Cryptocurrency exchanges have to adhere to very strict guidelines. Governments around the world are scrutinizing all service providers in recent years. It now appears three additional trading platforms will require customers to go through a KYC process.
It is not uncommon for cryptocurrency trading platforms to verify users’ identities. Most platforms introduce such a procedure from day one. Others decide to tack it on at a later date, which can cause some minor friction among customers.
More KYC Requirements are Coming
Three somewhat popular trading platforms have announced crucial changes.
DX.Exchange will no longer process customer withdrawals without users submitting a government ID. They will also need to include a wallet address for every specific currency. Anyone failing to submit this information prior to November 15th may face withdrawal delays.
Crypto-Bridge, a platform popular for masternode coin traders, now also enforces KYC. Although its underlying technology is decentralized, the operators decided to introduce a KYC requirement regardless.
Users will need to submit a document ID and potentially verify their address prior to withdrawing any funds in the future. This process suddenly appeared out of nowhere and took a lot of people by surprise.
Last but not least, victims of Cryptopia may need to submit additional verification as well. It is unclear if users will ever see their money back. Those who still hold out hope will need to complete the AML and KYC requirements as soon as possible.
All of these changes confirm the exchange landscape is changing rapidly. Anyone who takes their cryptocurrency portfolio seriously may want to look at storing funds through other means.