Cryptocurrency News Today TheBitTimes.com

Crypto execs on X are calling for know-your-customer (KYC) protocols to be scrapped after leading US exchange Coinbase disclosed that its staff had accepted bribes and leaked users’ personal data. The leak, shared by Coinbase on Thursday and documented in a K-8 filing, revealed how overseas support staff were corrupted by bad actors into stealing information, including home addresses, government IDs, and bank account details. This data was then leaked to individuals for use in social engineering scams designed to steal user funds, which may cost Coinbase between $180 million and $400 million in reimbursements . To add to Coinbase’s troubles, the Securities and Exchange Commission is now reportedly investigating whether the firm exaggerated its user numbers. In response to the leak, the CEO of crypto analytics firm Nansen, Alex Svanevik, called for Donald Trump to “dismantle” the KYC and anti-money-laundering (AML) “complex.”  Coinbase just proved again ...

Bitget, the world’s 10th largest cryptocurrency exchange, is implementing comprehensive Know Your Customer (KYC) requirements for all English-speaking users.  The security -enhancing measure, effective from Dec. 15, aligns with regulatory standards to ensure compliance across the platform. Aligning with global financial regulations In response to user preferences and the need for flexibility, Bitget is implementing its KYC requirements in two tiers. Under this framework, the completion of Level 1 grants users access to all Bitget services, including derivatives and copy trading, with daily withdrawal limits extending up to $3 million. Bitget’s rollout of the KYC implementation will be done in phases to minimize disruption and give users sufficient time to upgrade their accounts. The strategic introduction aligns with Bitget’s ongoing efforts to combat financial crimes like money laundering, reinforcing the platform’s dedication to enhancing user protection. ...