CEX.IO Says No to Anonymous Crypto Trade

Karan Balwani

December 12, 2018 12:08 pm

Crypto Regulations

CEX.IO Says No to Anonymous Crypto Trade
4304 Total Views

In an attempt to comply with the Fifth Anti-Money Laundering Directive in the European Union (EU), the United Kingdom’s CEX.IO has made it mandatory for its customers to reveal their identities. This development was announced through a press release.

CEX.IO a self-regulated exchange was founded back in 2013. The only regulation related to such a business is the EU law called the Fifth Anti-Money Laundering Directive. The law specifically mentions custodian wallet providers and virtual currency exchange platforms.

The company said that this decision was a way to “provide users with high-level and reliable service.”

Serhii Mokhniev, Regulatory Affairs Counsel, CEX.IO said

“We have always understood the importance of dealing with virtual currency within a legal framework, so mandatory verification for customers who transact in fiat currency was introduced long before the Fifth Anti-Money Laundering Directive was adopted in the EU.”

The aforementioned directive will be mandatory in all EU states in January of 2020. It’s not confirmed that UK will be a part of the EU by that time, due to the ongoing Brexit considerations. Though it is important for a business that operates on an international scale to comply with rules and regulations, ensuring a hassle-free operation. CEX.IO claims that it has 2.5 million users globally and that it is also the member of FinCEN, the regulatory branch that belongs to the US Department of Treasury.

CEX.IO is also the founder of CryptoUK, a British cryptocurrency business organization. One of the premier objectives of this organization is to persuade the government into regulation the blockchain industry, something the organization is yet to achieve.

The company currently support eight major digital currencies and four major fiat currencies. Its average trading volume in the past 24-hours is about $5.2 million, as per coinmarketcap.com’s reports.

No Comments