Implementing the double-edged sword of KYC is a must for crypto exchanges

Implementing the double-edged sword of KYC is a must for crypto exchanges

The bull market effect has made Know Your Customer regulation more important than ever for cryptocurrency exchanges. During 2017’s bull market, most crypto services lacked the proper Know Your Customer and Anti-Money Laundering measures. Even in 2020, 56% of the analyzed 800 cryptocurrency exchanges and over-the-counter trading desks followed weak KYC practices, according to a CipherTrace report. However, the current digital asset rally has turned the crypto market upside down.As a result, KYC and AML have become top priorities for cryptocurrency providers, with many industry players....


Related News

How Phemex Allows Traders To Hedge Against Downward Trends And Preserve Their...

For traders, volatility is a double-edged sword that can lead to vast riches or immense losses. Crypto traders are particularly susceptible to volatility due to the low liquidity in some projects, and the high concentration of some cryptocurrencies in the hands of individual whales. 2022 could prove to be one of the most volatile years […]

XRP is on the “Verge of Something Big” as Trader Targets Move to $0.85

XRP’s price action throughout the past few months, and even years, has been nothing more than lackluster, with the token still trading down over 90% from its all-time highs while failing to garner any widespread adoption. The token’s close ties to FinTech company Ripple has been a double-edged sword for its performance. On the one […]

Shiba Inu Price Faces Big Move: Triple Bottom Or Descending Triangle?

Shiba Inu (SHIB) price is once again at a crucial crossroads. Currently, it’s down a staggering 91% from its all-time high (ATH) of $0.00008845, recorded in October 2021. Over the past year, the token has been on a consistent downtrend, marking lower highs and lower lows on the monthly time frame. But all is not bleak for SHIB investors. The recent relaunch of Shibarium, a layer 2 blockchain, is a beacon of hope. This move is seen as Shiba Inu’s attempt to transition from its meme coin status to a more serious player in the crypto world, aiming to enable applications for....

Decentralized, Peer-To-Peer Bitcoin Exchange Bitsquare to Launch Next Week

Having been in development for more than two years, what promises to be the first proper decentralized Bitcoin exchange is set to officially launch next Wednesday. Bitsquare, an open source project led by the Austrian-born Manfred Karrer, allows anyone to trade Bitcoin for fiat currency as well as altcoins, without requiring a company, central intermediary or permission from anyone. Karrer: “Bitcoin’s reliance on centralized exchanges is diametrically opposed to its principles. I hope Bitsquare will solve that problem.” Karrer began working on Bitsquare back when Bitcoin trading was mostly....

Workshop Experts Explore Problems in Implementing Blockchain IDs

Identity is one use case of the blockchain that has many people excited. For the first time, an individual has the potential to create a true, immutable identity distributed across an entire network. As Consensus 2016 wrapped up earlier this week, a group of thought-leaders who have been working in the identity space for decades presented their beliefs on what to consider when building an identity system using blockchain. Christopher Allen, the principal architect at bitcoin sidechain firm Blockstream, echoed the sentiment of other panelists about the duality of identity on the blockchain.....