Every sixth Facebook user will have their personal data exposed. This will happen with any centralized service unless we use new KYC methods with blockchain.
KYC News
Know your customer or KYC is a process of identifying and verifying identities of customers by businesses. The term is commonly used to refer to governmental anti-money laundering regulations in banking, financial and stock market activities. KYC mostly incorporates four key elements: acceptance policy, identification procedures, transaction monitoring and risk management. The growing concern about the use of cryptocurrency for money laundering led authorities to apply KYC on the cryptocurrency market and services. Most of these platforms will have to adopt cryptocurrency KYC and require clients to get through verification procedure in order to operate within their platform. KYC has its advantages as it can help with fighting the funding of terrorism and money laundering. However, complications within the crypto-market may slow down its development.
- Opinion
- News
Switzerland’s Financial Market Supervisory Authority has released guidance on regulatory requirements for payments on the blockchain under FINMA supervision.
- News
Chainalysis, a blockchain analytics firm, announces the launch of a real-time compliance alerts solution that supports 15 cryptocurrencies.
- News
by Liam Frost
Major cryptocurrency exchange Binance will compensate its users affected by the recent Know Your Customer images leak with a lifetime VIP membership.
- News
Major cryptocurrency exchange Binance states that leaked Know Your Customer images match those processed by a third party vendor.
- Analysis
As the crypto industry becomes more structured, major exchanges develop policy frameworks to evaluate the process of listing new tokens and delisting others...
- News
The Association of Cryptocurrency Enterprises and Startups, Singapore, has developed a Code of Practice in partnership with multinational law firm Linklaters.
- News
The entity who claimed to have stolen user KYC data earlier this month aims to release more, according to a new tweet.
- News
Cryptocurrency payment processor BitPay is introducing new identity verification measures for certain high-value payments, refunds and payouts.
- Coffee & Crypto
by Thomas Simms
This week’s episode of “Coffee and Crypto” looks at FedNow, the alleged leak at Binance, and the legal fight between Bitcoin Cash and Coinbase.
- Follow up
Binance allegedly fell victim to security breach recently that saw the miscreant make off with a lot of the firm’s sensitive KYC data...
- News
Crypto exchange VC Trade has integrated an AML compliance technology developed by Taiwanese digital currency hardware wallet company CoolBitX.
- News
The native token of crypto exchange Binance has soared ~11% despite yesterday’s rumors of a possible Know-Your-Customer data leak affecting exchange users.
- News
An alleged hack of personal information from exchange users should not be taken seriously, says Changpeng Zhao.
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