KYC
CFTC Report Underscores DeFi Risks and Calls for Action
The CFTC report on DeFi underscores significant risks to the U.S. financial system, national security, and consumer protection, emphasizing the need for increased understanding, regulation, and collaboration in the sector.
Lesley O'Neill was Appointed as Binance.US Chief Compliance Officer
Lesley O’Neill's appointment as Binance.US Chief Compliance Officer marks a strategic response to heightened SEC scrutiny, emphasizing the crypto industry's shift towards compliance and regulatory adherence.
Coinbase Amplifies Anti-Terrorism Financing Measures Through Blockchain Analytics
Coinbase, on October 17, 2023, outlined its robust measures to curb terrorism financing and other illicit activities through a rigorous compliance framework and blockchain analytics. The discourse emphasizes the importance of regulatory clarity in the U.S to minimize offshore risks associated with digital assets. With a dedicated team and technological tools, Coinbase demonstrates a proactive approach in maintaining the integrity of the crypto ecosystem.
Binance CEO Clarifies Details on CommEx Integration
Binance CEO, CZ, sheds light on Binance's association with CommEX through a tweet. Cryptocurrency transfers are ongoing, with potential ex-Binance team members joining CommEX. Amid regulatory challenges, Binance sells its Russian operations to CommEX but remains optimistic about global prospects.
He Yi Discusses Binance's Regulatory Strategy Amid Actions Against Binance and Zhao Changpen
In a public letter, He Yi, Co-founder of Binance, discusses the company's compliance strategy, which gains significance amidst a U.S. Department of Justice inquiry initiated on May 6, 2023, 13 SEC charges, and the company's recent exit from the Russian market.
FTX Exchange Announces Customer Claims Portal and Deadline for Filing Claims
FTX Exchange has launched a Customer Claims Portal for filing proof of claims. The deadline for submission is September 29, 2023, at 4 pm ET.
Cogni Launches KYC-Backed NFTs for Crypto Wallet Users
Cogni, a neobank with FDIC coverage, is rolling out nonfungible tokens (NFTs) containing KYC information to users of its crypto wallet. The NFTs are transferable to a Web3 environment, providing decentralized apps with bank-level KYC information without the need for further action.
DeFi Execs Argue KYC as Solution to Combat Money Laundering in the Industry
DeFi executives at the WOW Summit in Hong Kong endorse KYC as a solution to tackle AML issues and combat hackers laundering stolen funds into clean money. However, there are concerns that KYC alone will not solve all AML problems and that different mechanisms should be used for different solutions.
Scammers escape discovery by utilising black market identities
Crypto scammers have been accessing a "cheap and easy" black market of individuals willing to put their name and face on fraudulent projects for the low price of $8. These individuals are described by CertiK as "Professional KYC actors". Some roles paid up to $500 a week if an actor was to play the role of CEO for a malicious project. A tool released in October by Mastercard combines artificial intelligence and blockchain data to help find and prevent fraud. Another recent example has been the work of French authorities using on-chain analysis to find and charge five people who stole nonfungible tokens (NFT) through a phishing scam.
Thailand to Implement In-Person KYC Step for Crypto Exchanges
Thailand has introduced a new method of verifying clients’ identities for crypto exchanges.