The cryptocurrency area strikes quickly, a lot in order that yearly, there’s a brand new development: from preliminary coin choices (ICOs) to nonfungible tokens (NFTs) just a few years have handed. In the face of such astounding innovation, crypto corporations and regulators face a rising problem: balancing security practices with new merchandise and options.
Some corporations’ method is to maneuver quick and undertake new improvements as they change into accessible, leaving security processes reminiscent of Know Your Customer (KYC) and Anti-Money Laundering (AML) checks as a secondary goal. Popular cryptocurrency trade Binance seemingly used this technique up till this yr when regulators began cracking down.
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