Know Your Customer (KYC)

Binusu Exchange
2 min readApr 13, 2023

Binusu is a company incorporated under the laws of Uganda and registered under the Financial Intelligence Authority as a Virtual Asset Service Provider. Therefore, we have put in place a KYC process, as part of the verification framework to ensure safety of our customers.

Why Binusu KYC is highly mandatory.

What is KYC?

KYC is known as “Know Your Customer” or “Know Your Client”.

It is the process of verifying the identity of a customer that is opening an account for a financial service. The process is done to make sure customers are genuinely who they say they are, before their account is verified. In other words, your Binusu account will be verified only if you meet the minimum identification requirements.

Why you need to go through Binusu KYC:

  1. The process is done in compliance with the nation’s financial regulators.
  2. Creates trust in the financial framework of blockchain hence promoting stability in the sector.
  3. The process limits money laundering and other fraudulent activity that would come from users with hidden identities.
  4. Helps us better understand our clients’ needs through their profile and demographic.

Some of the requirements for Binusu KYC include:

  1. Active email address
  2. Active phone number
  3. Valid government issued Identity Card

The company may amend, modify, update and change the KYC process, as a result of legal and regulatory changes, security reasons or changes to our services.

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Binusu Exchange

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