As the US authorities pursue criminal charges against owners of BitMEX, one of the world’s biggest cryptocurrency trading exchange accused of enabling companies to launder money and other illegal transactions, we felt that uncontrolled and unregulated crypto financial products over the years have allowed unsophisticated investors to lose money. It has also left the door open for criminal and money laundering activities to thrive in the crypto world.
In his words, Kumar Gaurav added, ‘BitMEX is a classic example of the wild wild west scenario of the crypto industry and some of the big brands are still continuing to function like this with impunity. As a supporter of strong regulation in crypto, we welcome the FCA move which will protect retail consumers who tend to suffer harm from these sudden and unexpected losses by falling in the trap of investing in such products.’
At Cashaa, enhanced due diligence is carried out before a crypto company is given an account. Our EDD process includes the review of KYC and AML policies of the crypto companies we onboards. Over the year we have rejected more than 100 plus companies including some of the top crypto brands and exchanges. The rejections were based on the company’s lack of proper AML policy and the inability to showcase a clear company structure.
Being the largest crypto-friendly neo-bank, we want to encourage innovative entrepreneurs to build amazing decentralized solutions but we also want to make sure our banking system is not used by bad crypto players and exchanges involved in money laundering.
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