Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges. South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed phone-based Know Your Customer (KYC) verification. According to local coverage by Pulse, non-Koreans using the Bithumb crypto exchange will…
Read more
Only five crypto firms have received FCA AML registration after the authority became the official money laundering supervisor for crypto businesses last year. Cryptocurrency businesses in the United Kingdom have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official. John Glen, a member of U.K. parliament…
Read more
Emerging technology such as blockchain can change the world for the better, but regulation and innovation must work in tandem. There is often a perceived tension between regulation and innovation. A pervasive narrative has emerged that these two important parts of our society are at odds with each other. In reality, it’s when these two…
Read more
Crypto.com has chosen CipherTrace’s specialized compliance tool to help it fulfill the complex requirements of the FATF’s industry-shaping “travel rule.” Crypto.com — the creator of a cryptocurrency exchange, wallet, debit card program and crypto app — is strengthening its compliance toolkit by implementing a commercial solution developed by crypto intelligence firm CipherTrace. CipherTrace’s tool, called…
Read more
By transitioning to a fully DAO-governed model, Nexus could expand its user base and iron out tokenomic friction. In a move that could point toward greater decentralization and wider access, the Nexus Mutual community is currently considering a proposal to sunset the coverage protocol’s legal entity and lift Know Your Customer (Kburdens currently necessary to…
Read more
Questions around cryptocurrency assessments gain momentum, which brings some nuanced challenges in assessing crypto’s place in M&A. Fintech, cryptocurrency and mergers and acquisitions are poised to intersect significantly in the coming year. M&A activity is expected to rebound quickly — more than 60% of decision-makers at large companies who were surveyed by FTI Consulting for…
Read more
Traditional finance is built not on collateral but on reputation, and DeFi will grow by following suit. Over the last 12 months, the remarkable growth in decentralized finance has been driven by one thing: the ability of users to earn strong yields on their crypto assets by lending, staking and providing liquidity. Depending on your…
Read more
Japan has been a member of the FATF since 1990. Japan has made another step toward adopting cryptocurrency Anti-Money Laundering regulations developed by the Financial Action Task Force, Cointelegraph Japan reports. The Japanese Financial Services Agency announced Wednesday that it will adopt the FATF’s travel rule — a set of regulations requiring virtual asset service providers to…
Read more
Blockchain industry members claim that smaller-scale startups have struggled to forge partnerships with local banks in South Korea and are therefore unable to register under regulators’ new requirements. South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on March 25 that will require all cryptocurrency…
Read more
The Binance CEO vigorously defended the company’s KYC/AML practices, dismissing reports of an investigation Shortly after a Bloomberg report on Friday that cryptocurrency exchange Binance was under investigation for permitting US residents to place unlawful trades, Binance founder and CEO Changpeng Zhao (better known as CZ) dismissed the reports during a live AMA on Clubhouse,…
Read more
