Posts in category

KYC


This post was originally published here Binance, the biggest cryptocurrency exchange by trading volume, is working with crypto compliance and investigation software provider Chainalysis to implement a new global compliance solution, the companies announced Wednesday. As part of the partnership, Chainalysis will provide access to its “Know Your Transaction” compliance software, enabling the exchange to …

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Binance, the biggest cryptocurrency exchange by trading volume, is working with crypto compliance and investigation software provider Chainalysis to implement a new global compliance solution, the companies announced Wednesday. As part of the partnership, Chainalysis will provide access to its “Know Your Transaction” compliance software, enabling the exchange to monitor cryptocurrency transactions in real-time, according …

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This post was originally published here Much noise has been made about the untraceable qualities of Bitcoin and other cryptocurrencies. Bitcoin “can be used to buy merchandise anonymously” said early primers on crypto, it offers users the kind of financial privacy that was previously available only from a “Swiss bank account,” say more recent commentators. …

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Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. There are shifts at ShapeShift and not everyone’s happy with them. When the token exchange …

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Cryptocurrency exchange ShapeShift’s controversial decision to require user identities wasn’t forced upon it but signified a “proactive” step to reduce legal risks, according to CEO and founder Erik Voorhees. In comments to CoinDesk made over the weekend, Voorhees offered some hitherto unshared rationale behind a move that prompted criticism from some in the cryptocurrency community …

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Paul Brody is EY’s global innovation leader for blockchain. The views expressed are his own. At the beginning of this year, I wrote a column predicting that companies would find the allure of public blockchains irresistible. While a world of private blockchains provides many enterprises, regulators and central banks with the comfort that there are …

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Bruce Silcoff is the CEO of Shyft in Toronto, which is focused on developing blockchain-based solutions for digital identity and KYC/AML processes. It’s easy to question the need for strict know-your-customer (KYC) and anti-money-laundering (AML) controls, as Edan Yago did in a recent CoinDesk op-ed. Who likes the rising complexity and costs of compliance? Who gets …

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Edan Yago has spent the last seven years engaged in payments using cryptocurrencies, first at Zynga, then as CEO of Epiphyte and now as the founder of a stealth startup developing a meta-stablecoin platform. Follow him on Twitter here. The worst-kept secret in cryptocurrency is that many projects are little better than scams: they’ve digested billions of …

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A group of financial firms and regulators, including big names like BNP Paribas and Deutsche Bank, have conducted a trial of a know-your-customer (KYC) compliance application built upon R3’s Corda blockchain platform. The 39 participants put the app – built by New York-based tech firm Synechron – through a four-day test of the app using 45 nodes in …

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Tezos, the blockchain project that sought to fix crypto’s broken governance models, is at the center of talk about how to handle decentralized politics – just not in the way its founders had hoped. On Sunday, the Tezos Foundation announced that it would be carrying out know-your-customer and anti-money laundering (KYC/AML) checks on investors who bought …

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Bank of America has cited cryptocurrency as a material risk to its business, public records show. The technology could hamper the second-largest U.S. bank’s ability to comply with anti-money-laundering regulations, pose a competitive threat and force the company to spend more money to keep up with the times, the bank said in its annual filing …

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Julio Faura is the head of blockchain research and development at Santander. Much is being written these days about the need to regulate initial coin offerings (ICOs) and – to the extent possible – access to cryptocurrencies. With close to $350 billion in (theoretical) market value, cryptocurrencies have started to hit the mainstream, and it …

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Marc Hochstein is the managing editor of CoinDesk and a former editor in chief of American Banker. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Each of these three stories out of Southeast Asia is significant on its own, but when you read them side by side they tell a …

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A new partnership has been inked between identity startup Cambridge Blockchain and IHS Markit, the U.K.-based data analysis firm. The deal will see Cambridge Blockchain complement IHS Markit’s existing services around anti-money laundering and know-your-customer, CEO Matt Commons said in a statement published today. The technology developed by the Massachusetts-based’s startup will be bridged with …

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Blockchain technology has enabled the possibility of data control and proper identity management by their real owners. It is this technology that Persona, a start-up, has employed in order to ensure that users achieve hassle-free identity management, signing-on for all websites through its single channel. Hosting individual data using the Persona platform could offer individual …

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One of the longest-running cryptocurrency-only exchanges is taking steps to bring its customer registration processes in line with the wider industry. Announced on Dec. 27, U.S.-based exchange service Poloniex revealed it will soon disable all legacy accounts, that is unless these users complete the same verification process as its newer account users who must complete …

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The global equity market has seen a very turbulent decade since the start of the global recession. Yet despite the relatively stable economic growth the world has seen over the past five years there has been a significant decline in the number of Initial Public Offerings (IPOs), as well as a general lack of funding …

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CryptoKitties, the Ethereum-based digital kitten collectibles game, has processed more than $12 million in sales on its decentralized marketplace. Essentially, CryptoKitties is a Tamagotchi-like game developed as a decentralized application (dapp) launched on top of the Ethereum protocol. Each digital kitten represents a unique crypto asset and the ownership of it cannot be altered, as …

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Bittrex is reportedly leaking users’ passport scans and photographs as KYC emails from customer support contain dire security errors. As reports a Russian-language news channel on Telegram, users who go through the exchange’s manual KYC verification but are rejected receive an email from customer support. Along with the private documents the user supplies, the rejection …

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Dr. Pavel Kravchenko holds a PhD in technical sciences and is the founder of Distributed Lab. In this opinion piece, the second of two parts, he describes the obstacles that must be overcome before blockchain technology can deliver on the promise of tokenization. In my previous post, I described the potential benefits of tokenizing assets. …

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