Deloitte turns to blockchain for improved KYC processes
The accounting firm plans to launch a "credential wallet" designed to operate as a browser extension that will not require extensive blockchain knowledge to use.
Latest Know Your Customer News
FBI, Ukraine seize domains from 9 exchanges accused of promoting illicit activity
The exchanges mentioned in the bust include 24xbtc.com, 100btc.pro, pridechange.com, 101crypta.com, uxbtc.com, trust-exchange.org, bitcoin24.exchange, paybtc.pro, and owl.gold.
Bybit to make KYC verification mandatory for all users by May 8
ByBit's Know Your Customer requirement may take between 15 minutes to 48 hours to be processed, noting that users can make up to five attempts per day in the case of a rejection.
India expects digital currency firms to comply with national money laundering legislation
Firms offering digital currency services in India are now covered by the PMLA of 2002, under which they are mandated to make proper disclosures with the FIU-IND and comply with KYC rules.
Pakistan banks to develop blockchain-based eKYC platform
eKYC platform Consonance will rely on blockchain to provide banks and financial institutions with a standardized framework to carry out Know Your Customer checks.
Binance’s ties to US hedge funds probed by DoJ as outflow surges
Former DoJ prosecutor John Ghose said Binance "did not have a reputation of being a responsible exchange" as authorities look into hedge funds tied to the controversial exchange.
Coinbase pays $100M to atone for shoddy AML/KYC compliance
The New York DFS announced that it had reached a $100m settlement with Coinbase after a probe identified failures in its AML program, including its KYC/customer due diligence (CDD).
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.
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.