UK Crypto Exchange CEX.IO Updates KYC - No More Anonymous Transactions
- The firm wants to comply with the EU's fifth Anti-Money Laundering Directive.
CEX.IO, a London-based cryptocurrency exchange, now requires that all customers reveal their identities, according to a press release. The change relates to cryptocurrency to cryptocurrency transactions - fiat currency users were already required to identify themselves.
The exchange, which was founded in 2013, classifies itself as self-regulated. This is important in the UK because there, the only regulation relevant to such businesses is a European Union law - the fifth Anti-Money Laundering Directive. The law specifically includes virtual currency exchange platforms and custodian wallet providers.
Eyes abroad
CEX.IO says that the decision was made to "provide users with high-level and reliable service." The company's Regulatory Affairs Counsel, Serhii Mokhniev, said: "We have always understood the importance of dealing with virtual currency within a legal framework, so mandatory verification for customers who transact in fiat currency was introduced long before the Fifth Anti-Money Laundering Directive was adopted in the EU."
The directive becomes mandatory in all EU states in January 2020. The UK may not be counted among their number by then, but cryptocurrency businesses are international affairs, so they are unlikely to be motivated by a call to take our country back. CEX.IO, for example, claims 2.5 million users across the globe and is a registered member of FinCEN, a regulatory branch of the US Department of the Treasury.
It is also one of the founding members of CryptoUK, an organisation by and for British cryptocurrency businesses. One of the aims of the association is to persuade the government to regulate the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term industry, which it has not yet succeeded in doing.
G7 report
On Monday, a report was released by a G7 research group which found that there is a big cryptocurrency exchange-shaped hole in the UK's money-laundering and terrorism-financing detection system. The Financial Conduct Authority, the UK's financial watchdog, is in no rush whatsoever to remedy this.
CEX.IO supports eight major Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and four major fiat currencies. It is a relatively minor venue, handling $5.2 million in cryptocurrency trades over the past 24 hours, according to coinmarketcap.com. It does not appear to be affiliated with London-based electronic goods retailer CeX.
CEX.IO, a London-based cryptocurrency exchange, now requires that all customers reveal their identities, according to a press release. The change relates to cryptocurrency to cryptocurrency transactions - fiat currency users were already required to identify themselves.
The exchange, which was founded in 2013, classifies itself as self-regulated. This is important in the UK because there, the only regulation relevant to such businesses is a European Union law - the fifth Anti-Money Laundering Directive. The law specifically includes virtual currency exchange platforms and custodian wallet providers.
Eyes abroad
CEX.IO says that the decision was made to "provide users with high-level and reliable service." The company's Regulatory Affairs Counsel, Serhii Mokhniev, said: "We have always understood the importance of dealing with virtual currency within a legal framework, so mandatory verification for customers who transact in fiat currency was introduced long before the Fifth Anti-Money Laundering Directive was adopted in the EU."
The directive becomes mandatory in all EU states in January 2020. The UK may not be counted among their number by then, but cryptocurrency businesses are international affairs, so they are unlikely to be motivated by a call to take our country back. CEX.IO, for example, claims 2.5 million users across the globe and is a registered member of FinCEN, a regulatory branch of the US Department of the Treasury.
It is also one of the founding members of CryptoUK, an organisation by and for British cryptocurrency businesses. One of the aims of the association is to persuade the government to regulate the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term industry, which it has not yet succeeded in doing.
G7 report
On Monday, a report was released by a G7 research group which found that there is a big cryptocurrency exchange-shaped hole in the UK's money-laundering and terrorism-financing detection system. The Financial Conduct Authority, the UK's financial watchdog, is in no rush whatsoever to remedy this.
CEX.IO supports eight major Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and four major fiat currencies. It is a relatively minor venue, handling $5.2 million in cryptocurrency trades over the past 24 hours, according to coinmarketcap.com. It does not appear to be affiliated with London-based electronic goods retailer CeX.