Here Are Four Bitcoin Exchanges That Require Very Little Identity Verification
Governments have been increasing their efforts to regulate and monitor digital currency operations. Many global exchanges now require identification to register on their sites. With politicians currently forming blockchain research groups and crafting Bitcoin legislation, it’s safe to say regulatory actions will continue. Crypto-Exchanges With Little to....
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The bitcoin wallet platform Coinbase has now enabled instant bitcoin purchases. Users will have to undergo identity verification, which will unlock instant transfer and larger transaction limits. Coinbase is still limited to the US only, but this move brings it into closer competition with the BitInstant exchange. Coinbase imposes transaction limits via so-called user levels. Level 2 accounts have the highest transaction limits. However, as a part of the new instant transfer facility, Coinbase says it has set all users at level 1, and it will require identity verification before anyone can....
More regulation is coming, and it will be costly, but compliance can also expand an exchange’s customer base. Crypto intelligence firm CipherTrace released a study on Oct. 1 reporting that more than half of the world’s cryptocurrency exchanges had deficient customer identification processes in place against money laundering. On the same day, the United States government announced that it had formally charged BitMex, a top virtual asset service provider, for “failing to implement required anti-money laundering procedures,” among other things.The two events, surely unrelated, nonetheless....
Sweden-based bitcoin exchange Safello has announced a new partnership with payments validation and ID verification service provider Jumio in an effort to simplify its customer onboarding process. Launched in March, Jumio's Bitcoin Identity Security Open Network (BISON) provides consumers the ability to verify their identity by holding an ID in front of a camera or connected device. Data can then be extracted in real-time and used to quickly populate necessary enrollment forms. Frank Schuil, CEO and co-founder of Safello, explained that the partnership will allow the exchange to better....
The number of use cases for blockchain technology is nearly limitless, but there are certain aspects of life that could, and perhaps even should, benefit from this wave of innovation sooner rather than later. One of the more interesting use cases for blockchain technology is digital ID verification, which makes the entire online experience more....
The exchange moved deadline for identity verification from Feb. 2021 to Nov. 2020