Non-Licensed Cryptocurrency Exchange Alert ‼

November 7, 2019


Licensed VS. Non-Licensed Cryptocurrency Exchanges

In March 2019, 216 cryptocurrency exchanges were responsible for 90% of the global crypto market activity but only 14% of these exchanges were licensed and legally authorized cryptocurrency exchanges. Bitkruz belongs to the top few 14% licensed and legally authorized crypto currency exchanges.

A lot of users think wrongly that the crypto-world is unregulated which was actually the case 10 years ago. Nowadays, cryptocurrency exchanges are also submitted to some regulations and we believe that this is good. Regulatory frameworks and rules in the crypto-industry include license and authorization for crypto-trading operations, Customer Due Diligence (CDD) and Know Your Customer (KYC) compliance or Anti-Money Laundering (AML) compliance. Unfortunately, the authorities have limited means to verify and sanction crypto-exchanges if they choose not comply with these rules and regulations. Therefore, it is strongly advised looking at the above-mentioned stastics that you become an educated user and check if the exchanges you use have a registered license or have implemented CDD/KYC/AML programmes.

Next to having all the required legal licenses to operate as a crypto-exchange, Bitkruz also has implemented procedures to comply with Customer Due Diligence, Know Your Customer and Anti-Money Laundering standards set by the crypto-industry. Click here to check our KYC Programme and click here to check our licenses and registration. If you would like to start trading on our platform, please sign up in less than a minute.