The cryptocurrency house strikes quickly, a lot in order that yearly, there’s a brand new development: from preliminary coin choices (ICOs) to nonfungible tokens (NFTs) just a few years have handed. In the face of such astounding innovation, crypto firms and regulators face a rising problem: balancing security practices with new merchandise and options.
Some firms’ strategy is to maneuver quick and undertake new improvements as they turn into out there, leaving security processes resembling Know Your Customer (KYC) and Anti-Money Laundering (AML) checks as a secondary goal. Popular cryptocurrency alternate Binance seemingly used this technique up till this yr when regulators began cracking down.
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