Interacting with protocols and decentralized applications (DApps) that use KYC/AML (know your customer/ anti-money laundering) providers like Fractal ID, you are more protected from malicious activities that are inherent to DApps without identity verification. In 2020 victims paid nearly $350 million in crypto to attackers, who leveraged the anonymity provided by decentralized cryptocurrencies to evade detection. KYC is thus a tool that is enabling more safety in web3.
Why does KYC matter?
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