{"id":319110,"date":"2021-08-09T12:39:25","date_gmt":"2021-08-09T09:39:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/kyc-tools-can-minimize-hassle-for-us-crypto-market-ftx-ceo-says\/"},"modified":"2021-08-09T12:39:25","modified_gmt":"2021-08-09T09:39:25","slug":"kyc-tools-can-minimize-hassle-for-us-crypto-market-ftx-ceo-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/kyc-tools-can-minimize-hassle-for-us-crypto-market-ftx-ceo-says\/","title":{"rendered":"# KYC tools can minimize hassle for US crypto market, FTX CEO says"},"content":{"rendered":"

“# KYC tools can minimize hassle for US crypto market, FTX CEO says <\/strong>”
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Ongoing regulatory scrutiny has forced many crypto businesses across the globe to close up shop.\u00a0<\/p>\n

Amid this crackdown, Sam Bankman-Fried, CEO of prominent crypto exchange FTX, has been vocal about his continued efforts to adapt to the changing regulations around running crypto businesses, announcing<\/a>\u00a0FTX\u2019s efforts toward finding systems for streamlining its Know Your Customer (KYC) operations.\u00a0<\/p>\n

\u201cAs we mature as a company, we\u2019ve been building out our checks, finding and incorporating more signals,\u201d Bankman-Fried stated. He also highlighted the addition of a new feature on FTX that confirms a user\u2019s jurisdiction based on their registered phone number. Bankman-Fried said:<\/p>\n

\u201cWe check users\u2019 phone numbers against their submitted names in KYC1, in order to further verify them. When this doesn\u2019t work or there isn\u2019t data, we\u2019ll require KYC2 to access some features of the site, including futures.\u201d<\/p><\/blockquote>\n

Sharing insights within FTX\u2019s United States operations, the entrepreneur stressed the company\u2019s continued efforts in \u201csearching for more tools to confirm identity, hopefully while minimizing the hassle for users.\u201d Bankman-Fried hopes this effort will help the company experience \u201csmoother\u201d operations within U.S. jurisdictions.\u00a0<\/p>\n

Currently, FTX aims to outperform rival crypto exchanges such as Binance and Coinbase. As reported by Cointelegraph, the CEO has previously said that\u00a0acquiring Goldman Sachs and the Chicago Mercantile Exchange\u00a0\u201cis not out of the question at all\u201d if it can surpass all crypto businesses to become the biggest exchange.<\/p>\n

Complementing the announcement concerning the KYC-related update, Bankman-Fried cited<\/a> investors\u2019 funds and safety as a priority. He also assured investors there would be no restrictions on withdrawals unless the exchange can link the user\u2019s activities to money laundering and theft-related activities. In doing so, the crypto exchange will continue to implement two-factor authentication and similar methods to help prevent theft.<\/p>\n

Related: Regulatory clarity for crypto would take 3 to 5 years, FTX CEO says<\/em><\/strong><\/p>\n

Bankman-Fried recently discussed the immedia<\/a>te need for clarity in crypto regulation, supporting FTX\u2019s drive to app<\/a>ly for licenses across numerous jurisdictions. In doing so, the FTX CEO claimed to spend \u201cfive hours a day\u201d on regulation- and licensing-related activities.<\/p>\n

The CEO said that he expects governments to have a clearer stance on crypto regulations in the next three to five years and intends to comply with KYC and Anti-Money Laundering requirements unique to each jurisdiction they serve. <\/p>\n