Category: KYC

Panic Withdrawals at Indian Bank Over Alarming KYC Notice

Panic Withdrawals at Indian Bank Over Alarming KYC NoticeHundreds of customers went on a withdrawal spree after an Indian bank announced its revised KYC requirements. The bank’s action followed the decision by the Reserve Bank of India (RBI) to include the National Population Register letter as a valid KYC document for opening bank accounts. Customers are worried their funds could be frozen. Also […]

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Kraken Reveals 49% Increase in Law Enforcement Investigations

Kraken Transparency Report Illuminates Government SurveillanceThe publication of crypto exchange Kraken’s 2019 Transparency Report has provoked discussion about the scale of government surveillance. According to the report, Kraken received 710 requests last year (or two per day), impacting approximately 1,222 accounts. The report provides further evidence that exchanges are coming under intense scrutiny as global governments get tough on crypto. […]

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A Bitcoin War Is Brewing Over KYC

A Bitcoin War Is Brewing Over KYCEvery year, Bitcoin faces a new foe intent on crippling it by undermining the foundations it was built upon. From mining cartels to developer disputes, Bitcoin has faced a barrage of threats over the past decade. When it’s not internecine conflict taking its toll, it’s external forces including politicians and regulators seeking to exert control. […]

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Utorg Exchange Grants Access to Traders With Limited Verification

Crypto Exchange Utorg Provides Traders With Limited Verification AccessUtorg.io is a digital asset exchange based in the U.K. that allows users in Europe and around the world to trade cryptocurrencies with stablecoins and fiat money. What sets the new platform apart from many incumbents is the simplified verification procedure for traders who don’t exceed а daily limit of $1,000. Its decision to provide […]

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Poloniex Restores Unverified Accounts With Unlimited Trading

Poloniex Restores Unverified Accounts With Unlimited TradingIn times of mounting pressure on crypto companies to comply with expanding due diligence requirements, Poloniex has taken a step in the opposite direction. The exchange is lifting restrictions that applied to unverified users in response to customer demand. New and current accounts will enjoy access to unlimited trading and deposits. Also read: P2P Crypto […]

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Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year

According to the blockchain analysis firm Ciphertrace, major U.S. banks process roughly $2 billion in digital currency transactions that go undetected every year. Ciphertrace disclosed a slew of financial institutions have not deployed the right KYC/AML infrastructure to detect unregistered cryptocurrency transfers. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines All […]

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European AML Directive Pushes Crypto Startup Bottle Pay Out of Business

European AML Directive Pushes Crypto Startup Bottle Pay Out of BusinessBottle Pay, a cryptocurrency payments provider from the U.K., has announced its decision to cease operations by the end of the year. Despite attracting some serious funding and expanding its user base significantly in the past few months, the company has found it unacceptable to continue to work under the upcoming EU regulations. AMLD5, the […]

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Bad for Business: How KYC/AML Makes Everyone a ‘Terrorist’

Bad for Business: How KYC/AML Makes Everyone a ‘Terrorist’Two reports from risk solutions group Lexisnexis assert that anti-money laundering (AML) and know your customer (KYC) policies can negatively affect a business’s bottom line and customer service significantly. A recent trip to the local post office for a money order certainly had a negative effect on my own experience, thanks to the same regulations, […]

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How to Trade Crypto in Person Safely

How to Trade Crypto in Person SafelyWith mainstream exchanges becoming progressively cumbersome due to privacy invasive policy and regulation, some crypto traders are switching to more private, face-to-face trading. While this route isn’t for everyone, and comes with unique risks, it does offer a very real solution to many of the problems plaguing mainstream exchanges currently. The goal of this breakdown […]

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NIXT – Nexinter Launches Exchange Offering Using SLP

NIXT - Nexinter Exchange OfferingToday, NextHash and Bitcoin.com have entered a technical partnership to design and structure the NIXT utility token.

NIXT token is being listed in its fully operational exchange Nexinter on top of Bitcoin Cash, using the Simple Ledger Protocol (SLP) framework.

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Traders Bemoan New Localbitcoins Identity Requirements

Traders Complain About Localbitcoins Latest Identity RequirementsRecent data shows that countries with corrupt governments have a strong correlation with Localbitcoins trade volumes. However, even though the over-the-counter (OTC) marketplace Localbitcoins has grown massive over the years, traders are complaining about heightened know-your-customer/anti-money laundering requirements. The exchange recently changed its KYC/AML guidelines on September 1 and users say more verification mandates might […]

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Washington Elite Announces Summit in Vienna

PR: Washington Elite Announces Summit in ViennaThe Austrian capital hosts some of the world’s brightest minds in smart city, crypto, M&A and renewable energy October 11 – 12 during the Washington Elite AI and Blockchain Summit – Smart City Edition in Vienna, Austria.

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Crypto Needs Less Government Regulation – Not More

Crypto Needs Less Government Regulation – Not MoreA recent opinion article by Peter Lin, “Why Regulation Is The Best Thing For Crypto,” presents common arguments on why the state and state-affiliated institutions should administer cryptocurrency. Underlying the arguments is an assumption: the free market cannot provide necessary standards for crypto and the state must step into the void. Also read: Why the […]

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EU Members Adopt Tougher Crypto Rules Than AML Directive Requires

EU Members Adopt Tougher Crypto Rules Than AML Directive RequiresEurope is gradually tightening the rules for the crypto space. A wave of new regulations are introducing stricter requirements for companies operating in the industry and cryptocurrency users are going to feel the difference in the coming months. The measures stem from the obligation of member states to transpose EU’s Fifth Anti-Money Laundering Directive (AMLD5) […]

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Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC

Can the Fed Kill Bitcoin? Navigating the 'Chokepoints' of Tax Law and KYCTaxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make mistakes […]

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Swap and Track BCH on the New Shapeshift Suite for Noncustodial Crypto Management

Swap and Track BCH on the New Shapeshift Suite for Noncustodial Crypto ManagementShapeshift, the company that allows traders worldwide to exchange hundreds of cryptocurrency pairs launched its new crypto platform that now offers an integrated suite of digital asset management in a noncustodial fashion. The firm believes the latest release offers a true end-to-end solution that aims to bolster free market finance. Also Read: Bitcoin Cash Scaling […]

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Enforcement of Updated Crypto Guidelines From FATF Has Far-Reaching Implications

Enforcement of Updated Crypto Guidelines From FATF Has Far-Reaching ImplicationsThe FATF (Financial Action Task Force) has revealed updated guidelines that would require cryptocurrency and digital asset exchanges—and potentially independent business owners and crypto holders—to share sensitive customer information as VASPs (Virtual Asset Service Providers), compromising user privacy and restricting crypto market access. Also read: BCH Development Fund Doubles Its Goal After a Successful Month […]

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Privacy Is Paramount: How KYC Makes Us All Less Free

Privacy Is Paramount: How KYC Makes Us All Less FreeKYC (Know Your Customer) policies and endless private data collection, coupled with force-backed, violent legislation compromise the utility and ethics of crypto trading. An uncompromising stance on user privacy is critically important to crypto traders and peer-to-peer transaction. It’s not about having nothing to hide, but about sound economics, human dignity, and creating a more […]

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