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23 April 2021

Implementing the double-edged sword of KYC is a must for crypto exchanges

Implementing the double-edged sword of KYC is a must for crypto exchanges

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During 2017’s bull market, most crypto services lacked the proper Know Your Customer and Anti-Money Laundering measures.

As a result, KYC and AML have become top priorities for cryptocurrency providers, with many industry players rushing to implement proper measures to better know their customers.

It has become clear now that the attitude of both crypto businesses and users toward KYC in crypto have changed drastically in recent months.

On the one hand, many users refuse to disclose their data, arguing that it’s against the core principles of crypto, and they don’t want companies and regulators to tell them what to do.

Doing so conveys the message that the company takes its clients and their security seriously, dedicating its time and resources to protect them and their funds.

In addition to businesses, end-users are also beginning to understand that proper KYC measures decrease their risks, increase the level of trust toward the platform, and effectively protect them while using the service.

In the end, the early adopter businesses dedicating their resources to successfully merge customer success with effective security measures will succeed and become the key players in the industry

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