Survey: 68% digital currency services do not comply with KYC

The company called P.A.ID Strategies has conducted a research of the US and EU digital currency exchange platforms, the results are quite negative: only the minority of respondents (32%) is using full identification of clients similarly to how banks make customers undergo the KYC (‘Know Your Customer’) procedure.

This tells that the market is still in its infancy despite some big exchanges already using these principles. Regulators of several developed countries have stated that digital currency exchanges should follow this principle from the start and overall try to remain adherent to existing financial laws and standards.

The public relations agency RealWire has also posted a peculiar image which compares the most known exchanges with each other:

Image: RealWire

One can assume that this situation might change in the future both due to the regulatory activity, the establishment of more clear rules for the market participants and the natural order of markets evolution.

Classic assets exchanges do not haste to open up new trading opportunities connected with digital currencies except futures and derivatives, although this could have tremendously transformed the crypto business standards.

Title image: encasa.ca