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You are here: Home / Archives for ow your customer kyc

ow your customer kyc

UK-Based Crypto Firms Receive Closure Threats from FCA

June 23, 2020 by Arnold Kirimi

The UK-based crypto firm received a reminder from the Financial Conduct Authority on 22 June regarding the submission of completed registration forms before the end of the month. The Authority intends to create adequate time for the processing of applications before the registration deadline of January 2021.

The FCA is responsible for overseeing the efforts of the United Kingdom to combat financial crimes such as money laundering and terrorist financing. Besides that, earlier this year, on 10 January, the Authority assumed jurisdiction over more power over virtual assets.

“Any businesses that started carrying on business in the UK immediately before January 10 2020 and are not registered by the FCA by the January 10 2021 deadline will have to cease carrying on business. Any new businesses which began operating after January 10 2020 must be registered with the FCA before carrying out any business,” wrote the FCA.

FATF and AMLD5 implementation in Europe

The Fifth Anti-Money Laundering Directive came into force in the United Kingdom on 10 January. The Directive, which will be implemented in all European union member countries, is intended to restrict crypto-related companies. The AMLD5 extended the realm of knowledge-your-customer (KYC) that crypto-exchanges should undertake.

UK-based crypto businesses should also register with the Financial Conduct Authority and should also be verified by the authority. Digital currencies are popular with criminals for a valid reason; their privacy features. According to a report by the research firm Cypher Trace, 0.69 percent of all cryptocurrency transactions in UK-based crypto firms originally came from criminals.

UK-based crypto firms to comply with new regulations

The FCA is tightening loops to commit such financial crimes in the United Kingdom. The authority highlighted that it is motivated to oversee UK-based crypto firms that are compliant with the new AMLD5 directive and FATF regulations; the body will take the necessary response if the firms fail to comply with all the new rules.

Furthermore, UK-based crypto firms should also comply with the new regulation in the industry. The Financial Action Task Force (FATF) proposed that crypto firms abide by the “travel rule.” FATF is an international multi-governmental authority; tasked with combating organized crime, corruption, and terrorism. 

Filed Under: Industry Tagged With: AMLD5, FATF, FCA, ow your customer kyc, UK

Top 10 Decentralized Exchanges for Trading Crypto in 2020

February 7, 2020 by Mary

Decentralized exchanges came to birth following increased cybercriminal attacks towards centralized exchanges. This was especially sparked by the unsolved hack of QuadrigaCX that saw at least $140 million of crypto assets. Improper data practices have created bloodshed of centralized exchange users, despite having in place proper regulation and customer service. 

The entry of decentralized exchanges into the scene has not been without challenge. High technical barriers, liquidity shortcomings, limited withdrawal processing, and technical oriented user experience are some of the challenges plaguing DEX. Although it’s really difficult to sort out the best-decentralized exchange, outlining how a good DEX looks like could be a thing. 

The metrics under consideration while weighing what a good decentralized exchange includes: 

  • Know Your Customer (KYC) standards
  • Trading fees
  • Diversity of supported tokens
  • Liquidity  
  • User experience

For any exchange, the most significant factor is its liquidity. Liquidity is the ease with which to buy or sell a given asset. In this case, it determines the ease with which a digital asset is converted into liquid cash. Cryptomarket liquidity is essential to estimating when to make a cash-out. High liquidity is good because it is a higher trading possibility. On the other hand low, liquidity causes price slippage. This occurs when there is a delay between order initiation and execution of a trade.  A situation that will occasionally create a price variation. Hence most traders dealing with high volume transactions might prefer centralized exchanges. 

Decentralized trading platforms are expanding their scope, and 2020 may well be the year. Perhaps they will offer even greater security and cutting edge user experience. Maybe they will offer user experience of even greater security and cutting edge. Off-grid openness and it is obvious that consumers depend on customer funds, peer-to-peer transactions and automated processes; bow their loyalty to DEXs.

Top 10 DEXs to Exchange Crypto 

1.0x Protocol and Relayers

Protocols are not completely exchanges but frameworks upon which developers can deploy ERC tokens over the Ethereum blockchain. I listed it here because it’s the leading platform for exchanging ERC tokens in a decentralized, efficient and cost-effective manner. The tokens are usually from DApp projects. Especially in the gaming and content creation ecosystem. 

2.Airswap Protocol

There are no big differences between Airswap Protocol and 0x. The platform does not require any identification information and doesn’t charge trading fees. Airswap protocol is deployed on the Ethereum blockchain relies heavily on the speed of on-chain activity for security. Traders usually execute a trade after negotiating a suitable price. Where both parties will not agree towards a common price, both parties query the oracle. 

So what’s Oracle? 

Airswap describes in its whitepaper that the Oracle provides pricing information to enable the maker and the take make a more informed choice, and smoothen trading negotiation. 

3. Changehero

ChangeHero DEX allows traders to conduct cryptocurrency transactions by complying with all regulatory authorities. The exchange complies with Know Your Customer [KYC] and Anti Money Laundering [AML] policies to create a safer financial ecosystem. This allows users to maintain privacy as well as use their cryptocurrencies in peace.

4.IDEX

IDEX remains the most popular Decentralized Exchange. Fund management takes place via an Ethereum smart contract. Traders access the smart contract through a private key. Meanwhile, there are four ways to access the wallet. Through a MetaMask, Ledger Nano S, manual entry of the private key or a Keystore file. In comparison to other DEXs, IDEX has better liquidity. 

5.Kyber Network

Kyber network operates a stack of smart contracts developers can leverage on any blockchain. The platform also offers a native token known as the Kyber Network Crystal. Kyber allows takers to trade their tokens through a network of actors. These takers could either another decentralized exchange, wallet addresses, decentralized organization or decentralized application. Meanwhile, holders of the KNC token benefit from governance rights and participation in treasury funds. 

6.Bisq

Bisq is a prominent DEX for exchanging bitcoin. Traders can exchange bitcoin for national currencies. Additionally, Bisq does not require identification details. The platform is open source and developers from across the world contribute to its development. Bisq implements Tor routing and local computing to make sure the platform is decentralized. 

7.Binance DEX

The better part of this list includes exchange platforms deployed on the ethereum blockchain. Binance noted this and launched their own native blockchain. It is upon this blockchain that the leading exchange platform would launch a DEX movement. The Binance DEX works on top of Binance Chain and has low latency, low fees, intuitive user experience and high throughput. Binance DEX superfast speeds enable it to confirm transactions within seconds. 

8.Bancor

Bancor exchange offers an exchange model with no second party. Traders usually exchange their ERC-20 tokens for the network’s native token – Bancor Network Token. Meanwhile, holders of BNT exchange these for other ERC-20 tokens. Note that the traders can store any type of ERC-20 tokens on the Bancor protocol through a smart contract. Bancor is attempting to improve liquidity for small-cap tokens, which might not find adequate markets on other exchanges.

9.Stellar DEX

The Stellar network deployed its own decentralized exchange to push the adoption of its blockchain project. Traders get started on the Stellar DEX by creating a key pair consisting of a public key and a secret key. Public keys are for identifying an account, while a secret key accesses the account to make transactions. 

10.BarterDex

BarterDEX implements atomic swaps – which makes it one of the most advanced DEXs. The user interface isn’t that great. Well, the platform is available on Windows and Mac.

Filed Under: News Tagged With: deployed on the ethereum blockchain, DEX, greater security and cutting, greater security and cutting edge, liquidity index, ow your customer kyc, security and cutting edge, Top 10

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