#etfswap (ETFS) has become a reckoning force in the presale market. With its groundbreaking DeFi platform where investors or traders can swap cryptocurrencies for tokenized and institutional grade ETFs, experts have predicted this new entrant to challenge top altcoins like Shiba Inu. As a matter of fact, ETFSwap (ETFS) is pioneering the first platform where traditional ETFs can be traded in a democratic and decentralized market.

Institutional interest is rising for ETFSwap (ETFS) particularly due to its well-protected assets, tightly-secured network, and easy accessibility. To be clear, not only is its platform accessible without #KYC verification, its ETF assets have been linked to Real World Assets (RWA) and protected by MiCA-regulated licensed banks.

Additionally, to secure a safe trading space, ETFSwap (ETFS)  has audited its network with CyberScope— a leading blockchain audit firm. It has also undergone a KYC verification process, assuring users of its security and compliance with industry standards.

ETFSwap’s is open for ETF trading 24/7 as its users can enjoy ETF assets from several financial markets including cryptocurrency, commodities like oil and gold, bonds, and even from the amplified market. This diversity allows investors to explore dynamic investment opportunities while they receive a 50x trading power when they trade futures and options.

Currently, ETFSwap’s third and final presale is ongoing, where its native token is selling for $0.03846 however, investors are increasingly rushing to purchase. Its native token attracts advantages, such as exclusive access to newly-listed ETFs early, vote rights on the platform, monthly airdrops, and more.

Investors are anticipating its beta platform more as ETFSwap (ETFS) has announced a soon-to-launch sneak peek of the platform, after 15 weeks of development. In this upcoming beta platform, users can start staking their ETFs token for rewards, trade and swap ETF assets, track live prices of ETFs, and even access its liquidity. While all this happens in phase 1 of its beta platform, phase 2 will allow investors to use AI-powered trading tools, like an ETF screener or ETF filter, to analyze the market and make the smartest trading decisions.
#BinanceBlockchainWeek

What it is and why it matters

Introduction

KYC (Know Your Customer) is a process that requires financial service providers to identify and verify their customers. The purpose of KYC is to combat financial crime and ensure customer due diligence as part of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance efforts. KYC is an essential tool for financial service providers to improve trust in the industry and manage their risks.

What is KYC?

KYC is a process that financial service providers use to collect and verify customer information. The process involves verifying the identity of the customer and assessing the risk associated with that customer. The KYC process may include requesting personal information such as name, address, date of birth, and identification documents like a passport or driver’s license.

KYC requirements are part of the AML/CFT regulations, which require financial service providers to take measures to prevent their services from being used for money laundering or terrorist financing. KYC helps financial service providers to comply with these regulations by providing a means to collect and verify customer information.

KYC and Cryptocurrency

KYC has become commonplace in cryptocurrency exchanges as regulators have increased their scrutiny of the industry. Some of the largest cryptocurrency exchanges in the world, such as Binance, require their users to go through a KYC process before they can start trading.

The rise of KYC in cryptocurrency exchanges has led to a debate about its impact on the decentralized nature of cryptocurrencies. Some argue that KYC goes against the anonymous and decentralized aspects that cryptocurrency is famous for. However, others argue that KYC is necessary for the cryptocurrency industry to gain mainstream acceptance.

Benefits of KYC

KYC has several benefits for financial service providers and their customers. One of the main benefits is improved trust in financial institutions. By collecting and verifying customer information, financial service providers can demonstrate their commitment to preventing financial crime and protecting their customers.

KYC also helps financial service providers to manage their risks. By assessing the risk associated with each customer, financial service providers can take appropriate measures to prevent their services from being used for illicit purposes.

Finally, KYC enhances customer protection. By verifying the identity of customers, financial service providers can prevent identity theft and other forms of fraud.

Criticisms of KYC

Despite its benefits, KYC has received criticism from some quarters. One of the main criticisms is that KYC takes away the anonymity and privacy aspects that cryptocurrencies are famous for. KYC requires customers to provide personal information that can be used to identify them, which goes against the decentralized nature of cryptocurrencies.

Another criticism of KYC is the decentralization vs. centralization debate. Some argue that KYC goes against the decentralized nature of cryptocurrencies by requiring users to go through a centralized process. However, others argue that KYC is necessary for cryptocurrencies to gain mainstream acceptance.

KYC may impact financial inclusion. Some argue that KYC requirements may make it difficult for those without proper identification to access financial services.

Frequently Asked Questions

What information is collected during KYC?

KYC requirements may vary depending on the financial service provider and the jurisdiction. Generally, financial service providers may request personal information such as name, address, date of birth, and identification documents like a passport or driver’s license.

How is KYC different from AML/CFT?

KYC is a process that financial service providers use to collect and verify customer information, while AML/CFT is a set of regulations that require financial service providers to take measures to prevent their services from being used for money laundering or terrorist financing. KYC is one of the measures that financial service providers can take to comply with AML/CFT regulations.

Who is responsible for KYC?

Financial service providers are responsible for conducting KYC checks on their customers. This includes banks, cryptocurrency exchanges, and other financial institutions.

What happens if I don’t complete KYC?

If you don’t complete the KYC process, you may not be able to access certain financial services. For example, many cryptocurrency exchanges require their users to go through KYC before they can start trading. Failure to complete KYC may also result in account suspension or closure.

Conclusion

YC is an important process for financial service providers to combat financial crime and ensure customer due diligence. While KYC has its benefits, it has also received criticism from those who argue that it goes against the decentralized nature of cryptocurrencies. Despite this criticism, KYC has become commonplace in the cryptocurrency industry as regulators have increased their scrutiny of the industry.

Financial service providers must balance the benefits of KYC with its potential drawbacks, such as impacting financial inclusion and privacy concerns. As the cryptocurrency industry continues to evolve, it is likely that KYC will remain an important tool for financial service providers to manage their risks and comply with AML/CFT regulations.

#KYC #crypto #security #finance #cryptocurrency

400 bitcoin and thousands of ether stolen in FixedFloat hack Automatic cryptocurrency exchange platform suffered an exploit that cost it millions of dollars in losses.Cryptocurrency exchange site #FixedFloat was hacked and lost around $26 million worth of bitcoin ( #BTC‬ ) and other #cryptocurrencies . The platform's own development team confirmed the fact on social networks and assured that they are working to discover the vulnerability that led to the theft.«We confirm that there was indeed a hack and theft of funds. We are not yet ready to make public comments on this matter as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon,” says Fixed Float's statement on the X social network. According to security firm BlockFence, the Bitcoin address used for the theft is bc1q2skp47p9f5mr4n4m27k66v0l68gh3xdd7ad4e5. There you can see that the stolen figure corresponds to 409 BTC.Meanwhile, the #Ethereum address is 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085. The address's on-chain information shows a large number of outgoing transactions to multiple addresses, some of them for values of up to 200 ETH. CertiK Alert confirms that ETH funds were moved through eXch, another automated cryptocurrency exchange.FixedFloat is a bitcoin, cryptocurrency and token exchange platform that is characterized by not requiring account registration or delivery of data for identity verification ( #KYC ) and its website is currently out of service for "maintenance."$BTC $ETH

Former Chair of the Commodity Futures Trading Commission, Christopher Giancarlo, is advocating for the development of central bank digital currencies (CBDCs) that prioritize individual freedom over government surveillance. In an op-ed published in The Hill, Giancarlo emphasized the importance of protecting democratic values such as freedom of speech and the right to privacy in the development of CBDCs. 

He suggested that the U.S. should leverage the technology used by some cryptocurrency protocols to achieve this goal and set the standard for CBDC development.

Giancarlo, also known as "Crypto Dad," co-founded the Digital Dollar Project and is dedicated to exploring the implications of a U.S. CBDC. In a report co-authored with Jim Harper for the American Enterprise Institute, Giancarlo expressed his concerns about privacy and the need for a "freedom coin" that guarantees a high level of privacy. The report argues that CBDCs offer an opportunity to reevaluate current financial surveillance practices and potentially enhance constitutional protections.

However, the authors took issue with a recent document published by the Biden administration's White House Office of Science and Technology Policy (OSTP), which they believe shows that financial surveillance in the West is similar to that of China. They specifically criticized the OSTP's proposed Anti-Money Laundering (AML) and Know Your Customer (KYC) measures, which they believe allow for excessive surveillance without probable cause.

The authors and U.S. Senator Tom Emmer, who introduced the CBDC Anti-Surveillance Act in 2022, share concerns that a CBDC must guarantee privacy to avoid being used similarly to China's e-yuan. While the implementation of certain technologies could enable "intelligent enforcement" of crime prevention, the United States must reevaluate its current financial surveillance policies.

Giancarlo's insights are invaluable in the rapidly evolving world of cryptocurrency, and his advocacy for privacy and constitutional protections is commendable. As the world continues to embrace digital currencies, it is essential to have leaders like Giancarlo who prioritize privacy and security.

#cbdc #coingabbar #KYC #privacy