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The UK-based cryptocurrency exchange CEX.IO now requires its users to disclose their identities, Finance Magnates reported on December 11th.
Founded in 2013, CEX is a cryptocurrency trading platform based in London, initially founded as a cloud mining provider. Currently, the exchange supports eight major digital currencies and four major legal currencies, while its adjusted daily trading volume is around $ 4.9 million, according to CoinMarketCap.
While the situation with Brexit – the scenario in which the United Kingdom leaves the EU – remains murky, CEX.IO maintains business relationships with customers internationally and, therefore, aims to comply with relevant international regulations, including the fifth Anti-Money Laundering Directive (AML) of the European Union. The directive came into force in July 2018 and the EU Member States have until 10 January 2020 to implement it in their respective national laws.
CEX.IO is also a registered member of the Financial Crimes Enforcement Network (FinCen) of the US Treasury Department, and has yet to perform operations in accordance with US law. Reportedly, CEX's Regulatory Affairs Adviser, Serhii Mokhniev, commented on the company's decision:
"We have always understood the importance of dealing with virtual currency within a legal framework, so the mandatory verification for customers carrying out fiat currency transactions was introduced long before the fifth anti-money laundering directive was adopted. in the & # 39; EU. "
In December 2017, the U.K. and the EU jointly announced that they are planning a "crackdown" on money laundering and cryptography-enabled tax evasion. The increase in regulations, in line with EU directives, is intended to limit the amount of anonymity possible for cryptocurrency traders. In October, US Treasury Secretary Stephen Barclay said:
"The UK Government is currently negotiating amendments to the Money Laundering Directive that will bring virtual exchange trading platforms and custody portfolios into the Money Laundering and Counter-Terrorism Regulation, which will oversee the activities of these businesses by national authorities – authorities responsible for these areas. "
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