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Digital Identity, Security & Online Fraud

CEX.IO introduces mandatory KYC procedures

Thursday 13 December 2018 | 12:35 PM CET

UK-based cryptocurrency exchange CEX.IO has required its customers to undergo know-your-customer procedures, to comply with the compliance demands.

The new policy was introduced on 11 December 2018, and it required customers to submit identity information and proof of address in order to access the exchange. In the past, CEX did have a KYC policy, but it was not mandatory. Previously, customers could voluntarily undergo KYC requirements to unlock certain account features, such as higher withdrawal limits and extending card payment limits.

As the EU’s fifth Anti-Money Laundering (AML) Directive was announced in July 2018, and as the UK is still officially in the EU, companies like CEX have to comply with the legislation. However, representatives of the company confirm that mandatory verification for customers who transact in fiat currency was introduced long before the fifth Anti-Money Laundering Directive was adopted in the EU.

More: Link
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