Implementing the double-edged sword of KYC is a must for crypto exchanges
Cointelegraph
Published Apr 03, 2021 03:17AM ET
Updated Apr 03, 2021 05:00AM ET
During 2017’s bull market, most crypto services lacked the proper Know Your Customer and Anti-Money Laundering measures. Even in 2020, 56% of the analyzed 800 cryptocurrency exchanges and over-the-counter trading desks followed weak KYC practices, according to a CipherTrace report. However, the current digital asset rally has turned the crypto market upside down.
As a result, KYC and AML have become top priorities for cryptocurrency providers, with many industry players rushing to implement proper measures to better know their customers. And it’s not just the providers that are increasingly demanding KYC, but also their clients.
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Written By: Cointelegraph
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