KYC stands for Know Your Customer, or Know Your Client. KYC is the process of verifying the customer's identity to ensure both parties are protected by anti-money laundering (AML) laws. In other words, financial institutions must make sure their customers are genuinely who they claim to be. Compass customers do not need to go through KYC by default. You are welcome to use our hosting and home mining services by simply creating an account and completing the checkout process. Additionally, you can be a marketplace buyer without providing KYC information.
To date, KYC information is only required for:
- Selling on the Marketplace
- Having access to the Compass Wallet
There may be special cases where you may be required to do identity verification over a video call. This is only done when funds need to be returned to non-KYC customers.
Compass customers who wish to sell a hosted miner on the marketplace go through the process of KYC to become a ‘verified seller’. There are limitations on who can become a verified seller based on the region you live in.