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Implementing the double-edged sword of KYC is a must for crypto exchanges

Published 04/03/2021, 03:17 AM
Updated 04/03/2021, 05:00 AM
Implementing the double-edged sword of KYC is a must for crypto exchanges

Implementing the double-edged sword of KYC is a must for crypto exchanges

During 2017’s bull market, most crypto services lacked the proper Know Your Customer and Anti-Money Laundering measures. Even in 2020, 56% of the analyzed 800 cryptocurrency exchanges and over-the-counter trading desks followed weak KYC practices, according to a CipherTrace report. However, the current digital asset rally has turned the crypto market upside down.

As a result, KYC and AML have become top priorities for cryptocurrency providers, with many industry players rushing to implement proper measures to better know their customers. And it’s not just the providers that are increasingly demanding KYC, but also their clients.

Konstantin Anissimov is the executive director of the international cryptocurrency exchange CEX.IO. He holds an MBA from the University of Cambridge. As a member of the CEX.IO board of directors, Konstantin is responsible for corporate governance. He also has extensive experience working with various markets across the world, including the United Kingdom, European Union countries, China, Southeast Asia and South Africa. He has a strong technical background in web development and the Ethereum blockchain.

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