A Third of Crypto Exchanges Have Little or No KYC, Says CipherTrace

The firm's researchers found that they were able to transact 0.25 bitcoin daily with little or no KYC at 35 percent of exchanges tested, described as "weak" AML protections in the report. Forty-one percent were "porous," CipherTrace found, with "some sort of ID verification process," while just 35 percent had "strong" KYC, with multiple levels of verification, including a proof-of-address requirement and perhaps video or telephone calls.

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