Getting Ready for DeFi Regulation: The Role of Portable KYC
As regulators step up their scrutiny of DeFi, participants will need to improve compliance with AML and KYC and simplify the process for customers.
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As regulators step up their scrutiny of DeFi, participants will need to improve compliance with AML and KYC and simplify the process for customers.
AI scams are rampant. Cryptocurrency exchange OKX recently revealed that hackers used AI to forge fake IDs and create fake video avatars, successfully breaching a user's account and stealing $2 million in assets. OKX responded that the case is currently under judicial process and details cannot be disclosed at this stage.
LUNC community approves Proposal 12033 for mandatory KYC, enhancing Terra Luna Classic's security and fostering confidence.
OnlyFake, an underground website, uses advanced neural networks to create lifelike fake IDs, challenging cybersecurity and ID verification, and posing significant risks to financial and online security.
OKX's weak verification methods, coupled with platforms like OnlyFake, raise concerns over widespread identity fraud in online transactions.
Scammers exploit fake Ledger Live app on Microsoft Store, stealing over $760,000 worth of Bitcoin from unsuspecting users.
While most crypto exchanges have begun implementing KYC mandates, investors still have the choice to opt for crypto exchanges that promote greater anonymity by not imposing KYC.
One of the quickest ways to ensure crypto’s mainstream adoption is by working with the regulators, which includes implementing effective and investor-centric KYC and AML tools.
With the regulatory push for a tighter identification standards rises, the crypto industry definitely has some innovations to offer.
Noah Davis, an NFT expert at Christie's auction house, said that when he leads CryptoPunks, he does not plan to change the project's plans and has invited holders to a one-on-one chat.