FTX CEO: KYC Tools Can Reduce U.S. Crypto Market Troubles

FTX CEO: KYC Tools Can Reduce U.S. Crypto Market Troubles

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2021-08-09 10:59:20

FTX will now use phone numbers to confirm jurisdictions and user names in addition to testing new KYC tools.

FTX CEO: KYC Tools Can Reduce U.S. Crypto Market Troubles

The constant regulatory scrutiny has forced many crypto businesses globally to close their business.

Amid this crackdown, Sam Bankman-Fried, CEO of popular crypto exchange FTX, spoke out about his relentless efforts to adapt to the changing regulations around around the operation of crypto businesses, informing FTX’s efforts in finding systems to streamline KYC operations.

“As we matured as a company, we built more checks, searched and matched signals. We check the user’s phone number against the name they submitted in KYC1, for further verification. When this doesn’t work or no data is available, we will require KYC2 to access some features of the site, including futures.

Sharing details about FTX’s operations in the United States, the businessman emphasized the company’s constant efforts in “looking for more tools to confirm identity, hopefully while reducing the hassle for users“. Bankman-Fried hopes the effort will help the company experience “smoother” operations in US jurisdictions.

Currently, FTX aims to outperform rival crypto exchanges like Binance and Coinbase. Per the report, the CEO has previously said that the acquisition of Goldman Sachs and the Chicago Mercantile Exchange is “not out of the question” if it can surpass all crypto businesses to become major exchanges. best.

Complementing the announcement regarding the KYC related update, Sam Bankman-Fried considers funds and investors’ safety a top priority. He also assured investors that there would be no limit to withdrawals unless the exchange was able to link user activity to activities related to money laundering and theft. In doing so, the cryptocurrency exchange will continue to implement two-factor authentication and similar methods to help prevent theft.

Sam Bankman-Fried recently discussed the need for immediate clarity in crypto regulation, supporting FTX’s effort to apply for licenses across multiple jurisdictions. In doing so, the FTX CEO claims to spend “five hours a day” on activities related to regulation and licensing.

The CEO said that he expects governments to take a clearer stance on crypto regulations in the next 3-5 years and intends to comply with region-specific KYC and Anti-Money Laundering requirements. the jurisdiction they serve.

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