Since CryptoBridge entered the market, we are on a mission: Thinking decentral. Both in a technical and in a jurisdictional sense. While we still strive to present new challenges for international financial regulation, we are facing the 5th EU Anti-Money Laundering Directive (AMLD5) and will adjust our gateway services to pave the way for CryptoBridge moving forward.

As a legal requirement which will need to be in place by next year, all existing and new users are required to submit user verification before continuing to use deposits and withdrawals — starting with October 2019. By doing that, Cryptobridge wants to protect itself and its users from regulatory or legal issues moving forward. User verification is a step in the right direction — for all cryptocurrency exchanges and gateway services.

Why is KYC vital? 

KYC is vital for cryptocurrency exchanges in order to overcome the stigma of being used for money-laundering. The primary motto of KYC is to make sure unqualified people aren’t let to trade into the crypto exchanges (users with criminal records, undocumented individuals etc.). It also provides the complete database of information which can act as a proof if any criminal activity persists in the future.

Moving forward there is no need for privacy concerns — all of the data is stored in accordance with the General Data Protection Regulation (GDPR). We are working closely with our partner Fractal who stores all user-submitted data with GDPR compliance measures in a European data storage facility. Consequently, CryptoBridge does not have access to any user information other than their UUID associated with a successful completion identity verification. Personal information is not shared unless there is a court order mandating to release it. You’ll find more in depth information in our privacy policy.

Also, Introducing AMLD5 not only creates a legal status for crypto assets, but it enables them to become viable and legitimate financial networks. It also facilitates the listing of security tokens on CryptoBridge.

User verification should not take much of your time. You can also check out our video explainer of the KYC process that will help you get to the next step. We are looking forward to releasing an even more efficient and faster identity verification process in the upcoming weeks. In case of any questions, complaints or in need of extra information, you can always reach out to us via our website or Discord channel.