Benjamin Paul M749 Baker

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Do wallets require KYC?

Not all wallets require Know Your Customer (KYC) verification. Non-custodial wallets like MetaMask or Trust Wallet do not require personal information because users hold their own keys. Custodial wallets offered by exchanges often require KYC for deposits or withdrawals to comply with regulations. KYC involves submitting identification documents and proof of address. While it reduces anonymity, it also increases security by preventing fraud and money laundering. Traders who value privacy often prefer non-custodial wallets, but those using regulated exchanges must complete KYC. Choosing between them depends on the balance between convenience, privacy, and legal compliance.