Scammers turn to KYC actors for hire to target Web3 investors: CertiK
CertiK unearthed a fast-rising underground market with over 500,000 members where Know Your Customer verification is sold for as low as $8, concentrated in Southeast Asia.
Latest Know Your Customer News
Swiss financial regulator to keep threshold for KYC on digital asset transactions
Beginning January 2023, wallet providers and digital asset exchanges in Switzerland will be mandated to follow the new KYC regulations, including a CHF1,000 threshold on digital asset transactions.
KYC sucks
As a subset of Anti Money Laundering (AML) laws and regulations, Know Your Customer places a lot of burden on companies to secure client data.
CFTC charges Digitex exchange and CEO who called KYC programs ‘unreasonable’
Filed at the Southern District of Florida, the complaint accuses Digitex of operating a digital asset derivatives exchange from an office in Florida from May 2020 through to May 2022.
CFTC sues decentralized autonomous organization and its token holders
The U.S. regulator settled with bZx founders for $250,000 for illegal margined and leveraged commodity transactions, while also suing the Ooki DAO and its token holders.
Former BitMEX exec Greg Dwyer pleads guilty to BSA violation
Greg Dwyer pleaded innocent at first and vowed to fight the charges, but having seen that the three BitMEX founders only got a slap on the wrist, he changed his plea.
Portuguese banks ban digital currency exchanges—regulatory compliance is crucial
As the larger picture becomes clearer, we'll double down and repeat it: in the coming years, regulators will squeeze those who have flouted AML/KYC rules and other regulations to death.
CoinDCX: Restricted withdrawals will strengthen compliance and risk framework
The notice comes after users took to social media to decry the lack of explanation for the suspension of withdrawals on the digital currency exchange that had been noticed since May.
BitMEX co-founder Ben Delo avoids jail time, gets 30 months of probation
Benjamin Delo pleaded guilty to violating the Bank Secrecy Act alongside Hayes and Reed, but despite prosecutors pushing for a bigger sentence, he has avoided prison.
Practical implications for blockchain: safer gambling and AML discussed on iGaming Business webinar
Critics dismiss blockchain as nothing but a speculative asset attached to a distributed spreadsheet, but the iGaming Business webinar shows that the technology could revolutionize other industries.
BitMEX exec Samuel Reed pleads guilty to Bank Secrecy Act violations, faces 5 years in jail
Samuel Reed, along with Arthur Hayes, Benjamin Delo, and Greg Dwyer, are accused of knowingly operating a BTC trading platform that had a lax anti-money laundering program and failed to conduct basic KYC checks.
Player Protection Forum: Blockchain-powered Kensei Connect takes the spotlight
Harnessing the powers of the latest technology to help combat problem gambling, keep regulators happy and avoid player disputes was a recurring theme throughout KnowNow’s Player Protection Forum, and this is where nChain’s Kensei Connect comes in.