KYC | Crypto Profit Bot

Arthur Hayes to serve 2-year probation owning up to BitMEX’s AML mishap

May 21, 2022

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Despite the imminent possibility of serving jail time, proactively owning up to the allegations resulted in Hayes being sentenced to six months of house arrest and two years of probation. 949 Total views 31 Total shares Bringing closure to the long-awaited judgment related to the money laundering activities over the BitMEX crypto exchange, one of […]

Privacy coins are surging. Will regulatory pressure stall their stellar run?

March 27, 2022

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Recent weeks saw a massive surge of the so-called privacy coins’ prices — namely Monero (XMR), Dash (DASH), Zcash (ZEC) and Haven Protocol (XHV). As many other cryptocurrencies and the industry at large faced immense regulatory pressure amid the war in Ukraine, one narrative that began taking hold in the crypto space was the potential […]

Yuga Labs faces user backlash for under wraps KYC-restricted project

March 11, 2022

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Since Yuga Labs partnered with Animoca brands, other plans for a blockchain game expected to release in Q2 of 2022 have been revealed. 790 Total views 24 Total shares Yuga Labs, the creator of the Bored Ape Yacht Club, or BAYC, teased a new collaboration with blockchain game publisher Animoca Brands on Twitter on Thursday. […]

Are crypto and blockchain safe for kids, or should greater measures be put in place?

February 26, 2022

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Crypto is going mainstream, and the world’s younger generation, in particular, is taking note. Cryptocurrency exchange Crypto.com recently predicted that crypto users worldwide could reach 1 billion by the end of 2022. Further findings show that Millennials — those between the ages of 26 and 41 — are turning to digital asset investment to build […]

What is the importance of blockchain in the RegTech ecosystem?

February 20, 2022

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RegTech is the management of regulation, compliance, reporting and monitoring through technologies like big data, data mining, artificial intelligence and blockchain to provide robust, reliable and effective solutions. The technologies offer data on money laundering activities and help to reduce the risk of financial fraud. However, regtech is facing some challenges like operational barriers, lack […]

US-based crypto firms join forces for travel rule compliance

February 16, 2022

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“We are focused on adding new members, so that TRUST can provide comprehensive compliance across the crypto industry,” said the joint announcement. Many major crypto companies based in the United States have released a solution for the Financial Action Task Force’s Travel Rule. In a Wednesday blog post, crypto services provider Paxos announced the launch […]

Laundering via digital pictures? A new twist in the regulatory discussion around NFTs

February 12, 2022

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On Feb. 6, the United States Department of the Treasury released a report under the headline “Study of the facilitation of money laundering and terror finance through the trade in works of art.” In fact, only a tiny fraction of the 40-page document is dedicated to the “Emerging Digital Art Market,” by which the department […]

Are NFTs an animal to be regulated? A European approach to decentralization, Part 1

February 6, 2022

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Nonfungible tokens (NFTs) are constantly in the news. NFT platforms are springing up like mushrooms and champions are emerging, such as OpenSea. It is a real platform economy that is emerging, like those in which YouTube or Booking.com gained a foothold. But it is a very young economy — one that is struggling to understand […]

Averted a year ago, controversial transaction monitoring rule is back on Treasury’s radar

January 31, 2022

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The Treasury will consider imposing KYC regulations on transactions involving self-custodied wallets. 552 Total views 6 Total shares As the Department of the Treasury has announced its regulatory agenda for the fiscal year on Jan. 31, many in the Web3 space have likely experienced flashbacks to December 2020, when the agency had first proposed to […]

How should DeFi be regulated? A European approach to decentralization

January 22, 2022

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Decentralized finance, known as DeFi, is a new use of blockchain technology that is growing rapidly, with over $237 billion in value locked up in DeFi projects as of January 2022. Regulators are aware of this phenomenon and are beginning to act to regulate it. In this article, we briefly review the fundamentals and risks […]

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Category: KYC