Yes, KYC (Know Your Customer) is compulsory for both withdrawing and depositing assets. This is because KYC is a process that helps to verify the identity of customers and prevent fraud. It is important to ensure that the person withdrawing or depositing assets is the rightful owner of the asset, and that no fraudulent activity is taking place. KYC also helps to protect customers from financial crimes such as money laundering, terrorist financing, and other financial crimes. KYC helps to protect customers from being taken advantage of by criminals who may try to use their assets for illegal activities. Therefore, it is important that all customers complete KYC requirements before withdrawing or depositing assets.
