KYC

Lawyer Asks Whether KYC Is Worth Exposing Users to Hacking and ID Theft

In the aftermath of the recent BitMEX data leak, lawyer and general counsel at decentralized finance startup Compound Finance Jake Chervinsky raised the question of whether exposing the public to data risks that Know Your Client (KYC) requirements entail is worth it. It is about time we reconsider KYC In a tweet posted on Nov. …

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Bad for Business: How KYC/AML Makes Everyone a ‘Terrorist’

</header> <strong>Two reports from risk solutions group Lexisnexis assert that anti-money laundering (AML) and know your customer (KYC) policies can negatively affect a business’s bottom line and customer service significantly. A recent trip to the local post office for a money order certainly had a negative effect on my own experience, thanks to the same …

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NIXT – Nexinter Launches Exchange Offering Using SLP

<header class=”article__header”> </header> Today, NextHash and Bitcoin.com have entered a technical partnership to design and structure the NIXT utility token. NIXT token is being listed in its fully operational exchange Nexinter on top of Bitcoin Cash, using the Simple Ledger Protocol (SLP) framework. The Simple Ledger Protocol whitepaper was published last July and the project …

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Traders Bemoan New Localbitcoins Identity Requirements

<header class=”article__header”> </header> <strong>Recent data shows that countries with corrupt governments have a strong correlation with Localbitcoins trade volumes. However, even though the over-the-counter (OTC) marketplace Localbitcoins has grown massive over the years, traders are complaining about heightened know-your-customer/anti-money laundering requirements. The exchange recently changed its KYC/AML guidelines on September 1 and users say more …

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Washington Elite Announces Summit in Vienna

<header class=”article__header”> </header> Washington, DC, September 10, 2019 – The Austrian capital hosts some of the world’s brightest minds in smart city, crypto, M&A and renewable energy October 11 – 12 during the Washington Elite AI and Blockchain Summit – Smart City Edition in Vienna, Austria. The Washington Elite Summit convenes at Schönbrunn Palace this …

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Crypto Needs Less Government Regulation – Not More

<header class=”article__header”> </header> <p class=”p1″><strong>A recent opinion article by Peter Lin, <a href=”https://cointelegraph.com/news/why-regulation-is-the-best-thing-for-crypto”>“Why Regulation Is The Best Thing For Crypto,”</a> presents common arguments on why the state and state-affiliated institutions should administer cryptocurrency. Underlying the arguments is an assumption: the free market cannot provide necessary standards for crypto and the state must step into the …

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EU Members Adopt Tougher Crypto Rules Than AML Directive Requires

</header> <strong>Europe is gradually tightening the rules for the crypto space. A wave of new regulations are introducing stricter requirements for companies operating in the industry and cryptocurrency users are going to feel the difference in the coming months. The measures stem from the obligation of member states to transpose EU’s Fifth Anti-Money Laundering Directive …

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Binance KYC Breach — Did It Happen, and If So, Who’s to Blame?

On Aug. 7, Binance, the world’s largest cryptocurrency exchange (by daily trade volume), fell victim to a hacking scandal that saw the miscreant allegedly gain possession of a huge chunk of the firm’s Know Your Customer (KYC) data (10,000+ personal photos). The hacker is reportedly demanding a total of 300 Bitcoins (worth around $3.5 million) …

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Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC

</header> <strong>Taxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make …

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US SEC Gives Crypto Gaming Firm the Go-Ahead on ‘Quarters’ Token

The United States Securities and Exchange Commission (SEC) has cleared a crypto gaming company to issue blockchain tokens without registration, deeming the tokens to not be securities. The SEC published its determination on July 25 via the commission’s website, as a reply to an apparent inquiry from the company Pocketful of Quarters (PoQ) on its …

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