KYC

Mergers and acquisitions are rising, leaving crypto assessments in question

Fintech, cryptocurrency and mergers and acquisitions are poised to intersect significantly in the coming year. M&A activity is expected to rebound quickly — more than 60% of decision-makers at large companies who were surveyed by FTI Consulting for a February report agree that their company has recently been a target of aggressive M&A, and 39% …

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How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

<div class=”featured_image_container”> </div> <strong>Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament. </strong> Cryptos Narrowing Financial Exclusion Gap …

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Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

<div class=”featured_image_container”> </div> <strong>The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners. The decision means non-banks entities include crypto startups “have lost one of the most comprehensive means of identity verification in the country.” </strong> New Identification System Before the …

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New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs

<div class=”featured_image_container”> </div> <strong>On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets.</strong> FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers …

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CZ responds to reports of Binance investigation: story has no “teeth”

Shortly after a Bloomberg report on Friday that cryptocurrency exchange Binance was under investigation for permitting US residents to place unlawful trades, Binance founder and CEO Changpeng Zhao (better known as CZ) dismissed the reports during a live AMA on Clubhouse, saying that the report had “no teeth.”  “This is a topic that just came …

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Korean crypto exchanges could soon face fines for gaps in due diligence measures

South Korean crypto exchanges that don’t take extensive data collection and identity verification measures could soon be subject to heavy fines.  According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs. The proposal introduces new VASP penalty …

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A Look at Facebook’s Diem Wallet- Token Sale Accepts 3 Cryptos, Strict KYC, Hefty Data Collection

<div class=”featured_image_container”> </div> <strong>During the last two years, there’s been a lot of interest in Facebook’s cryptocurrency diem (formally libra) and rumors of a nearing launch date went viral last November. Now the social media giant is advertising the crypto asset’s pre-sale heavily on the platform, as people can now purchase diem with U.S. dollars …

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Russian Crypto Exchange Shuts Down Amid Accusations of Exit Scam

<div class=”featured_image_container”> </div> <strong>The Russian cryptocurrency exchange Livecoin has shut down amid accusations that it has pulled an exit scam. Customers are unable to withdraw their funds and have been asked to provide extensive identifying information which they fear would lead to identity theft. The exchange claims that it was hacked in December.</strong> Livecoin Crypto …

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Law Decoded: The war of the wallets, 12/4–12/11

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Last week’s Law Decoded sounded the alarm on threats to self-custodial wallets in the U.S. in particular. While such concerns have continued to take shape, nothing concrete has emerged from the U.S. Treasury, which …

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