The cryptocurrency space is moving fast, so much so that every year there is a new trend: from the initial coin offering (ICO) to fungible tokens (NFT) it has only been a few years. In the face of this startling innovation, cryptography companies and regulators are increasingly challenged to balance security practices with new products and features.
The approach of some companies is to move quickly and adopt new innovations as they become available, leaving security processes such as Know Your Customer (KYC) and Anti-Money Laundering (AML) checks as a second goal. Binance’s well-known cryptocurrency exchange used this strategy until this year, when regulators began to break it.
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