KYC means "know your customer." It refers to a financial institution’s obligation to carry out certain identity and background checks on its clients before allowing them to use its product or platform. It is part of a broader set of measures that regulators around the world use to fight money laundering.In other words, it stops bad actors from hiding the illicit source of their … [Read more...] about What Is KYC and Why Does It Matter for Crypto?
KYC
Aave’s Push for Institutional DeFi Gets Second KYC Provider Proposal
Securitize, a technology provider for issuing tokenized securities, is bringing its system of identity verification to decentralized finance (DeFi) as the world of “degens” inches closer to Wall Street.The firm, regulated by the Securities and Exchange Commission (SEC) and a holder of U.S. broker-deal and alternative trading system (ATS) licenses, proposed its … [Read more...] about Aave’s Push for Institutional DeFi Gets Second KYC Provider Proposal
Crypto exchange Binance lost 3% of its customers due to KYC demands
Binance battles with financial regulators around the world have been well documented with the crypto exchange forced to embrace a more friendly approach towards the demands of these regulators.Changpeng Zhao, the CEO of the company, in a recent interview with Bloomberg, revealed that this change of approach has aided the crypto company in retaining some of its users who … [Read more...] about Crypto exchange Binance lost 3% of its customers due to KYC demands
Central Bank of Sri Lanka completes proof-of-concept KYC platform
A report presented to Sri Lankan central bank governor Ajith Nivard Cabraal on Monday detailed the results of a now-completed Know-Your-Customer, or KYC, proof-of-concept project. The project Sri Lanka's central bank, also known as the CBSL, included 3 collaborators who developed the Blockchain-based KYC platform concept. The KYC platform was also tested by the CBSL and 10 … [Read more...] about Central Bank of Sri Lanka completes proof-of-concept KYC platform
Bybit crypto exchange to impose KYC rules
Bybit, the world’s fifth-largest cryptocurrency derivatives exchange by trading volume, is planning to impose Know Your Customer rules.The Singapore-based company posted several statements on introducing major KYC policies on its platform in order to “improve security compliance for all traders.” A spokesperson for Bybit told Cointelegraph that Bybit will introduce KYC … [Read more...] about Bybit crypto exchange to impose KYC rules