Category: KYC

Crypto.com to use CipherTrace tool to comply with FATF’s travel rule

May 3, 2021

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Crypto.com has chosen CipherTrace’s specialized compliance tool to help it fulfill the complex requirements of the FATF’s industry-shaping “travel rule.” 13022 Total views 47 Total shares 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 […]

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Mergers and acquisitions are rising, leaving crypto assessments in question

April 17, 2021

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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 a February report agree that their company has recently been a target of aggressive M&A, and 39% […]

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Dubai’s economic department to roll out blockchain-based corporate KYC

April 14, 2021

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Dubai’s Department of Economic Development wants to accelerate the total adoption of UAE KYC — the national Know Your Customer standard running on blockchain technology. 7855 Total views 31 Total shares Dubai’s Department of Economic Development, or “Dubai Economy,” and the Dubai International Financial Centre are working to expand their Know Your Customer platform to […]

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DeFi’s critical missing piece: Credit scores

April 10, 2021

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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 risk appetite, gains from DeFi investments can run tens or even hundreds of times higher than standard […]

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Experts say new South Korean crypto rules will create a monopolized market

March 23, 2021

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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. 8411 Total views 36 Total shares South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on Thursday […]

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CZ responds to reports of Binance investigation: story has no “teeth”

March 12, 2021

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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, saying that the report had “no teeth.”  “This is a topic that just came […]

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Korean crypto exchanges could soon face fines for gaps in due diligence measures

March 10, 2021

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South Korean financial regulators are developing a penalty regime for Anti-Money Laundering and Know Your Customer violations by cryptocurrency exchanges. 3376 Total views 23 Total shares South Korean crypto exchanges that don’t take extensive data collection and identity verification measures could soon be subject to heavy fines.  According to an official announcement Wednesday, South Korea’s […]

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Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures

March 9, 2021

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The operator of South Korean cryptocurrency exchange Bithumb has placed restrictions on trading accounts registered in jurisdictions that are deemed to be too lax in curbing money laundering. 5718 Total views 23 Total shares South Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include […]

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BitGo receives trust license from New York regulators

March 4, 2021

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Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state. 4963 Total views 22 Total shares Major American digital asset custody and security company BitGo has acquired a New York Trust license from the New York State Department of Financial Services. According to an […]

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How compliance software detects fraud and money laundering involving crypto

January 18, 2021

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The crypto industry has boomed over the past 12 months. While 2019 began with a total market cap of $200 billion, the explosion in Bitcoin’s value resulted in this figure surging fivefold as 2020 began — and according to CoinMarketCap, the digital assets space was collectively worth $1 trillion at one point. However, as the […]

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