CEX.IO one of the United Kingdom-based cryptocurrency exchange now needs its customers to reveal their individualities, financial trading news outlet Finance Magnates reported Dec. 11.
According to CoinMarketCap, CEX was recognized in 2013, and it is the London-based cryptocurrency trading platform, originally it began as a cloud mining earner. Presently, the exchange ropes nine main digital currencies and four key fiat currencies, though it’s accustomed day-to-day trading volume is about $5 million.
According to the company, CEX.IO has decided that it was made to offer the customers with dependable and high-level service. Serhii Mokhniev, the firms Regulatory Affairs Counsel, mentioned that “We had 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 instruction develops obligatory in every European Nations states in January 2020. The UK might not be totaled among their amount by then, but cryptocurrency trades are global businesses. Consequently, they are improbable to be interested in a demand to take the country back. CEX.IO, for instance, rights 3 million users across the worldwide and is a listed member of FinCEN, a controlling division of the US Department of the Treasury.
In October, the company also stated that additionally, with customer demand CEX.IO will enhance Zcash packages to the platform, offering a quick method to buy fixed quantities of ZEC in $100, $200 or $500 increases through credit or debit cards.
There is nearly no change in the method of buying. If the user will purchase Bitcoin through the bank transfer or with the credit card, it is simple and secured at CEX.IO. The service syndicates what the customer requires such as striking prices, modest charges, and easy steering. And the best way for showing an acquisition will remove any indecision. The exchange pays a lot of attention to the subjects of safety, and the robust anti-DDoS protection as well as level 2 PCI DSS indication that the facility safeguards the safety of clients’ personal and funds data. Also, there is a two-factor verification also donates to the general security of the platform.
The EU and U.K. in December 2017, together publicized that they are preparing a clampdown on cryptocurrency allowed for AML and tax evasion. The augmented guidelines, in line with directions in the EU, are envisioned to boundary the quantity of secrecy promising for cryptocurrency traders. In October 2018, U.K. Economic Secretary to the Treasury Stephen Barclay mentioned that.
At present, the U.K. government is transferring alterations to the Anti-Money Laundering instruction that will get custodian wallet and virtual currency exchange platforms providers into Anti-Money Laundering and counter-terrorist bankrolling directive, that would give all such firms’ doings being supervised by public capable establishments for such areas.”