During 2017’s bull market, most crypto services lacked the proper Know Your Customer and Anti-Money Laundering measures. Even in 2020, 56% of the analyzed 800 cryptocurrency exchanges and over-the-counter trading desks followed weak KYC practices, according to a CipherTrace report. However, the current digital asset rally has turned the crypto market upside down.
As a result, KYC and AML have become top priorities for cryptocurrency providers, with many industry players rushing to implement proper measures to better know their customers. And it’s not just the providers that are increasingly demanding KYC, but also their clients.
This trend began in January 2021, when users started to get more involved with and showed more willingness to pass these procedures. Before the current bull market, only 20% of our customers who started the registration process became fully verified. Now, this rate has changed to 33%, which marks a 65% increase in willingness to pass KYC.
It has become clear now that the attitude of