Report: About a third of cryptocurrency exchanges have almost no KYC

On November 27, CipherTrace, a cryptocurrency intelligence and blockchain security provider, released the third quarter cryptocurrency anti-money laundering (AML) report. The report shows that about one-third of the 120 largest exchanges are “weak” in understanding customer (KYC) verification, and two-thirds of the exchanges “lack a strong KYC policy”. Of the 35% of exchanges tested, they trade 0.25 bitcoins per day with little or no KYC.