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Metaverse platform The Sandbox will require Know Your Customer (KYC) verification for its staking processes, according to an Aug. 3 announcement. The announcement stated that only verified users could deposit The Sandbox (SAND) tokens, which are native to the platform, and claim staking rewards, while non-verified users will be placed into
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KuCoin CEO noted that the increased adoption of cryptocurrency has pushed the number of related security issues higher. Leading cryptocurrency exchange KuCoin has introduced additional checks to its KYC verification process. In a bid to comply with global anti-money laundering regulations, the firm announced the KYC system upgrade on June 28.
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Major cryptocurrency exchange KuCoin is working to strengthen its Know Your Customer (KYC) system by introducing new mandatory identity checks.On June 28, KuCoin officially announced the upcoming KYC system upgrade in a move to increase compliance with global Anti-Money Laundering regulations.The KYC authentication upgrade introduces mandatory KYC checks for all
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The administration of United States President Joe Biden released a national standards strategy for critical and emerging technologies on May 4. The strategy stated that the U.S. would prioritize standards development in eight areas. Among the prioritized areas are “digital identity infrastructure and distributed ledger technologies, which increasingly affect a
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The neobank Cogni has announced that it is rolling out soulbound nonfungible tokens containing Know Your Customer (KYC) information to holders of its crypto wallet. The Polygon-based NFT will transfer customers’ “Web2” KYC verification done by the bank at account opening into a Web3 environment.Cogni, which has United States Federal
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Starting May 8, Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit.According to an Apr. 24 update, Bybit users who have not completed KYC by May 8 can only "close existing open positions or orders, return loans, or withdraw. Any
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A recent article surfaced alleging that Binance employees and volunteers were assisting Chinese users on how to bypass Know Your Customer (KYC) and other security protocols. However, speaking to Cointelegraph a spokesperson from Binance clarified that employees are “explicitly forbidden” from supporting users in circumventing any laws or policies. The spokesperson
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Amid rising global inflation and fear of a worldwide banking crisis, the demand for risky assets, including Bitcoin, has significantly spiked in the recent past. Crypto exchanges have been outlawed in mainland China since 2017, while digital assets like Bitcoin were banned in 2021. However, mainland China residents are eager
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Binance, the world’s largest cryptocurrency exchange, has made significant efforts to be a leader in transparency in the industry since the FTX scandal. However, a new report claims that Binance insiders are allegedly helping users bypass security protocols. According to a CNBC investigation, employees and volunteers at Binance have allegedly been
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Some Binance employees and volunteers shared tips on forging bank documents, falsifying addresses or hiding the country of origin to get a Binance debit card, CNBC reported, citing Chinese-language chatroom messages it translated. Source
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