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.
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.