European crypto exchange Exmo has announced a partnership with Lithuania-based electronic payments company Mistertango. The collaboration will allow Exmo users to instantly withdraw and deposit Euros directly onto the platform. Additionally, Exmo users will be able to make Single Euro Payment Area transfers.
Exmo users will be able to access the services after they make an account with Mistertango, according to an official statement from the company. The account will come with its own IBAN.
“Mistertango already works with over 100 crypto exchanges and this partnership marks the company’s ambitious plans for growth as it seeks to bolster its number of crypto partners and expand its 25,000-strong user community,” said the announcement. Mistertango has partnered with numerous other crypto exchanges, include Cex.io, itBit, Coingate, Gatecoin, and Coinfalcon.
Mistertango Says Strict AML and KYC Checks are What the Crypto Industry Wants
Exmo added that it chose to partner with Mistertango in part because of its “rigorous” KYC and AML checks. In a study conducted by the service in July, researchers at Mistertango found that 55 percent of cryptocurrency exchanges agree that crypto users should be subject to KYC and AML checks.
Indeed, “the industry is crying out for regulation and the response from partners has shown this. Uncertainty is the biggest fear, and regulation is critical to provide the stability we need,” said Gabrielius Bilkštys, Business Manager at Mistertango. “Unfortunately, there is no regulatory consensus–worldwide or otherwise.”
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Mistertango has recently conducted a survey which showed that 9 out of 10 digital currency exchange platforms want to see the industry regulated. Big numbers, right? Read more by clicking this link below. https://t.co/xVGCXAbTyu #mistertango #fintech
— MisterTango (@MistertangoCom) August 1, 2018
Crypto exchanges have often partnered with payment services such as Mistertango instead of banks because of regulatory uncertainty. Some banks have blocked their customers from receiving withdrawals or deposits directly from crypto exchange services.
Additionally, Coinbase reported earlier this year that at least four banks (including JPMorgan Chase, Bank of America, Citi, and Capital One) had barred their customers from using credit cards to purchase cryptocurrencies.