Yes, but we try to make the process as easy as possible.
KYC means 'Know Your Customer', or sometimes 'Know Your Client'. Similar to when you apply for a bank account in person, the KYC check allows us to verify the identity of the user opening an account and verify residency. Banks must comply with KYC regulations and financial services regulations to limit fraud. During the KYC process we will ask you for your Social Security number as well as either your drivers license or passport ID, and in some cases we may request additional documentation in order to validate your identity.