KYC

Federal Reserve's FedNow will integrate with Metal Blockchain

The integration will allow users to instantly convert cash to stablecoin for use in DeFi protocols. The Federal Reserve’s forthcoming instant payment service FedNow will be integrated with Metal Blockchain, according to a May 11 announcement from the Metal Blockchain team. The announcement said that the integration will allow Metal users to instantly convert funds to stablecoin and back again using FedNow’s “send/receive” function.Metal Blockchain’s listing in the FedNow Serv

Federal Reserve's FedNow will connect with Metal Blockchain

The integration will allow users to instantly convert cash to stablecoin for use in DeFi protocols. The Federal Reserve’s forthcoming instant payment service FedNow will be connected to Metal Blockchain, according to a May 11 announcement from the Metal Blockchain team. The announcement said that the integration will allow Metal users to instantly convert funds to stablecoin and back again using FedNow’s “send/receive” function.Metal Blockchain’s listing in the FedNow Service

‘Kim Jong-Un’ gets approved for Gate.io crypto account

An account application under the name Kim Jong-Un cleared Gate.io’s Know Your Customer (KYC) checks and was approved within minutes. Gate.io KYC process draws scrutiny On-chain sleuth, ZachXBT, sought to test the hypothesis that crypto exchange accounts provide a degree of security when tracking down stolen funds. “When stolen funds go to a crypto exchange […] The post ‘Kim Jong-Un’ gets approved for Gate.io crypto account appeared first on CryptoSlate.

T. Rowe Price, WisdomTree join Avalanche subnet for forex testing

If initial tests are successful, the firms will expand their activities into tokenized credit issuance and equities. Financial market firms T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland have joined an Avalanche (AVAX) subnet to test the idea of blockchain-based foreign exchange, according to an announcement from the Avalanche team. The new subnet is called “Spruce,” and is part of Avalanche’s Evergreen Subnet ecosystem.Following last week’s Avala

Jane Street, Tower Research and Radix are Binance’s 'VIP' clients in CFTC suit: Report

The firms were cited anonymously in the CFTC's complaint describing Binance’s alleged facilitation of U.S. clients. Trading firms Jane Street Group, Tower Research Capital and Radix Trading have been reportedly identified as Binance’s three “VIP” clients that were cited anonymously in the recent lawsuit filed against Binance by the United States commodities regulator.According to an April 5 Bloomberg report citing "people familiar with the matter,” Radix Trading is “Trading F

‘Over-Collateralization Can Help Mitigate the Risk of Stablecoin Depegging’ — Pendulum CTO

Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity […]

Masa announces soulbound ID tokens for Coinbase's Base Network

The token protocol can be used for a wide variety of applications, including membership badges, loyalty programs, decentralized captcha bots, and credit underwriting. Masa Finance’s soulbound tokens will soon be available on Coinbase’s Base network, according to an April 4 announcement from Masa Finance. The new tokens will allow users to link identifying and reputational characteristics to their wallet addresses, making credit underwriting possible on the blockchain, the com

DeFi KYC: Not an issue as ‘99% have nothing to hide,’ industry execs say

Traditional finance observes “money laundering happening every day” despite rigorous KYC measures, according to DeFi industry execs. DeFi execs at the World of Web3 (WOW) Summit in Hong Kong argued that implementing “Know Your Customer” (KYC) measures will tackle the “biggest issue” in decentralized finance (DeFi), which is hackers laundering millions of stolen funds into “clean money.”During a panel session at the summit on March 29, titled “Blockchain Security to Smart Comp

Data & Analytics firms are ripe candidates for M&A activity in 2021

Quick Take An increase in regulatory and compliance mandates for the industry will continue to make data & analytics companies more attractive Dating back since 2016, there’s been a total of roughly $460.7 million in M&A volume across 26 transactions Crypto tax software companies will likely be desirable to exchanges, external players looking to enter the market, or even brokerages that want to add to their product suite

Crypto Derivatives Exchange BitMEX Says All Users Are Now Verified

After getting in hot water with U.S. regulators last year, the exchange has rolled out mandatory verification for all users.

After Know Your Customer debacle, BitMEX reports 100% of users are verified

Controversial crypto derivatives trading platform BitMEX says its entire user base has completed the obligatory Know Your Customer process. BitMEX has announced the completion of its user verification program, becoming one of the largest crypto trading platforms with a fully certified customer base.As part of the process to verify its entire use base, BitMEX says open positions held by unverified accounts have been closed.Back in Aug. 2020, the platform revealed plans to unde

ShapeShift Pivots to DEX On-ramp, Ditches KYC Requirements

ShapeShift, a non-custodial cryptocurrency exchange is integrating decentralized exchange (DEX) protocols to boost better user experience, while also eliminating the know-your-customer (KYC) requirement. ShapeShift Aims to Ensure User Privacy The cryptocurrency exchange platform made the announcement via a press release on Wednesday (Jan. 6, 2021). According to ShapeShift, the integration of DEX protocols would provideRead More

Speculations From the OCC Allowing Banks to Handle Stablecoin Payments

The Office of the Comptroller of the Currency (OCC) recently approved the use of stablecoins for banks to process financial transactions. However, issues arose from the new OCC guidelines on what this could mean for the entire crypto community and stablecoins, even in the future.  Speculations on the New Guidelines The announcement led to ETHRead More

ShapeShift Removes KYC Requirements Amid Growing Regulatory Clampdowns

ShapeShift, a popular crypto trading platfrom today announced that they are doing away with all kinds of KYC requirements on their platform starting today in an official blog. Erik Voorhees, the CEO of the platform who has tweeted a cryptic message yesterday responded to the tweet about their decision to remove all KYC needs to The post ShapeShift Removes KYC Requirements Amid Growing Regulatory Clampdowns appeared first on Coingape.

What Does It Cost to Become an FCA-Approved Exchange? EXMO Execs Explain

The U.K.-registered EXMO exchange is one of the many crypto startups to go through the FCA approval process. Execs detailed the work it took to get there.

ShapeShift Is Going Full DeFi to Lose KYC Rules

Erik Voorhees’ ShapeShift is morphing into a decentralized exchange (DEX). It's losing the KYC restrictions at the same time.

Democracy Demands a Say in the Future of Money

The U.S. Treasury’s decision to impose know-your-customer rules to private cryptocurrency wallets is flawed in more ways than one.

SEC vs. Ripple: A predictable but undesirable development

Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space. The U.S. Securities and Exchange Commission has not been kind to crypto in the past year. In March 2020, in the SEC v. Telegram case, the Commission won a worldwide injunction against the proposed issuance of Grams by Telegram, undoing years of innovative work even in the absence of any allegations of fraud. Then, on the last day of September 2020, Judge

Exmo hackers withdraw part of stolen funds via Poloniex, exchange confirms

About $4 million of crypto stolen in Exmo hack was allegedly withdrawn through Poloniex, the exchange said it froze several accounts. Hacked cryptocurrency exchange Exmo is not able to recover a large amount of stolen funds as hackers withdrew millions of dollars in crypto through the Poloniex crypto exchange.On Dec. 21, Exmo announced a major hack causing the platform to freeze all withdrawals from the exchange. The United Kingdom-based company now estimates total losses to

Users vs. governments: The 'infinity war' for blockchain privacy may be over

The privacy paradox has a potential resolution — if both sides can accept compromise in an increasingly polarized financial system The unique power of blockchain and cryptocurrency can also be considered their weakness. Crypto users gain unparalleled privacy for financial transactions through a decentralized transactional system. Governments, however, demand transparency in financial transactions for legal concerns. This creates a paradox. People are less inclined to use fina