Regulation can affect a lot of companies in very different ways. The recently introduced AMLD change in Europe is causing plenty of headaches for crypto service providers.
It is evident that European officials want to put an end to money laundering.
To do so, they will introduce the fifth anti-money laundering directive.
This new requirement has severe consequences for cryptocurrency service providers in Europe.
All providers need to perform proper AML and KYC checks at all times.
This also means companies need to maintain records of their customers’ accounts, transactions, and financial sources.
For KyberSwap, this is not a viable option on the slightest.
KyberSwap has informed all of its customers of how the exchange will be moving to the British Virgin islands.
Today, the company is still located and registered in Malta.
It seems unlikely that the service will be shut down in the meantime, however.
This non-custodial cryptocurrency exchange should remain operational, as there is no active “operation” to be involved in other than service maintenance.
It is not the first time a crypto firm moves out of Europe over 5AMLD.
Earlier, Deribit confirmed it would leave The Netherlands in favor of greener pastures.
Crypto investment has seen a surge in 2023 as new players overwhelm renowned players with…
The broader cryptocurrency market has been sluggish for the last few days. Among the top…
The recent developments in the cryptocurrency world have undoubtedly sent ripples throughout the entire ecosystem.…
To stay afloat and maintain its lead over other popular coins, Sparklo has introduced a…
Road Town, British Virgin Islands – Hold onto your hats! NiFTiesLab Corp is rewriting the…
The world of crypto sees its share of innovations, with newer platforms and tokens arising…