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” Are non-KYC crypto exchanges as safe as their KYC-compliant peers? “ Many see implementing Know Your Customer (KYC) tools in crypto as a deterrent to the Bitcoin (BTC) Standard, which has predominantly promoted anonymized peer-to-peer transactions. However, regulators stay put on promoting KYC and anti-money laundering (AML) implementations as a means to ensure investors’…
” AML and KYC: A catalyst for mainstream crypto adoption “ For Satoshi Nakamoto, the creator of Bitcoin (BTC), the motivation to create a new payment ecosystem from scratch in 2009 stemmed from the economic chaos caused by the banking sector’s over-exuberant and risky lending practices mixed accompanied by the bursting of the housing bubbles…
” Coinbase to track off-exchange transactions from Dutch customers “ In a new blog post published Thursday, Coinbase says that starting Monday, all of its customers in the Netherlands will need to complete new Know Your Customer, or KYC, requirements when transferring digital assets to wallet addresses that are not based on the exchange. This…
” BitMEX co-founder Benjamin Delo avoids jail, receives 30 months probation “ Benjamin Delo the co-founder of cryptocurrency exchange BitMEX has been sentenced to 30 months probation for violating the Bank Secrecy Act (BSA), which is an anti-money laundering law. The sentence, handed down at a federal court in New York on June 15th, follows…
” Edge announces confidential no-KYC digital currency Mastercard “ On Wednesday, self-custody crypto exchange Edge announced a no-KYC debit Mastercard that can be funded with Bitcoin and other digital currencies. Without know-your-customer, or KYC, verification, users would be able to spend their crypto at more than 10 million merchant terminals in the U.S. Currently, one…
” Identity is the antidote for DEXs’ regulation problem “ Regulators from Europe, the United States and elsewhere are busily hammering out details on how to designate decentralized exchanges (DEXs) as “brokers,” transaction agents or similar entities that affect a transfer and cooperate with each other. The U.S. called for multinational cooperation in its executive…
” Arthur Hayes to serve 2-year probation owning up to BitMEX’s AML mishap “ Bringing closure to the long-awaited judgment related to the money laundering activities over the BitMEX crypto exchange, one of the four federal district courthouses in New York reportedly sentenced two-year probation and six months of home detention to founder and ex-CEO…
” NYDFS calls for crypto firms to use blockchain analytics “ In a letter published on Thursday, the New York State Department of Financial Services, or NYDFS, recommended that all virtual currency companies operating under New York banking law adopt blockchain analytics to trace transactions. In supporting the decision, the regulatory agency wrote: “Wallet addresses…
” Blockchain and crypto can be a boon for tracking financial crimes “ Governments around the globe have also become more aware of the crypto market and the various ways in which it can be regulated. Despite a growing adoption rate and involvement of mainstream financial giants, however, naysayers continue to portray crypto as a…
” Is Bitcoin ‘cheap’ below $40,000? BTC derivative metrics are mixed “ Bitcoin (BTC) dipped below $40,000 support on April 18, and the two-week 15% correction was enough to prompt predictions of $30,000 prices in the near term. Meanwhile, regulatory uncertainties continue to be a key concern for investors, including the failed European Know Your Customer…