As everyone waits on new KYC and AML regulators, many speak out to keep unhosted wallets free of controls.
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.
New technology will help screen out bad actors, BitMEX says.3362
The lightchain-vs.-darkchain dichotomy is counterproductive, and a healthy graychain will produce more valuable crypto assets like Bitcoin.5002
With new changes to the Travel Rule up for discussion and a bevy of new cases in the courts, it's time to look at how U.S. AML law is shifting to cope with crypto.19739
The changes brought about by 6AMLD will affect a lot of businesses, but there is still time to prepare for new rules.3842
The hire comes after BitMEX's founders were charged with failing to prevent money laundering and operating an unregistered trading platform illegally in the United States.4546
More regulation is coming, and it will be costly, but compliance can also expand an exchange’s customer base.16842
Yet, the biggest crypto hub remains on the blacklist.5296
The CFTC and DOJ actions against BitMEX suggest that the crypto industry still has a lot of work ahead to meet KYC/AML standards.11545
A crypto intelligence and compliance software firm says it now offers coverage across 70 countries and over 2,500 VASPs for the world’s biggest digital assets.3800
The highest number of exchanges defying regulatory norms are in Europe7292
Despite criminal charges from the DOJ and at least one arrest of its leadership, Bitmex promises to continue operating as usual.12222
FinCEN has warned U.S. banks that it is closely watching how they respond to crypto risk exposure with their AML programs.7851
The IRS has a strong interest in receiving information from informed whistleblowers about offshore crypto accounts and criminal crypto tax activity.4990
Crypto wallet provider BRD partners with Ciphertrace, Chainalysis and others to boost its banking enterprise solution.7091