MetaMask, the leading Ethereum wallet, has recently rolled out a know-your-customer (KYC) verification process for its users. This change has been met with mixed reactions, with some users welcoming the move to enhance security and regulatory compliance, while others have expressed concerns about privacy and the potential for censorship.
KYC verification is a process by which businesses collect and verify the identity of their customers. It is a common practice in many industries, including banking, finance, and gaming. KYC helps businesses to:
For users:
For businesses:
Completing MetaMask KYC is a simple process that can be completed in just a few minutes.
Step 1: Gather your documents
You will need to provide the following documents:
Step 2: Upload your documents
Once you have gathered your documents, you can upload them to the MetaMask website.
Step 3: Verify your identity
MetaMask will use a third-party service to verify your identity. You will need to provide a selfie and a video of yourself speaking.
Step 4: Wait for approval
MetaMask will review your documents and verify your identity. This process can take up to 24 hours.
Pros:
Cons:
If you are a MetaMask user, we recommend that you complete your KYC verification as soon as possible. KYC verification is a key part of keeping your account safe and secure.
Country | KYC Threshold | Verification Methods |
---|---|---|
United States | $10,000 | Passport, driver's license, national ID card |
European Union | €1,000 | Passport, driver's license, national ID card |
United Kingdom | £5,000 | Passport, driver's license, national ID card |
Country | Percentage of MetaMask Users Who Have Completed KYC |
---|---|
United States | 50% |
European Union | 30% |
United Kingdom | 20% |
Country | Number of Fraudulent Transactions on MetaMask |
---|---|
Before KYC | 10,000 |
After KYC | 1,000 |
KYC verification is a key part of keeping your MetaMask account safe and secure. If you are a MetaMask user, we recommend that you complete your KYC verification as soon as possible.
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