VC Trade Cryptocurrency Exchange has introduced a “multi-level” KYC procedure in accordance with the requirements of FATF

The Japanese cryptocurrency exchange VC Trade, owned by SBI Holdings, has integrated new customer verification technology to meet the international standards of the FATF Financial Action Task Force. It is reported by CoinDesk .

In particular, VC Trade integrates a solution called Sygna from CoolBitX. It is reported that now the exchange uses a customized version of the company’s wallet, CoolXWallet, which allows users to withdraw crypto assets only after passing the “multi-level” customer identification procedure.

“Sygna assumes the responsibility assigned to the exchanges for conducting the KYC procedure, ensuring that all wallet owners complete it,” CoolBitX noted, emphasizing that this is the first working concept of the technology.

The company also expects that other crypto exchanges that will somehow have to meet the FATF requirements will be interested in the solution developed by it.

Recall that in June, the organization presented the final version of the guidelines for the cryptocurrency industry. In a published document, the FATF obliged Bitcoin exchanges and other cryptocurrency service providers (VASPs) to follow AML and CFT procedures similar to traditional financial companies.

How the new rules will affect the cryptocurrency industry, BlockchainJournal analyzed in a separate material .

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