Hidden Road, a brokerage firm backed by Citadel, has officially stopped providing access to the ByBit exchange for its clients. The decision, which was communicated to Hidden Road clients weeks in advance, was made due to disagreements between Hidden Road and ByBit regarding Know Your Customer (KYC) verification and Anti-Money Laundering (AML) procedures. ByBit has stated that it will conduct an audit of its brokerage operations to ensure compliance with regulatory policies. KYC verification and AML regulations have become contentious issues in the crypto community. Research has shown that AML regulations have minimal impact on illicit financial activities. Projects like Tornado Cash, Samurai Wallet, and Monero have tried to bypass these regulations by offering mixer and tumbler services. Recent arrests of developers from Samurai Wallet and Tornado Cash highlight the legal challenges faced by such projects in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news