KYC, which stands for "Know Your Customer," refers to the process of verifying the identity of customers or users to comply with regulatory requirements and mitigate the risk of money laundering, terrorist financing, and other illicit activities in the cryptocurrency industry. KYC procedures involve collecting and verifying personal information from users, such as their full name, address, date of birth, and government-issued identification documents. Here's a detailed overview of KYC in the context of cryptocurrency: