IDEX enforces KYC requirements, bans sanctioned countries

Tuesday 6 November 2018 11:53 CET | News

IDEX, a decentralized exchange, has decided to switch operations to include restrictions for trading in certain jurisdictions and enforce KYC requirements.

This development is part of the exchange’s efforts to become compliant. The platform describes the move as merely “pragmatic decentralization,” through its dominant position in the decentralized exchange market means every step may attract a little more scrutiny.

After announcing that it would block New York IP addresses, the company has said that the restrictions will encompass more regions like Washington State, Cuba, Syria, and the Crimea region. However, it appears it’s not only users in these regions that need to worry about IP address blocking. The decentralized exchange will now require its users to complete a verification process and undergo KYC and AML checks, similar to what most traditional exchanges like Coinbase and Binance do.

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Keywords: IDEX, KYC, decentralized exchange
Countries: World