Switzerland to Require ID for Crypto Exchange Transactions Over $1K

The provision comes following the enactment of the new Financial Services Act and Financial Institutions Act, which came into force on Jan. 1. FINMA introduced the revised ordinance in response to these acts, and will hold a consultation on follow-up regulation until April 9.

The Swiss Financial Market Supervisory Authority (FINMA) passed an anti-money laundering provision on Feb. 7. Citing additional risk, the threshold for unidentified crypto exchange transactions is lowered from 5,000 CHF to 1,000 CHF (approximately $1,020 USD).

One of the key changes from the new provision is the normalization of Swiss national regulations with the Financial Action Task Force or FATF’s directives from June 2019. The international body mandated a maximum transaction limit of $1,000 for unidentified cryptocurrency exchange operations.

All financial providers involved in cryptocurrencies will have to collect data on anyone initiating transactions amounting to more than $1,000. The information must be regularly submitted to the authorities for review.

The initiative is part of a global trend pushing for stricter anti-money laundering regulation. By implementing the directive, FINMA is “acknowledging the heightened money-laundering risks” in cryptocurrency transactions, according to its press release.

The European Union has also implemented its Fifth Anti Money Laundering Directive (5AMLD), which came into force this year. The new regulation specifically addresses some types of cryptocurrency transactions, notably requiring strict customer information reporting.

South Korean Exchange Upbit Ends Orderbook Partnership With Bittrex

South Korean cryptocurrency exchange Upbit has broken its partnership with Bittrex in a reorganization of its Bitcoin, Ether (ETH) and Tether (USDT) markets, local South Korean news outlet Decenter reported on Sept. 25.

Previously it had a shared order book arrangement, with Bittrex orders being visible in the Upbit bid windows.

Upcoming reorganization of markets

In a notice to customers, Upbit announced its intention to introduce changes into its BTC, ETH and USDT markets. These changes include the introduction of market orders, limit orders, and stop-limit features, although no further details of this are given.

The notice did, however, include particular mention of the order book sharing with Bittrex being discontinued. This was later edited to remove specific reference to Bittrex.

Bittrex edited out of notice

The original wording, under the heading, “Discontinued order book sharing with Bittrex”, was as follows:

“As a result of the changes, you will no longer be able to see orders placed at Bittrex in the Upbit BTC, ETH and USDT markets.”

However, the updated notice has the heading, “Only Upbit member’s orders are displayed on the order book”, and reads, “After changes are applied, only orders place by Upbit users are displayed on BTC, ETH and USDT markets.”

Upbit recently emerged as one of the leading exchanges in the latest Blockchain Transparency Institute report. It has also delisted privacy coins over concerns about money-laundering.

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