Enhanced KYC checks can be a win-win for crypto exchanges and consumers — her...
Adopting more stringent Know Your Customer (KYC) checks can give crypto exchanges a competitive edge over those that meet minimal standards. Crypto is a fast-moving sector where new trends — decentralized finance and nonfungible tokens among them — accelerate in the blink of an eye. And as demand for digital assets grows, the need for regulation grows too. Anticipating those regulations and having the systems in place for future compliance can position crypto exchanges as industry leaders. Those that do the bare minimum risk falling behind as customers turn to more trusted....
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A new survey has found that consumers believe bitcoin to be more inconvenient than traditional payment methods such as credit cards and checks. Conducted by prepaid and gift card product provider Blackhawk Network in April, the poll canvassed 1,000 US consumers, questioning them about their sentiment toward both traditional and emerging payment methods. In total, 18% of respondents reported using alternative payment methods such as Apple Pay, Samsung Pay and bitcoin within the last year. Sixty-eight percent of these consumers indicated they used the products more than they did in 2014.....
Payments giant Mastercard has announced that its crypto card program is being enhanced for cryptocurrency wallets and exchanges. The company said, “Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.” Mastercard Making It Simpler to Convert Cryptocurrency to Traditional Fiat Currency Mastercard announced Tuesday that “it will enhance its card program for cryptocurrency wallets and exchanges,” making it “simpler for partners to convert cryptocurrency to....
The Bank of England says “extreme volatility” in the crypto market “underscores the need for enhanced regulatory and law enforcement frameworks.” The British central bank has warned that crypto prices could fall further. Bank of England Calls for Enhanced Crypto Regulation The Financial Policy Committee of the British central bank, the Bank of England (BOE), said Tuesday that the “extreme volatility” in crypto prices in recent months underscores vulnerabilities in the crypto market, Bloomberg reported. Citing a $2 trillion reduction in the total....
Crypto compliance firm Ciphertrace has announced enhanced tools for tracing Monero transactions. “Ciphertrace takes Monero tracing capabilities to the next level with the ability to follow the flow of funds backwards from the transaction of interest to its source,” the company claims. Ciphertrace Claims to Have ‘Enhanced’ Tools to Trace Monero Transactions Blockchain analytics and crypto compliance firm Ciphertrace announced Thursday “enhanced Monero tracing capabilities for government agencies and financial institutions.” The announcement details: Based....
According to a new research conducted by a leading payments company Blackhawk Network Holdings, Inc. (NASDAQ: HAWK), consumers find paying with Bitcoin and checks as the most inconvenient. The research titled "How America Pays in 2015: Traditional, Digital and Mobile Convergence in Payments," surveyed more than 1,000 Americans in April 2015 to find out their payments preferences in times of relatively new methods such as Bitcoin and Apple Pay, and traditional methods such as Checks, Debit Cards and Cash. Teri Llach, Chief Marketing Officer at Blackhawk Network, said. "Consumers still have....