What is KYC?
KYC, meaning Know Your Customer, is an identity verification process. Generally implemented by financial institutions, KYC verification plays an important role in preventing financial crimes like money laundering and protecting user assets. Performing KYC verification is also extremely critical for ensuring data security. KYC verification is required to become a member of financial institutions such as banks and cryptocurrency exchanges. Therefore, questions like what KYC is and how it is done are among the most frequently asked by investors.
In this article, we will answer questions such as what KYC is, what KYC means, how KYC verification is done, what documents are required for KYC verification, what the KYC process is, and what KYC stands for.
What is KYC Verification?
Before answering the question of what KYC verification is, it's useful to answer what KYC means and what KYC stands for. As we mentioned at the beginning of our article: KYC is the abbreviation for "Know Your Customer". However, you might also encounter the acronym KYC as "Know Your Client," which means the same thing.
The topic of what KYC verification is and how it is done has gained importance, especially since legal regulations were introduced for cryptocurrency exchanges in Turkey. These legal regulations, determined by the Capital Markets Board (SPK), have made it mandatory for cryptocurrency exchanges to perform KYC verification on their members. This means that today, you need to complete KYC verification to be able to buy and sell cryptocurrencies through platforms in Turkey.
This detailed verification mechanism protects the public against various financial crimes, as well as investors. It offers many advantages, from data security to the protection of customer information. Moreover, performing KYC verification is not as burdensome as it might seem. At Bitlo, you can complete KYC verification in just a few minutes and start securely buying and selling cryptocurrencies.
How to Perform KYC Verification?
Completing KYC (Know Your Customer) verification is mandatory to trade on cryptocurrency exchanges. As of April 25, 2025, users who have not completed KYC verification will not be able to perform transactions on cryptocurrency exchanges in Turkey. So, how is KYC verification done?
KYC verification on cryptocurrency exchanges is a process completed in several steps. Here is the answer to how KYC is done at Bitlo:
1. Register: Go to the Bitlo registration page. Enter your phone number, set your password, and click the "Sign Up" button.
2. Verify Your Identity:
- If your phone has NFC, scan the chip on your ID card.
- If you don't have NFC, enter your ID information manually.
3. Face Recognition Process: Scan your face for the system to verify you.
4. Upload Proof of Residence:
- Download the barcoded residence document in PDF format from e-Devlet (e-Government) and upload this document to the Bitlo system.
5. Have a Video Call: Participate in a live video call to confirm your account.
This 5-step process will only take a few minutes. Afterwards, you will receive a notification that your account has been approved shortly, and you will be able to start trading top cryptocurrencies from Bitcoin to XRP, Solana to Ethereum!
Your KYC approval is usually completed within a few minutes, and your account becomes active. However, depending on the volume, this period can extend up to 24 hours. If your KYC approval is not completed within 24 hours, please contact the Bitlo Support team.
Quick KYC Verification Guide
We've learned how to do KYC on a cryptocurrency exchange like Bitlo. Let's share a few tips for quick KYC verification:
- Use NFC: Many smartphones today have NFC capability. Before starting KYC verification, enable the NFC feature on your phone. This way, you can scan your ID's chip and reduce the process of sharing your ID information to just a few seconds!
- Prepare Your Documents: You will need a barcoded residence document for KYC verification. Before the verification process, log into your e-Devlet and download this document, also known as ikametgah, in PDF format to your device.
- Suitable Call Environment: You need to have a short live call to complete KYC verification. To ensure this live call proceeds smoothly and quickly, be in a place where your words can be clearly understood.
- Prepare for Face Scan: The KYC system will match your face with your ID photo during the liveness check. Therefore, be in a well-lit place where your face is visible.
- Check Your Internet Connection: Completing the KYC process may take a few minutes. Therefore, check if your internet connection is stable.
What are the KYC Requirements?
The following documents and information are required for KYC verification on cryptocurrency exchanges:
- Barcoded residence (ikametgah) document obtained via e-Devlet
- Turkish ID card and ID number
- Mobile phone number
Additionally, a liveness check (face scan) is performed during the verification process to match with the photo on the ID. However, the required documents may vary across different platforms.
What is the Identity Verification Process?
Identity verification, which is part of KYC, deserves special attention. When registering with cryptocurrency exchanges in Turkey, you are required to share your identity information as part of the KYC verification. This serves two purposes: ensuring the security of the platform and ensuring the security of the customer.
The identity verification process is necessary to prevent potential fraudulent activities and fake memberships. It is also required to verify identity information to prevent financial crimes. How identity information is collected and stored is determined by the laws and regulations of the Republic of Turkey.
Through identity verification, the confidentiality of customer data and the security of their passwords can also be enhanced.
Frequently Asked Questions about KYC
What does KYC mean?
KYC stands for "Know Your Customer" and refers to a detailed identity verification process.
What does KYC stand for?
KYC stands for "Know Your Customer" or "Know Your Client." This phrase means "Müşterini Tanı" in Turkish.
Why is KYC verification mandatory?
KYC verification is mandated by legal regulations from the SPK and MASAK. The purpose of this practice is to ensure the security of platforms and customers while preventing financial crimes.
How long does the KYC process take?
After you complete KYC, your account is usually approved within a few minutes. However, the approval time may be longer depending on the volume. If your account is not approved within 24 hours, you can contact our support team.
What is KYC approval?
After you complete the required steps for KYC verification, your information is reviewed. If there are no inconsistencies in your information, your account is approved. This is called "KYC approval."
How to get proof of residence for KYC?
Log in to your e-Devlet and open the "Yerleşim Yeri (İkametgâh) ve Diğer Adres Belgesi Sorgulama" (Residence and Other Address Document Inquiry) page. From this page, you can download your barcoded residence document in PDF format.