What Is KYC and Why Do Exchanges Require It?
KYC (Know Your Customer) is the identity verification exchanges are legally required to complete before letting you trade past minimal limits or withdraw funds. All five exchanges compared here require it — you can't avoid KYC and use a major, regulated exchange.
What KYC Actually Requires
| What's needed | Why |
|---|---|
| Government-issued photo ID (passport, national ID, or driver's license) | Confirms your legal identity |
| Live selfie or short video | Confirms the ID belongs to the person submitting it, not a stolen document |
| Sometimes: proof of address | Required by some exchanges for higher withdrawal limits |
Why Exchanges Require It
Crypto exchanges handling fiat on/off-ramps and operating in most jurisdictions are legally classified as financial institutions subject to anti-money-laundering (AML) law. KYC is how they comply — it's not optional for the exchange, regardless of what any individual account offers.
How Long Verification Takes
Across the five exchanges compared here, most identity submissions are reviewed within minutes to a few hours for standard documents; edge cases (unusual ID formats, poor photo quality) can take longer. See each exchange's individual sign-up guide for specifics.
What Happens Without KYC
Most exchanges let you create an account and browse markets without verifying, but trading and withdrawal limits are minimal or zero until you complete KYC — so in practice, if you intend to actually trade, plan to verify from the start.
Frequently Asked Questions
Is KYC required on all five exchanges compared here?
Yes. Bitget, Gate.io, MEXC, Bybit, and OKX all require identity verification before you can trade past minimal limits or withdraw funds.
What documents do I need for KYC?
Typically a government-issued photo ID plus a live selfie. Some exchanges request a proof of address for higher withdrawal tiers. See each exchange's guide for exact steps.