access the following:
- Earning/Accruing: To begin earning and accruing BAT for Brave Ads, you will need to connect a custodial account.
- Withdrawals: If the user would like to withdraw BAT from the platform (e.g., to an external Ethereum address or a service that permits such a function, including exchanging BAT).
- Deposits of external BAT: If the user would like to deposit additional BAT to be used inside the Brave Rewards ecosystem (for example, depositing externally-sourced BAT to tip to creators in the Brave Rewards ecosystem)
Doesn’t forcing KYC go against Brave’s stance on privacy?