Monday, January 25, 2021

Most Crypto Exchanges Still Don’t Have Clear KYC Policies: Report

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The crypto exchange industry may be far less compliant than it appears. As revealed exclusively to CoinDesk, a global study of 216 exchanges by the reg-tech startup Coinfirm found 69 percent of these businesses do not have “complete and transparent” know-your-customer (KYC) procedures. The study also found that only only 26 percent of exchanges had a “high” level of anti-money laundering (AML) procedures, such as ongoing transaction monitoring and in-house compliance staff with experience in AML.

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