Know thy customer: The future of KYC in crypto

Know Your Customer (KYC) guidelines seem to be an unhappy marriage in the digital currency industry. But KYC has only recently become a default feature for the largest players in crypto. Binance announced a more strict identification procedure for users only in 2021 after a series of legal controversies. The absence of uniform international standards contribute to the general stress around KYC in a swiftly maturing industry. The lack of clear standards and freedom of interpretation often leads to malign cost-cutting by market players, says Netki CEO Justin Newton. Metal Pay CEO Marshall Hayner told Cointelegraph that the crypto industry globally doesn’t come near the comprehensible standard for electronic data interchange between traditional financial institutions, such as ISO20022. Lummis-Gilland Source