KYC – Ƀitsell X

Binance Secures 20th Global Milestone With Argentina Crypto Registration

October 3, 2024

Crypto exchange Binance has achieved a significant milestone by joining Argentina’s Virtual Asset Service Providers Registry, marking its 20th global regulatory achievement. This allows Binance to expand its full range of services to Argentina-based users, further embedding itself in the country’s cryptocurrency market. Binance Joins Argentina’s Crypto Registry, Strengthens Global Compliance Crypto exchange Binance announced…
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German Authority Seizes 13 Unauthorized Crypto ATMs

August 22, 2024

Germany’s Federal Financial Supervisory Authority (BaFin) has seized 13 unauthorized cryptocurrency ATMs in a nationwide operation involving 60 officers and raids on 35 locations. BaFin reported that the machines facilitated illegal transactions and posed money laundering risks. Under German law, trading currencies, including cryptocurrencies, without proper authorization is illegal, with violators facing up to five…
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Peru Issues VASP Regulation, Strengthens AML/TF Requirements

August 11, 2024

The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan. The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes.…
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Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users

July 5, 2024

Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license. A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry.…
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Binance’s Local Exchange Receives Dubai License, Initiates UAE User Migration

June 27, 2024

Binance is transitioning UAE resident accounts to its new regulated local entity, Binance FZE, following a Virtual Asset Service Provider license from Dubai’s regulator. This change will allow UAE users to access various virtual asset services locally, including AED bank deposits and withdrawals. Binance’s Local Exchange in UAE Now Licensed Crypto exchange Binance announced on…
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Allegations of ‘Rug Pull’ Arise After Gemholic Team Withdraws $3.5M in Previously Locked ETH

June 9, 2024

On June 7, the team behind the Zksync project Gemholic withdrew 921 previously locked ethereum tokens in a suspected rug-pulling incident. The Gemholic team executed the theft despite reportedly completing the blockchain security firm Solidproof’s Know Your Customer (KYC) process. Zksync’s v24 Upgrade The layer two (L2) Ethereum blockchain scaling protocol, Gemholic, faced allegations of…
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Nigerian Fintech Firm Flutterwave Confirms Hacking Attempt, Says Users’ Funds Safe

May 18, 2024

The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over $7 million was siphoned from Flutterwave following a cyberattack in April.…
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Nigeria Cryptocurrency Clampdown: Central Bank Directs Fintech Firms to Stop Opening New Accounts

May 1, 2024

The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the affected fintech companies has associated the Central Bank’s directive with a current audit of the Know Your Customer (KYC) procedures implemented by these firms. Fintech…
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Coinbase, A16z-Backed Web3 Ad Network Everyworld to Begin Community Airdrop

April 11, 2024

Everyworld, the Coinbase and A16z-backed Web3 advertising network, is set to start its community airdrop on April 15. Users who wish to participate in the airdrop must not be U.S. citizens or residents of 25 other countries, including Australia, China, and Russia. The Web3 rewarded ads protocol follows a similar model by rewarding users directly…
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Community-Driven Ecosystem Accelerators ‘A Vital Component of Crypto Funding Mechanisms’ – Elie Le Rest

February 29, 2024

Large institutions will fully embrace decentralized finance (defi) only when they are confident that their trade counterparties will comply with sanctions and other international laws, argues Elie Le Rest, CEO of Colony Lab. However, Le Rest, also an angel investor, said trade counterparties can still demonstrate their willingness to adhere to rules by implementing gated…
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Category: KYC