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Know Your Customer Regulations in Crypto Exchanges

Over the past few years, buying top digital currencies such as Bitcoin and Ether is common in off-exchange trading. The utilization of digital assets at a corporate level is quite promising. The cash management is revolutionizing, which is revamping the conventional payment flows using blockchain. Here is how to know the “know your customer” regulations in the crypto exchanges.

Corporate banking entities use a distributed ledger where all the transactional information is stored.

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An end-to-end process pledges a level of assurance to all the parties that have participated in the fund pool and their security. Digital currency services have eliminated the intermediaries and reduced the cost of all the payment transfer infrastructure for transaction records and security.

Before diving deep, let’s look into the types of exchanges active today in the crypto market:

Crypto exchanges are divided into two major groups: “fiat-to-crypto” and “crypto-to-crypto” exchanges.

Fiat-to-Crypto Exchanges

The exchanges perform ‘due diligence measures’ as they deal with the fiat money. The exchanges are required to conduct business with financial institutions.

It’s therefore required to perform stringent KYC procedures to ensure a clean customer base before doing business with the entities.

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