According to the latest study published by the blockchain analysis firm CipherTrace, KYC systems are weak or non-existent in more than half of the crypto trading platforms.
In particular, the company has concluded the most affected exchanges are in Europe, the USA and the UK.
To conduct the study, the company has analyzed more than 800 decentralized, centralized and automated exchanges, concluding that around 56% of these do not implement KYC measures correctly or at all, as required by current anti-money laundering regulations.
The USA, the United Kingdom and Singapore are the countries with the highest number of exchanges that implement deficient KYC procedures.
According to the study, a large number of exchanges do not even bother to mention their country of origin on their website or in the terms and conditions. It looks like this decision might be deliberate in order to avoid having to register or comply with the anti-money laundering regulations of a particular country.
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