(November 30, 2019) – When it comes to onboarding new customers, whether by banks, financial institutions, or crypto exchanges, there is currently no one global KYC system or platform, leading to a very costly and chaotic situation. One venture, BDeFi, is working to revolutionize the global KYC system with a stablecoin-based blockchain platform.
A recent global survey of crypto exchanges found that nearly 70% of these did not have a ‘complete and transparent’ KYC procedure, and only 26 percent could ensure high anti-AML procedures. The global KYC costs are around $500 million, and onboarding new clients …
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