DivineBNB

Read the article for indepth understanding
🔗 https://academy.binance.com/en/articles/what-is-kyc-know-your-customer
Test your knowledge and share your answers in the chat:
1️⃣ What is the main purpose of KYC (Know Your Customer- checks in the financial industry, including the cryptocurrency sector?
A- To enable anonymous financial transactions
B- To establish a customer's identity and verify their information
C- To encourage tax evasion and money laundering
D- To facilitate faster and unrestricted trading on crypto exchanges
2️⃣ Which organization coordinates multinational cooperation on regulatory conditions related to KYC and AML (Anti-Money Laundering- processes?
A- FATF (Financial Action Task Force-
B- EU Anti-Money Laundering Directive (AMLD-
C- Bank Secrecy Act (BSA-
D- PSD2 (Second Payment Services Directive-
3️⃣ What are some of the benefits of KYC processes in the financial system and crypto industry?
A- Reducing the risk of identity theft
B- Encouraging speculative interest in cryptocurrencies
C- Eliminating the need for data security measures
D- Promoting decentralization and freedom from intermediaries
✍🏻 Type your response

Binance Wallet is excited to launch three new AI-powered features on Binance Wallet (Web) to help users better identify emerging narratives and understand market trends.
- Social Hype: Ranks tokens by social attention and hype metrics across supported chains.
- Topic Rush: Highlights emerging narratives through AI-generated topic cards on BNB Smart Chain (BSC) and Solana (SOL).
- AI Assistant: An AI-powered widget summarizing key token information instantly for all tokens.
These features offer a more structured, data-informed way to discover and analyze on-chain opportunities.
👉🏻 Learn more here

Hannes Wessels, general manager for Binance SA, explains how to make your crypto work harder for you, earning returns 11% and more in US dollar terms.
You can also listen to this podcast on iono.fm here.
There are some new and interesting ways of making your crypto sweat – in other words, to generate a return rather than simply hoping for the price of your bitcoin (BTC) or Ethereum (ETH) to continue rising.
We know from history that you cannot always count on a crypto bull market to deliver a return.
Hannes Wessels, general manager for Binance South Africa, explains that staking is the crypto equivalent of earning interest on your cash in the bank. US dollar-backed stablecoins such as Tether and USDC are able to generate a yield because each stablecoin purchased is, in part, simultaneously invested in US Treasuries, which earn interest.
Binance yields on stablecoins have at times reached 11.3%, which compares very favourably with South African rand-based returns on cash. Different crypto exchanges will offer different rates, so it is worth checking them out on a regular basis.
“If you compare that (11.3% on stablecoins) to your South African alternatives, I think that’s very good. Now, that is pre-tax and we always encourage all users to obviously pay their taxes, but so is your interest rates that you receive on rand deposits with the banks),” says Wessels.
This opens up interesting possibilities for people across the African continent who are locked into steadily depreciating local currencies. Stablecoins allow them to dollarise their lives – in other words, convert local currencies into yield-earning US dollar stablecoins.
“If you can preserve a lot of your capital in Tether and convert that from time to time into local currency, that’s one avenue in which you can spend. A second avenue is for merchants to start adopting Tether and crypto as a payment mechanism. And we’ve got some very exciting stuff happening on that front.
“If everybody starts plugging into this value and supply chain – from retail to wholesale, to import, production, and export – and if you can bring that whole supply chain onto Tether, that changes things because everybody is then dealing in the same value. You don’t have the foreign exchange risks. You need to hedge continuously. Also, your settlement times are so much shorter.”
Instead of settling transactions through the SWIFT system, which can take days or even weeks, stablecoin transactions can be settled in two minutes.
“If you can pay your supplier in China and it takes two minutes, that’s a game changer from a working capital point of view,” adds Wessels.
“Native staking” on bitcoin is not possible, but it is possible to earn small yields by lending your BTC or by “wrapping” it in another token. ETH staking yields vary depending on network activity, but typically range from 1.85% to 6.5% a year, paid in ETH.
“People often say, ‘I don’t want to spend my bitcoin.’ But you don’t have to spend your bitcoin. The way we’ve structured our Binance app is you get a specific earn wallet, and you can then transfer some of your crypto into a funding wallet. So you don’t need to mingle those two.”
This allows users to park staking yields from their crypto in a separate wallet and spend that, rather than their capital.
Another way to make your crypto sweat is through crypto arbitrage – buying crypto at a cheaper price on one exchange and selling it on another at a higher price. This has become a massive part of the crypto market, made easier with bot trading systems that automatically hint for price differences between markets.

Source: Moneyweb. Article by By Ciaran Ryan · 17 Sep 2025   04:01 
Listen to the full podcast to delve into some of the other fascinating ways to make more from your crypto – and how crypto and traditional finance are merging at an ever-accelerating rate.