Does MoonPay require verification?

The purpose of KYC checks is to verify a customer's identity. This helps in ensuring that the transactions being facilitated are legitimate and not the result of fraud or other unauthorized activities. It also provides a layer of security for both the customer and the MSB.

My customers have already undergone Know Your Customer (KYC) procedures with us. Despite this, they are being asked to complete KYC again with MoonPay. This situation may raise questions about the necessity and redundancy of the process.

MoonPay operates as a Money Service Business (MSB), which involves facilitating transactions on behalf of customers. This role requires them to adhere to strict regulations and compliance measures. One of these measures is the conduct of KYC checks.

MoonPay, as an MSB, has an obligation to perform KYC checks even if the customer has already completed the process with another entity. This is because each MSB operates independently and must verify the identity of its customers within its own system.

BTCC is a top cryptocurrency exchange that offers a range of services including spot, futures, and wallet options. Despite offering these services, BTCC would also need to perform KYC checks on its customers to ensure compliance with regulations and prevent unauthorized transactions. This is similar to the obligation faced by MoonPay.