BitShares Decentralized Exchange (DEX) gateway CryptoBridge announced on Oct. 1 that it has carried out obligatory consumer Know Your Client (KYC) verification.
European regulation is accountable
Per the announcement, the rationale for the upcoming obligatory KYC is the fifth EU Anti-Money Laundering Directive (AMLD5). Interestingly, CryptoBridge additionally famous that the corporate needs to problem worldwide monetary regulation:
“While we still strive to present new challenges for international financial regulation, we are facing the 5th EU Anti-Money Laundering Directive (AMLD5) and will adjust our gateway services to pave the way for CryptoBridge moving forward.”
Because of this coverage change, all CryptoBridge customers are required to undergo identification earlier than persevering with to make use of deposits and withdrawals. According to the platform, the measure is supposed to “protect customers and CryptoBridge from being held responsible for any illegal intentions or money laundering activities.”
Data security and privateness issues
The firm additionally notes that the introduction of the AMLD5 regulation creates authorized standing for crypto property, “enables them to become viable and legitimate financial networks” and facilitates the itemizing of safety tokens on the platform. Lastly, the agency reassures the customers that it gained’t have entry to customers’ KYC knowledge, which shall be managed by its GDPR-compliant accomplice Fractal.
Users are more and more involved over sharing their knowledge with third events, particularly delicate knowledge such because the paperwork required to carry out KYC checks. As Cointelegraph reported in August, Binance fell sufferer to a hacking scandal that noticed the miscreant acquire possession of an enormous chunk of the agency’s KYC knowledge.
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