Tag: KYC

What To Do With KYC Bitcoin

[ad_1] If you have spent time going down the rabbit hole of bitcoin or bought bitcoin from an exchange, then you have come across the term KYC (Know Your Customer). You’ve also most likely participated in the process by handing over a ton of personal information to said exchange in order to purchase bitcoin. After your purchase you are holding what others call “KYC bitcoin.” What does that even mean? It means that your identity is now tied to the purchase of that bitcoin and the associated wallet address of…

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Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’ – Regulation Bitcoin News

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[ad_1] The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners. The decision means non-banks entities include crypto startups “have lost one of the most comprehensive means of identity verification in the country.” New Identification System Before the latest decision, the CBN accepted the use of the BVN alongside any other acceptable identity documents for KYC purposes. According to the apex bank, this service helped to “check risk and determine whether or not there is an…

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