A requirement of licensed government currency binary option brokers is that they must confirm all customers identities before any withdrawals can be made. This is known in the industry as “Know Your Customer” (KYC). It is designed to allow government to control and tax people, or as they would say, “prevent money laundering”.
Brokers will ask you to email them copies of IDs such as a passport and a utility bill showing the same address as you used when you registered your account. This causes identity theft and identity fraud.
Operators need to do this to maintain their licenses, the main reason they need that licenses so government currency banks and payment processes will work with them, allowing customers to deposit and withdraw government currency.
The crypto alternative
All of this is solved by crypto. To avoid identity verification all together and maintain your privacy and security use a crypto only broker that lets you stay anonymous.
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