Bitcoin 

Binance Offers Lifetime VIP Membership to KYC Leak Victims

Major cryptocurrency exchange Binance announced that it will offer a lifetime VIP membership to all its users affected by the recent Know Your Customer (KYC) images leak on the platform. According to the official blog, currently Binance is “actively contacting all potential victims with […] guidance on privacy protection and restitution,” and highly recommends “affected users to apply for new identification documents in their respective region.” The post also states: “We are compensating affected users with a lifetime Binance VIP membership, including preferential trading fees, support, and more services.” When…

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Bitcoin 

What Crypto Exchanges Do to Comply With KYC, AML and CFT Regulations

While it’s possible to buy top cryptocurrencies like bitcoin (BTC) and ether (ETH) in the over-the-counter (OTC) market, most people will need an exchange in order to buy other altcoins. Exchanges are simply an important component of the system that makes the crypto market tick. Regulators around the world have identified this, which is why regulatory moves have primarily targeted exchanges. Regulators want to be sure that exchanges employ the best security practices as well as measures — Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of…

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Bitcoin 

Binance Partners With Risk Management Firm IdentityMind for KYC and AML Compliance

The world’s largest crypto exchange, Binance, has partnered with risk management and compliance firm IdentityMind, Binance announced in a blog post on March 26. The companies have teamed up to address data security and compliance measures for Binance’s global operations by enabling IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Samuel Lim, chief compliance officer at Binance, said that the ultimate mission of the partnership is to foster greater trust among financial institutions worldwide, while also to evolve security systems in accordance with regulatory policies in…

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