Category: Crypto News

Categories
Australia Blockchain Crypto News Monash University

Australia’s First International Blockchain Hackathon to Tackle Global Eco-Friendly and Social Issues

Monash University in Melbourne will be hosting Australia’s first international blockchain hackathon, aiming to tackle social and environmental problems through blockchain technology.

According to the event posted by Monash, the initiative is a joint venture between the university’s Blockchain Technology Centre and fintech company and cryptocurrency provider Algorand.

We want to see participants apply their interests and knowledge in blockchain technology to address a global need that can really make a difference in the world.

Professor Joseph Liu, Director of Blockchain Technology Centre, Monash University

Algorand has established itself as the world’s first pure proof-of-stake foundational blockchain. It claims to bring forth the “future of finance” by enabling the creation of tokens, NFTs, stablecoins, securities and cryptocurrencies on a simple and cost-effective infrastructure.

How to Participate

The hackathon starts on Friday, 9 July at 10am and ends Sunday, 11 July at 11:59pm. Interested individuals can register for free here, and registration closes at 10am on 7 July.

Contestants can choose from four topics – education, digital health, construction and energy – and must use tools developed by Algorand (ALGO). They must build solutions with blockchain technology to improve on some aspect of these services. Algorand has a wealth of use cases from which contestants can borrow tools and ideas.

Blockchain technology has so many applications and we want this hackathon to demonstrate how this technology can be a driving force for social good.

Professor Joseph Liu

Some examples will look at solutions in digital certification and records management in a secure and efficient manner, as well as smart metering and real-time energy consumption, plus sharing IoT data across systems. The innovation potential of blockchain technology is endless.

Prizes Paid in ALGO Cryptocurrency

Algorand, the world’s first open source, permissionless, green blockchain, will be contributing A$6000 worth of ALGO cryptocurrency and a certification as part of the hackathon prize pool.

Professor Joseph Liu will be among the academics on the judging panel, joined by industry experts from Algorand. Winners will be announced on 28 July 2021.

Australia has long been a proponent of blockchain technology and cryptocurrency. With many fintech companies implementing blockchain technology, it’s crucial that individuals have the skills to utilise and apply these technologies to the benefit of the user. Many businesses are losing out due to a lack of skilled individuals in the blockchain space.

Bigturn, an international recruitment company, has implemented blockchain technology to help ease identity storage and verification for international hiring in Australia.

For more information, watch this video which describes the future of blockchain and how else it can be used within the context of business.

Categories
Australia Bitcoin Crypto News Ransomware

Australian Retail Companies Hit by Bitcoin Ransomware Attack

The massive supply-chain ransomware attack on software provider Kaseya last week also affected retail companies in Australia. The Australian federal government’s Cyber Security Centre (ACSC) made this known in a report on 6 July, saying it’s working with the affected companies to ascertain the extent of the impact and possible mitigation measures. 

REvil Ransomware Attack on Kaseya

On 5 July, the notorious Russian ransomware gang Sodinokibi, also known as “REvil“, pulled a large-scale supply-chain attack on Kaseya VSC. More than 1,000 businesses that use Kaseya’s IT solutions in countries including Australia, the US and South Africa were affected by the incident. 

The cybercrime gang reportedly took advantage of a zero-day vulnerability on Kaseya’s VSC software to infect the chain of businesses on the network. Prior to the attack, the Dutch Institute for Vulnerability Disclosure (DIVD) alerted Kaseya but the IT solutions provider wasn’t quick enough to patch the flaw. 

The REvil gang launched the attack while DIVD was still in the process of fixing the problem. Consequently, several companies linked to the Kaseya VSC network were locked out of their data via encryption.

The REvil group demanded about AS$92 million (US$70 million) to release the global decrypter for the data. 

Potential Impact on Aussie Retailers 

Several Australian retail businesses linked to the compromised network were also hit by the attack. 

There is a lot of chatter among incident responders in Australia that there are impacted businesses here.

Josh Lemon, Managing Director of Digital Forensics and Incident Response, Ankura

Although the ACSC and the FBI are jointly investigating the extent of the attack and viable mitigation advice, Aussie retailers are advised to shut down Kaseya servers until further notice. ACSC also recommended activating Multi-Factor Authentication (MFA) as an extra layer of security.

REvil’s latest attack comes weeks after receiving a Bitcoin ransom demand worth about US$11 million from the world’s largest meat producer, JBS SA. Last year, Australian non-profit organisation Anglicare Sydney also suffered a ransomware attack in which 17 gigabytes of data were stolen. 

Categories
Binance Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch This Week: CELR, FET, SXP – Trading Analysis

Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Celer Network (CELR)

The Celer Network (CELR) is a smartly designed layer-2 scaling solution that provides off-chain transactions handling. The Celer platform offers fast, simple and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem. As to the overall goal of the network, its founders envisioned unleashing the full potential of blockchain and revolutionising Dapps with more efficient and productive outputs.

CELR Price Analysis

At the time of writing, CELR is ranked the 174th cryptocurrency globally and the current price is A$0.03565. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 80 percent from its highs, CELR wicked into the monthly gap beginning near A$0.02814. This wick formed the bottom of the current range.

The price shows no apparent signs of a longer-term reversal, which may mean that the closest resistance near A$0.04012 will continue to suppress the price. However, some support could be found near the monthly open, possibly giving bulls footing for a stop run through the swing high at A$0.04296. 

This move could continue into resistance near A$0.04731 and spike through the relatively equal highs near A$0.05047. A break of the next swing high near A$0.05631 is likely to find resistance once it reaches A$0.05733. If this move occurs, it may suggest a longer-term reversal.

A retest of possible support near A$0.03142 could provide an entry for a short-term trade. However, there is a higher probability for more substantial support near A$00.01715 after a run on the lows at A$0.02810 and A$0.01715.

2. Fetch.ai (FET)

Fetch.ai is a platform that aims to connect Internet of Things (IoT) devices and algorithms to enable collective learning. It was launched in 2017 by a team based in Cambridge, UK. Fetch.ai is built on a high-throughput sharded ledger and offers smart contract capabilities to deploy machine learning and artificial intelligence solutions for decentralised problem-solving.

These open-source tools are designed to help users create ecosystem infrastructure and deploy commercial models.

FET Price Analysis

At the time of writing, FET is ranked the 156th cryptocurrency globally and the current price is A$0.3367. Let’s take a look at the chart below for price analysis:

Source: TradingView

FET has dropped nearly 82 percent from its highs, with the current low’s wick on June 22 taking stops below two major swing lows.

The resulting bounce found resistance near A$0.3764, which could continue to cap upward movement. If the price finds support in the current region near A$0.3536, it could continue to resistance near A$0.4183. A more substantial move might run stops above the swing high near A$0.4536 into resistance near A$0.4718.

A break below the monthly open is likely to target buy stops near A$0.2710, an area that could provide some support. A move below this level could target below the swing low at A$0.2169, possibly reaching the gap beginning near A$0.1700.

3. Swipe (SXP)

Swipe is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card, and the Swipe Token (SXP).

This ecosystem is powered by the Swipe Token (SXP), which functions as the fuel for the Swipe Network, and is used for paying transaction fees. Holders of SXP tokens are eligible for exclusive discounts on the Swipe app and the token can be used for making fiat payments with the Swipe debit card.

SXP Price Analysis

At the time of writing, SXP is ranked the 158th cryptocurrency globally and the current price is A$2.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

SXP’s 77 percent drop has filled the February monthly gap twice as the price consolidates between A$1.78 and A$3.31.

Price’s current region, between A$2.69 and A$2.50 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to A$3.31 is a likely target. 

An animated move through these highs could reach up to the daily gap beginning at A$3.69. The area between A$4.26 and A$4.07 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under A$2.38 and find support near A$2.24. If this level is lost, the swing low at A$1.78 is a likely target, with A$1.60 possibly giving support.

Where to Buy or Trade Altcoins?

These three Altcoins have the high liquidity on Binance Exchange, so that could help with trading on USDT or BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Crypto Wallets

Trust Wallet Glitch Tricks Thousands of Users into Thinking They’re Multimillionaires

Trust Wallet users are getting false hopes of being “overnight multimillionaires” following a sudden increase in the value of some cryptocurrencies held in the mobile wallet. This was apparently a Trust Wallet glitch. 

Users Complain About Incorrect Prices

Following complaints from users, BabyDogeCoin and the Phoenix Protocol token (PHX) are among the coins affected by the glitch. In a recent post on Reddit, one of the users told how his PHX bag suddenly turned to “US$300 million”, only to find out he couldn’t withdraw the funds.

Reddit User’s Trust Wallet

I was already in the process of making a ‘help me cash this out please’ post when I found their week-old tweet saying ‘CMC and Trust Wallet seem to be displaying the incorrect price for Phoenix. It is a glitch, unfortunately.’

Trust Wallet user

When trying to sell or withdraw the amount on the wallet, users received a different price, which was less than the inflated prices on the Trust Wallet.

While some understood this inaccurate data to be a glitch, other users weren’t happy with the development as they claimed it gave them false hopes and even “played with their feelings”.

How Trust Wallet Calculates Prices 

The mobile wallet platform depends on the price information provided by CoinMarketCap, a crypto price tracking platform. The value of coins on a Trust Wallet is the average trading price across multiple exchanges. It remains unknown whether the glitch was from the Trust Wallet or the data feed.

However, it’s also worth noting that this isn’t the first time such an incident has occurred. There was a similar issue last month where Trust Wallet assured users that “funds are SAFU”. 

Earlier this year, Swyftx announced it had listed the native cryptocurrency of Trust Wallet on its platform. And just last week, scammers were found to be sending out fake emails and confirmation messages to Coinbase users in an attempt to lure them into revealing their account details.

Last year, hardware wallet provider Ledger reported an internal security breach resulting in the exposure of 250,000 to 1,000,000 customer email addresses. In some cases, the information leaked included full names and addresses.

Categories
Bitcoin Crypto News Trading

Bitcoin Trading Volume Dries Out as US Celebrates Independence Day

Bitcoin Trading Volume Dries Out as USA Celebrates Independence Day

There have been fewer trading activities for Bitcoin (BTC) over the past few days. On-chain data shows that spot trading volume had been dropping towards the US Independence holiday. At the same time, Bitcoin inflows and outflows have declined, which suggests low transactions from whales.

Low Bitcoin Activity During US Holiday

Over the weekend, Bitcoin trading volume dropped significantly as there was also low exchange inflow and outflow activity. Recent data from Glassnode shows that only US$5.8 billion worth of BTC flowed into exchanges over the weekend, while US$6.4 billion was moved out within the same period, which accounted for a net flow of -US$593.1 million.

BTC spot volume has been trending downwards since 29 June; however, it took a more noticeable drop on 2 July. Many people believed the US Independence holiday was one factor that caused the low trading activity, as most traders in the US may have taken time off the market.

However, according to a crypto on-chain analytics platform CryptoQuant, it “seems like the whales are staying low without much actions” .

Bitcoin is at Key Level

At this current state, Bitcoin will likely be in consolidation, however buying pressure could mount well enough to keep price trending upward. 

A push to either side of the market would have a high possibility of triggering a relatively big reaction to the price.

CryptoQuant

Bitcoin was down by 3.89 percent over the last 24 hours to US$34,050 at the time of writing. Some indicators, including the Puell Multiple, show it will recover from the bear market soon. 

Categories
Bitcoin Crypto News Investing Market Analysis

Experts Predict Bitcoin Will Fall to $25,000 When Grayscale BTC Trust Unlocks In Two Weeks

In a newsletter sent out to clients, US bank JPMorgan has predicted that Bitcoin could fall to US$25,000. The situation could be brought on by the expiry of 16,000 GBTC held in a six-month lock-up period by the world’s largest cryptocurrency fund.

How Can the Grayscale Fund Impact the Price of Bitcoin?

On 18 July, the lock-up period for a total of 16,000 Bitcoin (BTC) is set to expire. This could encourage investors who entered six months ago at a lower Bitcoin price and are now sitting on some potential profits to sell their BTC instead of continuing to hold it.

Some analysts, including strategists at JPMorgan, believe that accredited investors will sell at least a portion of their GBTC holdings after the unlocking period, thus weighing further on the ongoing Bitcoin market downtrend. A selloff of 16,000 BTC, worth roughly US$540 million, could create even more pressure on the downside.

While weak flows and price momentum resulting from last month’s selloff have fuelled Bitcoin’s recent declines, potential sales of shares in the Grayscale Bitcoin Trust following the expiration of a six-month lock-up period could be an additional headwind.

Nikolaos Panigirtzoglou, a Managing Director at JP Morgan

According to JPMorgan, the trust saw record inflows of US$2 billion in December 2020, followed by $1.7 billion in January. Globally, trust funds have billions locked up in Bitcoin.

How Does It Work?

In arbitrage trade, institutional investors (like hedge funds) borrow Bitcoin to purchase GBTC shares. Then, after the lock-up expires, these investors sell GBTC shares to secondary markets (retail investors), typically for a premium. Then they return the borrowed Bitcoin to their lenders and pocket the difference.

Each share represents 0.00094716 BTC, with the share tracking Bitcoin’s market price. It has a minimum holding period of six months and a minimum investment requirement of $50,000.

Rising GBTC premium shows a higher inflow of Bitcoin into the trust, while a decreasing premium indicates a declining BTC inflow and a transition into discounted premiums. If premiums are discounted, the seller would take a financial loss because the above-mentioned difference is gone.

GBTC shares traded at a premium of 40 percent or more to the spot Bitcoin price (current price in the market). So for the big investors it looked like a sure-fire way to profit, especially with such bullish market sentiment. There was little fear of the premium falling sharply.

Money flowing into Grayscale Bitcoin Trust as its premium flips negative.
Source: Skew

However, in the second quarter the Bitcoin market has been in a backslide, and in February the GBTC premium flipped to a discount, leaving little motivation for new investors to attempt the once-popular trade. As of early July, GBTC shares traded at a discount of 10.5 percent, according to data provided by Skew. 

Others Have a More Positive Narrative

Some think it is premature to consider the potential consequences of this event. Nevertheless, other analysts believe it will flush sellers from the market in July, possibly creating bullish potential.

In contrast with what JPMorgan is saying, some digital-asset analysts and investors claim it’s possible some of these investors might need to enter the market to buy Bitcoin again to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares. The negative impact of the GBTC selloff may be balanced by the repurchases of Bitcoin in the spot market.

Additionally, those who deposit their Bitcoin holdings need to buy back coins to return to their base portfolio. 

Since the beginning of the year, analysts have been forecasting a Bitcoin price of $146,000 in the long run. This may also cause some investors to hold.

Categories
Bitcoin Crypto News Market Analysis Markets

Whales Bought 60,000 BTC Over the Weekend Worth $2.7 Billion

After recent record losses, Bitcoin (BTC) HODLers enjoyed gains over the weekend for the first time in weeks as the digital asset surged over 5 percent overnight. This was largely attributed to the influx of Bitcoin whales holding 100 to 10,000 Bitcoin accumulating over 60,000 coins in a single day, worth US$2.7 billion.

Bullish Signs as Bitcoin Whales Steadily Accumulate

On-chain analyst and trader Willy Woo had a humorous take on the aggressive whale accumulation, tweeting:

According to on-chain analysts Santiment, these addresses now hold 9.12 million coins combined, up over 100,000 from only six weeks ago.

The total number of coins held by whale entities – addresses controlled by a single network participant holding 1,000 to 10,000 Bitcoin – rose by over 80,000 to 4.216 million Bitcoin on 2 July, hitting the highest level since May. For context, this remains some way below the record high of 4.542 million reached in February.

Source: Glassnode

The number of whale entities has now jumped to a three-week high of 1,922, which read together with signs that Bitcoin may have bottomed out, offers bullish support.

Whale Accumulation Coincided with Largest Downward Bitcoin Mining Difficulty Adjustment in History

Source: Glassnode

Interestingly, this recent whale accumulation coincided perfectly with the largest negative difficulty adjustment (-28 percent) in the history of the Bitcoin network.

In short, the difficulty adjustment refers to the difficulty of mining Bitcoin and is linked to the hashpower. As hashpower is removed, the difficulty decreases and where hashpower increases, difficulty is increased. The record 28 percent reduction in the difficulty adjustment was a direct consequence of China banning Bitcoin mining.

Most, however, view the mining ban in a positive light. As hashrate migrates out of China, the network becomes more decentralised and given the network’s response to the recent negative difficulty adjustment, it appears as resilient as ever.

At the moment, whales appear bullish. Historically, this tends to provide evidence of a broader shift in sentiment. It remains to be seen whether this trend will continue in the coming months.

Categories
Australia Crime Crypto News

Australian Crypto Executive Faces Money Laundering Charges Amid BitMEX Investigation

Australian crypto executive Gregory Dwyer is facing extradition to the US from the island territory of Bermuda for his alleged involvement in several crimes, including money-laundering schemes and operating an unregistered exchange in the US.

Dwyer, referred to as “the Australian Bitcoin Mogul”, was the first employee of BitMEX, a crypto derivatives platform. Dwyer turned himself in to authorities along with BitMEX colleagues Ben Delo and Sam Reed in a surrender agreement with the US Federal Bureau of Investigation (FBI).

All were accused of violating the US Bank Secrecy Act for not establishing an adequate anti-money laundering program and operating an exchange without a licence from the Commodity Futures Trading Commission.

Dwyer Confined to Bermuda on Bail

BitMEX set up shop in Bermuda following a visit by Hayes in July 2018, who met with the territory’s Premier, David Burt. Dwyer moved there the following year, but after the BitMEX case was investigated between 2019 and 2020, Dwyer was required to be extradited to the US for participating in money laundering. 

Last year, Magistrate Khamisi Tokunbo released Dwyer on US$20,000 bail. Dwyer was not allowed to leave the country pending his extradition hearing. 

We have been in touch with the government on this matter and Mr Dwyer has every intention to defend himself in court against these meritless charges.

Jenna Dabbs, lawyer from US firm Kaplan Hecker & Fink LLP, representing Dwyer

According to the US Justice Department indictment filed against Dwyer and his colleagues, they “wilfully failed to establish, implement and maintain an adequate anti-money laundering [AML] program, including an adequate customer identification program, more commonly referred to as a know your customer program [KYC]”.

ATO, IRS Jointly Investigate Crypto Money Launderers

Dwyer is the latest in a growing list of Australians involved in money-laundering schemes using cryptocurrencies. As a result, the Australian Tax Office (ATO) has been targeting cryptocurrencies, reportedly joining forces with the IRS (Internal Revenue Service) in the US to investigate criminals and tax evaders in Australia.

Two months ago, Aamer Abdulaziz, CEO of Phoenix Holding Group, was accused of money laundering and being part of a cryptocurrency scheme called OneCoin.

Categories
Australia Crypto News NFTs Sports

Australia Going Crazy Over Sport NFT Trading Cards

Interest in Australian sports trading cards has surged and several businesses are hoping to cash in by offering famous sporting moments as NFTs.

Non-Fungible Tokens (NFTs) have been taking the crypto world by storm over the past 12 months, and it’s a trend that most exchanges are exploiting. Binance recently ran the ‘100 Creators’ campaign, which featured Australian artists, sports stars and musicians contributing work sold as NFTs. Crypto.com also recently launched its own NFT marketplace, featuring contributions from music and sports celebrities.

Lebron James’s slam dunk NFT sold for US$200,000
MomentPrice
LeBron James “Cosmic” Dunk$208,000
Zion Williamson “Holo MMXX” Block$100,000
LeBron James “From the Top” Block$100,000
LeBron James “Throwdowns” Dunk$100,000
LeBron James “Holo MMXX” Dunk$99,999
Steph Curry “Deck the Hoops” Handles$85,000
Giannis Antetokounmpo “Holo MMXX” Dunk$85,000
LeBron James “From the Top” Dunk$80,000
LeBron James “From the Top” Block$78,000
LeBron James “From the Top” Dunk$71,455
The 10 Biggest NBA Top Shot Sales to Date – Data from Cryptoslam.

Booming Market in Sport NFTs

The sports industry is the latest to join the NFT party. The NBA, English Premier League, Major League Baseball and the UFC are among some of the big associations to have taken up the NFT craze. Grand Slam tennis champion Andy Murray has also made his entry into the NFT world, auctioning off a number of his memorable Wimbledon moments, one of which sold for US$177,777 when he won Wimbledon in 2013.

Collectibles Craze In Australia

Australian companies such as Four Points Collectables and Sport Moments are aiming to bring the sports NFT market to Australia for sports such as NRL, AFL and Basketball.

We’re creating a platform specifically built for Australian sporting codes that creates NFTs and brings a new layer of engagement to Australian sporting fans.

Jacob Osborne, Sport Moments CEO
NRL Trading Cards by fourpointcollectables.com

Collectibles in general are experiencing a resurgence. David Miller, the man behind AFL Footy Cards, says the entire 2021 collection had sold out in June. Miller believes NFTs are “where the future will be”. He will be working with Sport Moments to offer AFL fans a new way to engage with their favourite sport.

Popular NRL players such as Ryan Papenhuyzen and Sandor Earl are getting involved in the trading cards action, as they collect and share them on their social media accounts.

Ryan Papenhuyzen Sharing NRL Trading Cards on Instagram

The Dark Side of NFTs

Everyone wants a slice of the NFT pie at the moment. The ability to prove ownership is a game changer and no doubt we’re only just scratching the surface of possible applications. However, despite all of the hype about NFTs, they have also received a lot of criticism, primarily around their environmental impact.

NFTs have also been criticised for perpetuating art theft rather than preventing it, which is ironic because the latter was one of the primary arguments promoted by early campaigners of NFT art.

The Future of NFTs is Uncertain

No one knows what the future holds for NFTs. They may prove to be a pivotal part of the next digital revolution or they may prove to be just another fad that fizzles out after a couple of years.

For more on how to buy, sell and transfer NFTs, check this recent story run by Crypto News Australia.

Categories
Crime Crypto News Illegal Scams

Stolen COVID-19 Vaccines and Fraudulent Certificates Sold on Darknet Markets for Crypto

An investigation undertaken by the Coinfirm blockchain analytics team has uncovered illicit trade in Covid-19 vaccines, certificates, and tests on darknet marketplaces.

According to a July 1 report, Coinfirm has identified addresses linked to various vendors selling illicit Covid-19 essentials for crypto assets including Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Tron (TRX), Monero (XMR), and Zcash (ZEC).

Privacy coins are commonly used as assets on Darknet Markets (DNM) to pay for illicit goods. This is due to properties that allow users to transact anonymously, as well as darknet platforms that cater for people who wish to stay anonymous.

The ‘Vaccine Shop’ wallet was found to be linked to 145 other payment-accepting addresses that have been flagged for stolen/cloned credit card vendors, drug traders, and perpetrators of scams – specifically Bitcoin “doublers” (fully automated investment platforms operating with no human intervention).

Vaccines Including AstraZeneca For Open Sale

One darknet vendor known as ‘COVID-19 Vaccine Shop’ was openly selling an assortment of vaccines in bulk ranging from AstraZeneca to SputnikV.

Screenshot of the ‘COVID-19 vaccine’ shop. Source: Coinfirm

Another vendor, the similarly named ‘Vaccine Shop’, openly states it is selling stolen vaccines.

Screenshot of ‘Vaccine Shop’. Source: Coinfirm

A vendor on one of the largest darknet marketplaces, Hydra, claims to deliver “certification of the completion of a full course of vaccinations from Covid-19, the dates of the vaccine and the series, the doctor’s signature and the seal of the medical organisation”.

Notwithstanding “the obvious dangers of having rogue agents within the medical profession”, one of the most worrying aspects is that some of these services are linked to people who can input and alter information within national health systems.

A US-based vendor, catering to US residents, claims to be able to input client details into the system.

Coinfirm report

Rigorous KYC Measures Remain Vital

The importance of stringent Know Your Customer (KYC) standards have long been a topic of debate. Exchanges and other entities that handle and swap crypto and don’t have KYC built into them can play host to criminals and malicious interest groups seeking an easy way to cash out their funds.

It is for these reasons that every obliged entity should institute rigorous KYC policies.

Coinfirm report