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Another Cryptocurrency Firm Leaves The EU In Response To 5AMLD
Summary: KyberSwap, currently the second-largest non-custodial cryptocurrency exchange by market share, will be moving from Malta to the British Virgin Islands (BVI), according to The Block. In an email to users on Thursday, KyberSwap stated that exchange is moving because of the Fifth Anti-Money Laundering Directive (5AMLD), which went into effect on January 10. KyberSwap becomes ...
KyberSwap, currently the second-largest non-custodial cryptocurrency exchange by market share, will be moving from Malta to the British Virgin Islands (BVI), according to The Block.
In an email to users on Thursday, KyberSwap stated that exchange is moving because of the Fifth Anti-Money Laundering Directive (5AMLD), which went into effect on January 10. KyberSwap becomes the second company to leave the EU in just the past couple weeks, as Deribit said last week it was leaving the Netherlands for Panama.
The 5AMLD requires EU cryptocurrency firms to apply know-your-customer (KYC) measures and report any suspicious customer activity.
To meet these standards cryptocurrency exchanges will need to have some form of record keeping and obtaining information about the source of funds. Cryptocurrency firms will also have to appoint someone to oversee compliance and train staff members in anti-money-laundering.
By Ramsey Baker
Tags: 5AMLD,EU,KyberSwap,Malta
Link: Another Cryptocurrency Firm Leaves The EU In Response To 5AMLD [Copy]
