BitShares Decentralized Exchange (DEX) gateway CryptoBridge announced on Oct. the most affordable that it has implemented mandatory user Know Your Individual (KYC) verification.
European regulation is carefull
Per the actual announcement, the reason for the coming mandatory KYC is the fifth EU Anti-Money Laundering Avis (AMLD5). Interestingly, CryptoBridge will also noted that the company would wish to challenge international financial control:
“While we still strive to modern new challenges for arena financial regulation, we are pointed to the 5th EU Anti-Money Laundering Directive (AMLD5) and should adjust our gateway firms to pave the way with respect to CryptoBridge moving forward. ”
Data safety and privacy concerns
The company also notes than a introduction of the AMLD5 laws and regulations creates legal status to obtain crypto assets, “enables have become viable and legitimate economic networks” and facilitates the inclusion of security tokens on the perfect. Lastly, the firm reassures the users that it won’t gain access to users’ KYC data, which will be managed by its GDPR-compliant partner Fractal.
Users are increasingly troubled over sharing their important info with third parties, especially very sensitive data such as the documents forced to perform KYC checks. Exactly as Cointelegraph reported in August, Binance fell victim to a hacking scandal that saw the miscreant gain possession of a huge chunk of the firm’s KYC data.