KYC news

The Know Your Client is a standard procedure in the investment industry that ensures investment advisors know detailed information about their clients' risk tolerance, investment knowledge and financial position.

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Crypto exchange IDEX set to begin transition period for KYC and AML compliance

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceIDEX, the popular hybrid decentralized exchange, today made an announcement concerning new and existing users, who will now be able to create Know-Your-Customer (KYC) verified accounts from Wednesday, July 24th, 2019. This is in line with last years statement from the exchange and an announcement in March, which disclosed a collaboration between IDEX and regulatory […]

Blockpass Announces First-Use KYC Services to Hong Kong Brokers in Partnership with 2GoTrade

Digital identity verification provider Blockpass has announced its first mainstream financial integration providing its eKYC service to Hong Kong based broker technology platform provider 2GoTrade. This new type of integration is a first for Blockpass, as it enters the broker market offering best-in-class Know-Your-Customer (KYC) and Anti-Money Laundering (AML) verification services to the 2GoTrade network. 2GoTrade’s platform service meets most brokerages applications and IT needs, while keeping complex and ever-changing development and around-the-clock operation of software, systems, infrastructure, command control, compliance, and pre-post trade processing away from brokers’ core business – serving customer’s trading & investment needs. Its primary services support Hong Kong Exchange and global equity products as well as China A/B shares for retail and institutional brokers.  Blockpass is a RegTech and Compliance platform which provides digital identity verification as a service. Through its network of partners, Blockpass is creating an ecosystem of pre-verified customers for easy and seamless customer onboarding for any regulated business and industry. The Blockpass portfolio of KYC Connect products allows businesses to implement the right solution for their needs through the use of an API. This new integration of the Blockpass eKYC service will allow 2GoTrade to provide its 100 Hong Kong based broker clients with one-click customer verification, streamlining the process for brokers and customers alike. Adam Vaziri, Blockpass CEO stated: “This is a particularly exciting integration of the Blockpass KYC Connect solution. By partnering with 2GoTrade, we are showcasing another unique and innovative use of our technology, and furthering the development of our ever-growing Blockpass ecosystem of customers and merchants.” Jay Law, 2GoTrade CEO commented: “Blockpass KYC Connect is an ultimate customer onboarding solution for Financial Institutions in Hong Kong, and resonates well with the lastest SFC announcement (28-Jun-2019) on Remote onboarding of overseas individual clients; we are thrilled to be partnering with Blockpass in bringing cutting edge KYC technology to our broker clients for onboarding new retail customers, especially those from the mainland China.” The post Blockpass Announces First-Use KYC Services to Hong Kong Brokers in Partnership with 2GoTrade appeared first on The Fintech Times.
The Fintech Times

Bounty hunting network Bounty0x integrates Bloom for KYC

Bounty0x, a decentralized bounties network enabling anyone to manage bounty programs, and hunters to receive payments for completing bounties, today announced that users can now employ a BloomID to show they have a verified identity, enabling them to participate in bounty campaigns that require KYC verification. Bloom allows users to create a cryptographically secured identity […]

KYC/AML and Hidden Centralization: A libp2p-based Atomic Swaps Exchange Protocol

Photo by Yung Chang on UnsplashAnonymity seems to be the holy grail of cross-blockchain exchanges. Not so many users want to disclose his or her identity, let alone to send scanned ID-copy or the proof of income.Thus, KYC-neutrality is a sine qua non for the proper decentralized multi-chain wallet. But the regulators continue to think otherwise which results in a couple of serious challenges for market players.KYC vs Exchanges: When Delusions CrashSome major platforms had worked either with no KYC-restrictions or with very soft requirements in this field. The world-leading exchange Binance can be treated as a textbook example in this regard.For years, they have been one of the among leaders of KYC-neutral projects, along with KuCoin, Mercatox etc. The game changed in Q2, 2019. On February 22, 2019, the Financial Action Task Force (FATF), the top world agency in financial surveillance, came out with a new list of recommendations.The message was unequivocal: KYC-checks of the crypto exchanges must be as strict as they are for interactions of classical financial institutions.It didn’t take long to see the results: by the end of March 2019, it was announced that Binance will be collaborating with cutting-edge KYC-providers. The implementation of KYC by Binance was accelerated after last April’s hack of the exchange, which caused the loss of users funds, API data as well as 2FA codes.So, the well-known agnosticism of Binance is no more: users from 29 countries including the U.S. are geo-locked on the Binance DEX. The restriction started on July 1, 2019. The CEO of Binance, Changpeng Zhao, hinted on Twitter to use VPNs for trading after the restrictions were applied. By the way, those meticulous journalists have already figured out that using VPNs breaks the Binance DEX ToS.Unfortunately, this scheme (KYC-agnostic service applies more checks after the latest regulations imposed) is not new. The same occurred with Poloniex in May and with Bittrex in June. It wouldn’t be an exaggeration to say that in the world of crypto this is the saddest story yet in 2019 — new jurisdiction ideas result in new headaches for teams and traders.(De?)centralizedThis is pretty much the same story with centralization. For a long time, IDEX was considered to be the leader of the decentralized exchange segment. One year ago, after analyzing IDEX smart contracts, crypto enthusiasts , stated that there are some signs of centralization.The tension ratcheted up even higher: in the Summer of 2018 there was a particular discussion on Reddit about the nature of IDEX (de)centralization.As a result, on November 1, 2018, the CEO of IDEX Alex Wearn published a long-winded story discussing the ‘misunderstanding of the word ‘decentralization’, ‘known team’ as the point of centralization, etc. making it clear: his project is centralized.Mr. Wearn invented the term ‘pragmatic decentralization’ but did anyone feel any better?This discussion correlates with the concern related to the decentralization of cryptocurrencies, in particular — Ethereum, EOS, etc. The last question is much more complicated: the decentralization of blockchain itself sets a couple of philosophical puzzles. But it seems a totally decentralized way to operate has been found.Serverless libp2p-based protocol as the solution for cross-chain KYC-agnostic decentralized exchangeThis solution is powered by instant non-custodial cross-chain interactions, so-called Atomic Swaps.A couple of months after the first commercial swaps, on November 22, 2017, Alexander Noxon, a web developer with 16 years of experience and who was the technical director of DAO formulated and published an algorithm for receiving Bitcoins in decentralized applications that use tokens.This algorithm allowed applications that use the Bitcoin.js software library to receive bitcoins and fiat from all the users quickly using HTML. This excluded the intermediaries as well as the opportunity for parties participating in the exchange to deceive each other.The, decentralized cross-chain service was launched in Beta with ETH, BTC in July, 2018. The first ever Atomic Swaps with USDT and EOS ever were presented in September, 2018.Simple BTC ⇔ ETH exchange interfaceSo, how does this protocol avoid KYC without breaking the law?The protocol does not store users orders on a server. Each user stores his or her orders and sends them to other users directly via the libp2p pubsub network, which works like an IRC (Internet Relay Chat) — an application-level protocol for real-time messaging.Figure 1: How the CEXs process orders. Figure 2: How the processesorders.How to create an order?1. Through the interface, the user selects a pair for exchange and indicates the amount he wants to sell (the amount should be available on his/her wallet).2. The user’s browser creates a message based on the protocol, signs it with the user’s private key (for identification) and sends it to the libp2p pubsub network3. The browsers of other users receive the message and add the order to their local copy of the order book.4. In case someone decides to carry out this order, he sends the message directly to the creator of the orderThis task needs a simple and fail-resistive centerless system of messaging. A lot of solutions were analysed, but the only one that works is ipfs pub sub. Previously one central public signal server had been used in ipfs, but now a zero-censorsip, attack-protected tool is being developed.It is gossipsub ( which absolutely suits the stated task.Thus, disabling the main domain not stop the trades. The usage of libp2p pubsub allows organizing the non-custodial interaction of users without the even slightest involvement of a third party.Vested interest: The author of the article is a lead analyst in and Hidden Centralization: A libp2p-based Atomic Swaps Exchange Protocol was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Ravencoin Price Analysis RVN / USD: Recharging

Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that a complex inverted head and shoulders pattern is building The daily time frame continues to show the presence of a huge bullish pattern Ravencoin / USD Short-term price analysis Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame. The four-hour time frame shows that a valid inverted head and shoulders pattern has formed, with the RVN / USD pair now dangerously close to invalidating the bullish pattern. Technical indicators on the four-hour are bullish and continue to issue a buy signal.   RVN / USD H4 Chart by TradingView                                                                                  Pattern Watch Traders should note that the RVN / USD pair may be carving out a right-hand shoulder to complete the bullish pattern on the four-hour time frame.                                                                                          Relative Strength Index The RSI indicator is also bullish on the four-hour time frame and shows scope for further upside. MACD Indicator The MACD indicator is bullish on the four-hour time frame and continues to issue a buy signal. Ravencoin / USD Medium-term price analysis Ravencoin has a bullish medium-term outlook, with the RVN / USD pair still holding above its trend defining 200-day moving average. The daily time frame continues to show multiple inverted head and shoulders patterns, with the larger pattern holding a huge upside projection. Technical indicators on the daily time frame are mixed and currently failing to generate a clear trading signal.   RVN / USD Daily Chart by TradingView   Pattern Watch Traders continue to monitor the neckline of the larger inverted head and shoulders pattern for a major medium-term technical breakout. Relative Strength Index The RSI indicator is trading below neutral and remains technically bearish on the daily time frame. MACD Indicator The MACD indicator is bearish on the daily time frame and continues to issue a sell signal. Conclusion Ravencoin is still under pressure in the short-term, with bulls needing to stabilize the cryptocurrency above its 200-period moving average on the four-hour time frame. The daily time frame continues to highlight the presence of multiple bullish patterns, with the RVN / USD pair showing great medium-term upside potential.   Check out our RavenCoin guide for insights. Ravencoin ChartChart byCryptoCompare baseUrl = ""; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(28,113,255,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(28,113,255,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=RVN&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-24320 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24320 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24320 a.tabperiods.tabperiods_active, #ccpw-ticker-24320 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24320 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24320 .coin-container:after, .ccpw-container_four #ccpw-ticker-24320 .coin-container:after {border-color:#ccc !Important;}   The post Ravencoin Price Analysis RVN / USD: Recharging appeared first on Crypto Briefing.

Equifax agrees to pay up to $700 million to settle a probe into its massive data breach (EFX)

Equifax, one of the three largest credit reporting agencies, will pay as much as $700 million in fines over its 2017 data breach that revealed personal information on about 147 million people.  The Federal Trade Commission announced the settlement in a statement on its website on Monday morning, nearly two years after the hack occurred.  The proposed settlement would also require Equifax to provide free credit reports to all US customers. Watch Equifax trade live. Nearly two years after the names, social security numbers, and physical addresses of almost 150 million Americans were leaked in a masive Equifax data breach, the company has agreed to pay a settlement totaling up to $700 million.  The US Federal Trade Commission published a statement on Monday morning outlining the settlement with the credit reporting agency. Equifax will pay $175 million to 48 states, and another $100 million to the Consumer Financial Protection Bureau.  The remaining $300 million will be set aside in a fund to help consumers with credit monitoring services, and to compensate people purchased credit of identity monitoring services from Equifax. The company has also agreed to add an additional $125 million to the fund if the initial amount isn't enough, which would bring its total payout to $700 million. For comparison, Equifax reported a total of $3.4 billion in revenue in 2018, with around $300 million in profit.  Equifax's stock climbed more than 2% in early trading. Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up. The settlement alleged that Equifax failed to take "reasonable steps to secure its network," which led to the data breach in 2017. According to the FTC statement, the company neglected to patch its network after discovering a security vulnerability in one of its databases.  "Companies that profit from personal information have an extra responsibility to protect and secure that data," FTC Chairman Joe Simons said in a statement. "Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers."  As part of the settlement, the agency will also be required to provide six free credit reports per year for seven years to all US customers.  Equifax was up 47% year-to-date through Friday. SEE ALSO: Trump just found another target at the Federal Reserve » READ NOW: Microsoft is investing $1 billion in OpenAI, the Elon Musk-founded company that's trying to build human-like artificial intelligence (MSFT) » Join the conversation about this story » NOW WATCH: Most hurricanes that hit the US come from the same exact spot in the world
Business Insider

FINRA wants to continue knowing member firms’ crypto activities

A U.S. financial watchdog has extended a program that will monitor cryptocurrency-related activities among brokers in the country.  The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO) for broker-dealers in the U.S., said in a regulatory notice on Thursday, that it will continue an initiative it took on last year, in which it requested member firms to share information such as whether they trade or intend to trade cryptocurrencies, among other activities.   Now the authority has extended the timeframe for another one year i.e. July 31, 2020, per the notice. “As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets—e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities—FINRA believes it is important to keep the lines of communication with members open on this important topic,” the notice reads. Member firms, therefore, are “encouraged” to keep sharing whether they are involved in the mining of cryptocurrencies, accept cryptocurrencies from their customers, engaged in derivatives tied to digital assets and whether they participated in an ICO or pre-ICO, among other activities. Those firms who engage in digital assets, whether or not they are securities, will have to follow all applicable FINRA rules and federal and state laws and regulations, the authority said. Earlier this month, FINRA and the Securities Exchange Commission (SEC) issued a joint statement, saying that there are several concerns to be addressed before they could give the green light to cryptocurrency firms who want to operate as broker-dealers. Industry experts told The Block at the time that firms will have to figure out how to solve to address those issues, such as accounting for and guarding against the loss or hacking of digital securities. Between 35 and 40 firms have reportedly applied to become brokerages, but none has received approval yet.
The Block Crypto
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