Bithumb to ban foreign users who fail mobile KYC as regulations bite harder
Bithumb exchange will reportedly ban foreign users who fail to verify their identity through a mobile phone as South Korea’s AML laws bite harder.
Latest Know Your Customer News
Ukraine shuts down illegal network of digital currency exchanges
The exchanges allowed their users to launder money by failing to implement any Know Your Customer requirements, according to the Security Service of Ukraine.
Taproot: Centralized changes put every BTC user at risk
What the Taproot update does is make the responsibility for laundered coins to fall more broadly on the shoulders of every participant in the network.
Binance promises ‘pivot’ as its forced march towards compliance continues
Binance continues its forced march toward regulatory compliance, although new withdrawal restrictions are sparking fears that the troubled cryptocurrency exchange is bracing for a run on its bank.
EU to ban anonymous digital currency transfers
Policymakers in the European Union proposed that all companies that transfer BTC and other “crypto-assets” must collect details of the senders and recipients in an effort to crack down on crimes.
Bitonic regulatory clash shows power of FATF
The Dutch central bank has taken a U-turn on KYC and AML requirements it had imposed on digital asset providers, after the court directed it to consider the objections raised by the Bitonic exchange.
How blockchain solutions can combat blockchain-related crimes, as explained by PwC partner Vikas Agarwal
The increase in individuals looking to use digital currencies to evade the law has led to many innovative solutions, such as the creation of blockchain analytic tools and teams dedicated to combatting such crimes.
Asian racetracks urge crackdown on digital currency-based betting
The report warns of digital currency’s capacity to evade scrutiny by gambling regulators and financial watchdogs, thereby “facilitating avoidance” of AML and KYC procedures.
North Carolina judge orders Kraken to report customer details to IRS
As per the ruling, personal information on users who have exceeded the threshold will now be turned over to the IRS, in a bid to help root out failures of disclosure to the tax agency.
Thailand requires in-person KYC for new digital currency exchange signups
The Thai Anti-Money Laundering Office has mandated all exchanges to use the dip-chip machine, which scans a chip embedded on the Thai national identity card, for identity verification.
Irish digital currency firms now obliged to register with central bank
Companies considered to be Virtual Asset Service Providers (VASPs) are now required to adhere to the same rules as other regulated financial companies in Ireland.
Dubai gov’t expands blockchain-powered KYC tool for financial institutions
Dubai Economy has partnered with the Dubai International Financial Centre to expand the tool which now accounts for over 50 percent of all KYC verifications in Dubai.