The Currency Analytics
By Steven Anderson
KYC is meant to ensure that the cryptocurrency exchanges are well aware of who they are dealing with.
A press release recently read thus, “Europol has supported Spain in dismantling a criminal organization providing large-scale crypto money laundering services to other criminal…
The money laundering activity consisted of doing a series of activities in a way to hide the illegal origin of the proceeds. They do it vide a Modi Operandi.
The Guardia Civil, the Spanish Civil Guard, arrested nearly eight people and charged them for involving in money laundering.
This is one of the significant reasons for why even newer tokens like TCAT tokens are looking to get the KYC of their customers.
Several cryptocurrency enthusiasts resist KYC as they feel that privacy is eroded in the modern era.
KYC is considered essential to provide for firm banking relationships. This also offers for improving the functionality of the exchange providing for smoother transfer of…
Cyrus R. Vance, Jr., Manhattan District Attorney, stated, “These defendants raked in crypto and cash worth millions on their full-service website that sold prescription-free…
For normal cryptocurrency users, KYC provides for a sense of security. For privacy advocates, there are privacy risk issues with KYC for cryptocurrency.