{"id":26948,"date":"2023-01-25T05:17:05","date_gmt":"2023-01-25T05:17:05","guid":{"rendered":"https:\/\/www.trulioo.com\/?page_id=26948"},"modified":"2023-10-26T18:44:28","modified_gmt":"2023-10-26T18:44:28","slug":"kyc","status":"publish","type":"page","link":"https:\/\/www.trulioo.com\/industries\/crypto-identity-verification\/kyc","title":{"rendered":"Cryptocurrency KYC"},"content":{"rendered":"\n<div class=\"bg-green-500\">\n    <div class=\"section\">\n        <h1 class=\"h2 lg:h1 mt-[180px] mb-[100px] text-green-900\" >What Is KYC for Crypto and Why Does It Matter?<\/h1>\n            <\/div>\n<\/div>\n\n\n\n<div\n    class=\"section mb-16\"\n    x-data=\"{ current: 0 }\"\n>\n\t<article class=\"relative lg:grid lg:grid-cols-4 lg:gap-10\">\n\t\t<div class=\"mt-12 lg:mt-24\">\n\t\t\t<aside class=\"lg:sticky lg:top-24 lg:bg-white\">\n\t\t\t\t<p class=\"p-lg subheading text-black mb-10\">\n\t\t\t\tJump to:\t\t\t\t<\/p>\n\t\t\t\t                                                <a\n                                                        href=\"#understanding-know-your-customer-requirements-for-cryptocurrency-exchanges\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 0) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Understanding Know Your Customer Requirements for Cryptocurrency Exchanges                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-is-kyc\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 1) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Is KYC?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-is-kyc-crypto\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 2) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Is KYC Crypto?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-is-aml-for-crypto\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 3) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Is AML for Crypto?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#what-are-kyc-standards\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 4) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What Are KYC Standards?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#are-crypto-exchanges-money-service-businesses\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 5) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Are Crypto Exchanges Money Service Businesses?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#kyc-and-crypto-exchanges\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 6) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        KYC and Crypto Exchanges                                                <\/a>\n                                                                                        <a\n                                                        href=\"#whats-next-for-kyc-and-cryptocurrency\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 7) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        What\u2019s Next for KYC and Cryptocurrency?                                                <\/a>\n                                                                                        <a\n                                                        href=\"#why-kyc-is-essential-to-cryptocurrencys-longevity\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 8) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Why KYC Is Essential to Cryptocurrency\u2019s Longevity                                                <\/a>\n                                        \t\t\t<\/aside>\n\t\t<\/div>\n                <div\n                    class=\"lg:col-span-3\"\n                    x-data=\"{ count: 9 }\"\n                    x-init=\"document.addEventListener('scrollspy:ready', function() {\n                        let debounce;\n\n                        register_scroller($el, function() {},\n                            function(scroller) {\n                                \/\/ Prevent slowdowns by debouncing to 50ms\n                                const now = performance.now();\n                                if (now - debounce < 50) return false;\n                                debounce = now;\n\n                                \/\/ Each scroll event, determine which section is nearest to the top of the viewport\n                                let closest = { value: 99999, index: 8 };\n                                for (let i = 0; i < 9; i++) {\n                                    \/\/ If the sticky anchor is visible, determine if it is closer than prior anchors\n                                    const rect = $refs['sticky_' + i].getBoundingClientRect();\n                                    if (rect.top &gt;= 0 &#038;&#038; closest.value &gt; rect.top) {\n                                        closest = { value: rect.top, index: i };\n                                    }\n                                }\n                                \/\/ Update the visible image accordingly, and return false to keep the event listener enabled\n                                current = closest.index;\n                                return false;\n                            },\n                        )\n                    })\"\n                >\n\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_0\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='understanding-know-your-customer-requirements-for-cryptocurrency-exchanges' >Understanding Know Your Customer Requirements for Cryptocurrency Exchanges<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Like financial services, cryptocurrency exchanges have legal requirements to Know Your Customer <a href=\"https:\/\/www.trulioo.com\/blog\/kyc\">(<\/a><\/span><span style=\"font-weight: 400;\">KYC<\/span><span style=\"font-weight: 400;\">). The goal is to better protect and maintain the assets and privacy of consumers in the onboarding processes.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_1\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-is-kyc' >What Is KYC?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">KYC is a set of procedures critical to assessing customer risk and is legally required to comply with Anti-Money Laundering (AML) laws. KYC involves knowing a customer\u2019s identity, financial activities and risk.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_2\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-is-kyc-crypto' >What Is KYC Crypto?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">KYC for crypto is a set of steps cryptocurrency exchanges take during onboarding to verify customer identity and perform due diligence to understand their financial activities and risks. Those steps are legally required and, when executed correctly, should be relatively quick and secure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the KYC process, the crypto company obtains identifying information such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Birthdate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Address<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">National ID number<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Each country has different KYC requirements. Some call for <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/identity-verification\"><span style=\"font-weight: 400;\">ID documents<\/span><\/a><span style=\"font-weight: 400;\">. Others require customers fill out an online form to get an account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Behind the scenes, the crypto company uses an <\/span><a href=\"https:\/\/www.trulioo.com\/\"><span style=\"font-weight: 400;\">identity verification service<\/span><\/a><span style=\"font-weight: 400;\"> to ensure the identity is legitimate. Those identity procedures help protect the exchange and the financial system from money laundering, fraud and other <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/crypto-cybercrime\"><span style=\"font-weight: 400;\">financial crimes<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Crypto exchanges are often legally obligated to preserve account information with advanced security technology. Applying KYC for a crypto account is a standard and safe process.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/build-trust-and-safety-with-digital-kyc\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-digital-kyc-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-digital-kyc-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-digital-kyc-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">White Paper<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Build Trust and Safety With Digital KYC<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Compliance, Convenience and Customer Due Diligence<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_3\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-is-aml-for-crypto' >What Is AML for Crypto?<\/h3>\t\t\t\t\t\t<p><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/crypto-aml\"><span style=\"font-weight: 400;\">Crypto Anti-Money Laundering<\/span><\/a><span style=\"font-weight: 400;\"> (AML) covers the requirements for regulated exchanges to prevent criminals from performing transactions. The goal is to stop illicit funds from entering the legitimate financial system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KYC is part of <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/aml-compliance\"><span style=\"font-weight: 400;\">AML<\/span><\/a><span style=\"font-weight: 400;\">, which also includes creating and enabling policies, training, designated responsibilities and review procedures. Screening accounts against watchlists, monitoring transactions and deploying an adaptable risk-based approach to verification helps ensure an exchange is compliant with AML regulations.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_4\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='what-are-kyc-standards' >What Are KYC Standards?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">KYC standards help safeguard regulated organizations \u2014 such as banks, credit unions, financial firms and crypto exchanges \u2014 against <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/crypto-fraud\"><span style=\"font-weight: 400;\">fraud<\/span><\/a><span style=\"font-weight: 400;\">, corruption, money laundering and financial terrorism. KYC measures also inform investment advisors about a client\u2019s risk tolerance and financial position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essentially, crypto exchanges must ensure their clients are who they claim to be. Several steps comprise KYC measures:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establish customer identity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand the nature of clients\u2019 financial activities and the legitimacy of their funding source<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assess money laundering risks associated with customers<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The KYC process can include digital identity verification, biometric identification and ID document verification.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KYC procedures are essential to ensuring transactional security between crypto exchanges and their clients by assessing and monitoring risk and potential illegal activity. Exchanges may pause a business relationship or refuse to open an account if a client fails to meet the minimum mandatory KYC requirements.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">The pressure to conform to KYC standards increases as crypto becomes more mainstream and regulators ramp up <\/span><a href=\"https:\/\/cointelegraph.com\/news\/the-sec-has-issued-2-4b-in-crypto-related-penalties-since-2013\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">penalties and fines<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-lg subheading text-green-900 mb-10\">Related Reading<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"bg-brown-100 px-4 lg:px-6 lg:py-8\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"lg:flex divide-y divide-gray-500 lg:divide-x lg:divide-y-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/kyc-crypto\" class=\"lg:grow w-full inline-block lg:px-4\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Article<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Ensuring Cryptocurrency Exchange KYC Compliance<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/consensys-captures-global-verification-efficiency\" class=\"lg:grow w-full inline-block lg:px-4\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Case Study<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Consensys Captures Global Verification Efficiency<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_5\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='are-crypto-exchanges-money-service-businesses' >Are Crypto Exchanges Money Service Businesses?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In the U.S., AML and KYC measures are mandatory for most crypto exchanges because they are defined as <\/span><a href=\"https:\/\/www.jdsupra.com\/legalnews\/crypto-defi-and-money-transmitter-laws-6374318\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">money service businesses<\/span><\/a><span style=\"font-weight: 400;\"> (MSBs) under federal regulations. According to the Financial Crimes Enforcement Network (FinCEN), the <\/span><a href=\"https:\/\/www.occ.treas.gov\/topics\/supervision-and-examination\/bsa\/index-bsa.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bank Secrecy Act (BSA)<\/span><\/a><span style=\"font-weight: 400;\"> applies to companies that involve cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies,\u201d <\/span><a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/shared\/FIN-2013-G001.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">according to FinCEN<\/span><\/a><span style=\"font-weight: 400;\">. \u201cAccepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MSBs must register with FinCEN and are subject to AML controls and regulatory compliance regarding record keeping and reporting requirements.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/idc-crypto-report.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-idc-report-crypto-thumbnail-468x263.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-idc-report-crypto-thumbnail-608x342.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/wp-idc-report-crypto-thumbnail-468x263.jpeg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"IDC report - Navigate the Complex Crypto Regulation Landscape\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">White Paper<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">IDC Report, August 2022<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Digital Identification for Global Cryptocurrency Exchanges<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_6\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='kyc-and-crypto-exchanges' >KYC and Crypto Exchanges<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Crypto exchanges enable fast digital financial transactions. But with ease of use comes vulnerability to illicit activity and privacy invasions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That increases the need for powerful, efficient KYC. But it can be challenging because:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regulations differ around the world and are constantly evolving<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Different identity verification solutions use different technology<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Global markets and decentralized channels create loopholes and uneven enforcement<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">KYC does not have a single definition or rigidly accepted course for compliance across different countries and institutions, making for varying and often confusing verification requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With hundreds of providers in the market, deciding which crypto trading platform to use can be challenging. But exchanges with strong KYC steps demonstrate they understand compliance requirements and take those obligations seriously. The <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/top-5-crypto-exchanges\"><span style=\"font-weight: 400;\">top crypto exchange platforms<\/span><\/a><span style=\"font-weight: 400;\"> require identity verification procedures to meet KYC requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some other crypto exchange considerations include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ease of use<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Security and privacy measures<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reasonable trading fees and requirements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Coin availability<\/span><\/li>\n<\/ul>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-lg subheading text-green-900 mb-10\">Related Reading<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"bg-brown-100 px-4 lg:px-6 lg:py-8\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"lg:flex divide-y divide-gray-500 lg:divide-x lg:divide-y-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/metal-pay-onboards-customers-quickly-and-securely\" class=\"lg:grow w-full inline-block lg:px-4\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Case Study<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Metal Pay Onboards Customers Quickly and Securely<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/digital-currency-platforms\" class=\"lg:grow w-full inline-block lg:px-4\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Case Study<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Bitbuy Balances Speed and Security<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/cryptocurrencies-datasheet\" class=\"lg:grow w-full inline-block lg:px-4\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Industry Sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Ensure Safe, Secure and Compliant Crypto Trading With Global Identity Verification<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_7\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='whats-next-for-kyc-and-cryptocurrency' >What\u2019s Next for KYC and Cryptocurrency?<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">KYC regulations are evolving to defend against illegal financial activity and better protect the digital transaction space. Those regulations continue to adapt as crypto expands and innovates and new threats emerge.<\/span><\/p>\n \n<p><b>Travel Rule<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Following Financial Action Task Force (FATF) recommendations, regulators are increasing requirements for the <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/travel-rule\"><span style=\"font-weight: 400;\">Travel Rule<\/span><\/a><span style=\"font-weight: 400;\">, which would establish rules around originator and beneficiary information to monitor transactions.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Different industry groups are working to create coordinated systems to comply with those rules.<\/span><\/p>\n \n<p><b>Decentralized Finance<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Decentralized finance (<\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/defi-compliance\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\">) uses smart contracts to perform functions that were the sole domain of financial entities. The World Economic Forum has cited DeFi proponents\u2019 views of the DeFi benefits.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">\u201cOpen-source technology, economic rewards, programmable smart contracts and decentralized governance might offer greater efficiencies, opportunities for inclusion, rapid innovation and entirely new financial service arrangements,\u201d according to a <\/span><a href=\"https:\/\/www3.weforum.org\/docs\/WEF_DeFi_Policy_Maker_Toolkit_2021.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">World Economic Forum report<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">But DeFi protocols that enable financial transactions without KYC could open the door to money laundering or other illicit financial activities.<\/span><\/p>\n \n<p><b>Non-Fungible Tokens<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Non-Fungible Tokens (<\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/nft-compliance\"><span style=\"font-weight: 400;\">NFTs<\/span><\/a><span style=\"font-weight: 400;\">) are mathematically provable as unique, and their ownership is verifiable on a public blockchain. NFTs aren\u2019t just fancy digital collectibles. They\u2019re a way to bring foundational business concepts such as ownership and contracts into developing web 3.0 platforms.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Without KYC, though, money launderers could convert tainted funds into NFTs to hide their assets or cover a money trail with multiple transactions.<\/span><\/p>\n \n<p><b>Custodial vs. Noncustodial Crypto Wallets<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">A customer\u2019s crypto holdings reside on a blockchain, but how can a customer access them? A crypto wallet contains a customer\u2019s private keys to keep crypto assets secure and accessible.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">People can use a custodial or noncustodial wallet to store their assets. Most crypto wallets are custodial, in which a third party controls the private keys and holds more responsibility for fund security.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">In eliminating third-party control, noncustodial wallets give consumers total control over their private keys and funds. They also provide anonymity because they don\u2019t require registration with regulated exchanges.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">KYC requirements around <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/anonymous-cryptocurrency-wallets\"><span style=\"font-weight: 400;\">anonymous crypto wallets<\/span><\/a><span style=\"font-weight: 400;\"> are not defined, but both the U.S. and the EU are starting to investigate.<\/span><\/p>\n \n<p><b>The Metaverse<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">As the use of virtual worlds increases, how will people interact and transact safely?<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">\u201cI think cryptocurrency will become the coin of the realm for the metaverse,\u201d <\/span><a href=\"https:\/\/www.pymnts.com\/safety-and-security\/2021\/metaverse-will-need-its-own-interpol-police-payments-crossing-virtual-real-worlds\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">said Hal Lonas<\/span><\/a><span style=\"font-weight: 400;\">, Trulioo chief technology officer. \u201cIt just makes sense. And all those same concerns will travel with crypto into the metaverse. As we look at that financial bridge, as money moves across the boundary,\u201d it will require scrutiny.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/Insights-ave-crypto-report.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-crypto-reassurance-thumbnail-468x263.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-crypto-reassurance-thumbnail-608x342.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-crypto-reassurance-thumbnail-468x263.jpeg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"Industry report - How Cryptocurrency Companies are Turning Onboarding Friction Into Function\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Industry Report<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Crypto Customers Call for Reassurance in Uncertain Times<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Why consumers value protection over convenience and how ongoing identity verification can help companies build customer trust.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_8\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='why-kyc-is-essential-to-cryptocurrencys-longevity' >Why KYC Is Essential to Cryptocurrency\u2019s Longevity<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">KYC regulations protect cryptocurrency systems by decreasing customer risk factors, enhancing fraud prevention and prioritizing AML standards. A comprehensive identity verification platform helps secure digital transactions for people and businesses. Compliance with KYC regulations also can increase customer confidence in crypto by creating a sense of trust and safety.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s up to exchanges to protect the privacy of their clients. As regulations become clearer about information that must be legally disclosed, exchanges that focus on privacy, security and compliance could find a <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/safeguarding-cryptocurrency\"><span style=\"font-weight: 400;\">competitive advantage<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/next-generation-financial-systems\"><span style=\"font-weight: 400;\">opportunities for growth<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-lg subheading text-green-900 mb-10\">Related Reading<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"bg-brown-100 px-4 lg:px-6 lg:py-8\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"lg:flex divide-y divide-gray-500 lg:divide-x lg:divide-y-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/vimeo.com\/722654548\" class=\"lg:grow w-full inline-block lg:px-4\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Webinar<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">How Crypto Exchanges Are Applying Compliance Frameworks to Protect Consumers<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/etoro-case-study\" class=\"lg:grow w-full inline-block lg:px-4\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Case Study<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Onboarding: Learn how Trulioo has supported eToro\u2019s rapid global expansion while offering a world-class onboarding experience<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t<div class=\"hidden lg:block section px-0 pt-10 mt-20 border-t border-green-900\">\n\t\t\t\t\t\n<script>\n\t\/\/ @author Justin Golden - Copied from Desktop Clock\n\tasync function copyText(str) {\n\t\tconsole.log('Copying', str);\n\t\tif (!navigator.clipboard) {\n\t\t\t\/\/ fallback\n\t\t\tconst input = document.createElement('textarea');\n\t\t\tinput.innerHTML = str;\n\t\t\tdocument.body.appendChild(input);\n\t\t\tinput.focus();\n\t\t\tinput.select();\n\t\t\tlet result;\n\n\t\t\ttry {\n\t\t\t\tresult = document.execCommand('copy');\n\t\t\t\tconsole.log('Fallback: Copying text command was ' + (result ? 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