Crypto exchanges have started applying situational KYC to fight against illegal activities without compromising user experience and financial freedom.
KYC News
Know Your Customer, or KYC, compliance means collecting certain information from customers to confirm their identities and to comply with any regulatory requirements. These requirements can include aspects such as restricting access to citizens of a certain jurisdiction. Depending on the involved country, laws and regulations often obligate businesses to complete KYC processes.
KYC has become more common in the crypto space, in line with increasing regulatory overwatch. Binance KYC became a more significant talking point after the exchange announced in 2019 that it would ban customers of certain regions, such as the United States. KYC and AML, or Anti-Money Laundering — the process of verifying customers and the source of their funds — often go hand in hand.
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According to Aleo’s statement, it has begun implementing new long-term technical controls for its KYC confirmation practices.
8064To claim a reward on Aleo, users must complete KYC/AML and pass the Office of Foreign Assets Control screening in accordance with Aleo’s internal policies.
14091The $15 AI-generated fake IDs are reportedly being used to fool crypto exchange identity checks, potentially giving crypto hackers and scammers a new edge.
37909Two former hostages and families of victims killed in the Oct. 7 attacks are seeking damages from Binance, Iran and Syria.
9457CoinW’s sixth anniversary marks the beginning of a new growth phase for the cryptocurrency exchange, with ambitious plans for 2024 that include platform upgrades and expansion into new markets.
7690DeFi project works on a debit card for everyday shopping with global support for financial transactions.
10709Illegally obtained stablecoin may sell at a premium or a discount, depending on how it is being laundered.
3362Warren’s Digital Asset Anti-Money Laundering Act would shut crypto providers down, playing into the hands of the banking industry.
3112KuCoin users from New York will lose the ability to trade within 30 days and will have their accounts closed within 120 days.
5218As the Web3 market grows, the industry faces compliance and risk management challenges, highlighting the need for robust transaction monitoring and due diligence solutions.
20580Cumbersome KYC procedures can affect crypto adoption significantly. Discover the challenges, the losses they cause, and the modern solutions changing the game.
19572The Cardano founder claimed that crypto entrepreneurs must comply with regulations or use completely decentralized systems in the future.
18842Uniswap announced it would start charging a swap fee of 15% from Oct. 17, evoking mixed reactions from the crypto community.
2316The European Union’s anti-money laundering laws infringe upon personal privacy, and they come with costs that are simply too high.
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