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  1. Well-known American economist John Berlau criticized the position taken by the US Securities and Exchange Commission (SEC) with regard to cryptocurrencies and digital tokens, saying that its approach to this industry leaves little to many middle-class investors. John Berlau outlined his thoughts in a work published on April 11 under the title “Cryptocurrency and the SEC’s Limitless Power Grab: Why Not Provided?”. In it, he states that by his actions, the Commission hinders the development of innovations in the cryptocurrency industry, because the constant obstacles and barriers that the SEC puts before companies and entrepreneurs do not give them enough space for experimentation and the full use of technology. Criticized Howe’s test, used by the SEC to determine whether an asset falls into the category of securities, Berlau said that if cryptocurrencies fall under this definition, it can threaten the functionality of the blockchain technology and significantly reduce the number of possible scenarios for its application. “Once in the category of securities, cryptocurrencies become inaccessible to middle class investors. This is all the same bureaucratic red tape, which is a consequence of the SEC regulatory rules and other financial rules (the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010). All of them limit the access of small investors to companies in the early stages of growth, ”the economist writes. A fierce critic of the policy pursued by the United States Revenue Service (IRS), John Berlau, is Director of the Center for Investors and Entrepreneurs at the Competitive Enterprise Institute in Washington. This organization is known for its libertarian views and the protection of the interests of the free market. Earlier, in March, the SEC published a new guide for issuers of cryptocurrency tokens, which can be considered unofficial instructions for determining whether the issued assets fall into the category of securities. The document has been drafted over the past six months by the Strategic Hub for Innovation and Financial Technologies of the Ministry (FinHub). KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  2. KYCbench

    Wadz is a Fintech startup based in Singapore, developing a payment platform that leverages blockchain for payment settlement and Artificial Intelligence (AI) for the purpose of targeted marketing, smart inventory management and generating smart data. Based on latest blockchain and artificial intelligence technology Wadz aims to revolutionise the overall payments ecosystem and increase financial inclusion by developing a cost-effective system that can be used by anyone. Wadz also promises a seamless consumer experience, an integrated system for merchants relying on the live data it generates to deliver trend-based inventory management, smart reports and invoicing; ultimately generating savings for merchants and customers alike. Wadz will ultimately transform consumer, merchant and supplier payments ecosystem and interactions using home-grown artificial intelligence and blockchain technology. Together Wadz positions itself as the first digital currency payment solution designed to meet the ever-evolving needs of the retail industry leveraging AI and Blockchain to enable “Intelligent Commerce”. KYCBench and Wadz entered in a collaboration aimed to provide a new payment experience which ensures trusted, compliant and regulated space for all their participants! KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  3. Turnover and trading in anonymous cryptocurrencies such as Dash, Monero, Zcash and Bitcoin Private can be banned in France. This proposal was made by the head of the financial committee of the local National Assembly, Eric Werth. According to him, the innovation will help the regulator to protect the interests of participants in the cryptocurrency market. “Given that the coins, whose protocols do not allow users to be identified, could potentially be used for fraud, tax evasion, money laundering and other illegal activities, it would be advisable to prohibit their distribution and trade,” said Eric Werth in his report. He also proposed to discuss the issue of prohibiting trade in anonymous cryptocurrencies on licensed exchanges. A similar ban on the use of anonymous cryptocurrency since June 2018 is in force in Japan. Recall that in December 2018, the French government refused to ease the tax regime for cryptocurrency owners. In particular, the deputies rejected the change, which included an increase in the amount of tax exemption from € 305 to € 3,000 or € 5,000 per year, calling the initiative “excessive”. Therefore KYC procedures are becoming not only popular trends, but necessity today in every country. KYCBench team is attending Paris Blockchain Week Summit and Conference this days, so we will find out all the news form the first sight – speakers are well known political and financial figures in France – Bruno Le Maire, minister of Economy and Finance of France and Jean-Pierre Landau, Honorary governor, Bank of France! KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  4. G20 member countries will meet to discuss international anti-money laundering (AML) rules on June 8 and 9 in Fukuoka, Japan. This news appeared in the message of the local news agency Kyodo on April 4. According to the report and in accordance with official plans, G20 managers and finance ministers will take part in the meeting. The event will focus on creating a framework for combating money laundering and terrorist financing. Further, according to Kyodo, it is expected that on April 4 “it became known” that countries should reach agreement on new rules at this meeting. The report states that the main objective is anonymity. Namely, it is reported that the group seeks to establish a stricter identification of individuals conducting operations in crypto mode at the time of the transaction, in order to ensure transparency of the flow of assets. In December last year, the G20 countries have already called for the creation of a “taxation system for cross-border electronic payment services”, as well as regulation to combat money laundering. At that time, it was reported that the member countries, which then gathered in Argentina, would consider this issue at a meeting this year “when Japan becomes the president of the summit”. In March, the founder and CEO of the British digital banking application, Revolut, publicly denied the company’s charges of violation and money laundering. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  5. A global study of 216 exchange platforms showed that 69 percent of exchanges do not have complete and transparent “know your customer” (KYC) procedures. The study also showed that only 26 percent of exchanges have a “high” level of anti-money laundering in place, such as ongoing transaction monitoring and internal staff with experience in AML processes. To some, anonymity seems to be a feature of a cryptocurrency market, but this can lead to problematic business practices and criminal or terrorist activities. For example, another recent study, Bitwise Asset Management, argued that almost 95 percent of Bitcoin trading was in fact artificial, often involving automatic bots or distorted statistics of unregulated exchanges. Coinfirm CEO Pavel Kuskowski said that for many such platforms only crypto wallet address is required. Coinfirm also found that some exchanges could not fully implement official policies on their websites. For example, Binance users from countries with limited access supposedly were able to use the platform, simply using a virtual private network (VPN) to confuse their location. The Coinfirm report identified Binance as having a high regulatory risk based on the effects of anonymous activity, since deposits and withdrawals for values below two bitcoins (less than $ 8,000) were reportedly not required any KYC as of February 2019. Binance Chief Compliance Officer, Samuel Lim, denied this claim that users can deposit and withdraw cryptocurrency for thousands of dollars without KYC, although he could not specify what KYC Binance requirements are. Instead, Lim stated: “ In each individual jurisdiction, Binance adheres to all local rules and regulations and builds trust with the public through its designs, services and values since its inception. For all of our regulated / licensed businesses, the standard is a model approved by the regulatory authority, including Jersey, Uganda, Malta and Singapore. ” Regardless of how the KYC policy is actually applied, it is clear that all companies should take steps to strengthen its compliance procedures. Partnership with KYCBench will definitely improve company’s existing data protection and compliance measures for global operations. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  6. KYCbench

    Deconomy conference in Seoul gathered together economists, writers, professors, lecturers of American and European universities, founders, executives, research advisors, blockchain evangelists and even governors from different corners of the globe, to present and discuss latest trends in cryptography, peer-to-peer network, blockchain technologies, economics, law, finance and business. KYCBench team attended Deconomy 2 day blockchain conference and had an exceptional learning opportunity and shared experience with well-known speakers and blockchain stars as, Changpeng Zhao, known as CZ, CEO at Binance; Zooko Wilcox -O’hearn, creator of the Transitive Grace Period Public Licence (TGPPL) and CEO at Zcash; and Vitalik Buterin – founder at Ethereum! KYCBench outlined well-presented interactive exhibition, where innovative startups, industry’s leading solution providers, tech companies, such as HTC, displayed the latest blockchain technology and industry products and executive crypto-related roundtables and discussion with an excellent opportunity to connect with industry leaders, like-minded peers and entrepreneurs from different countries, while they discuss on topics relating to the blockchain industry. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  7. The world's largest funds, private investors, crypto traders, representatives of ICO and STO-projects, developers and miners will meet on one platform, in the heart of the blockchain industry. The 3rd Blockchain Life Forum will be held in Singapore, the city-state, which is considered to be the financial and technological center of Asia. The venue will be the elite hotel Marina Bay Sands, considered the pearl of Singapore. Within the framework of the forum, participants will be able to attend the presentations of the world's leading experts, get acquainted with top companies in the exhibition area, communicate with like-minded people and experts. World speakers and investors will share insights and their forecasts on speeches and sections during the 2 days of the forum and KYCBench cannot miss such an event! The creator of Bitcoin Satoshi Nakamoto is announced to speak to the public for the first time at the Blockchain Life 2019 forum. Here is his address before the speech: “I couldn’t hide anymore ... the situation on market needs my own participation and actions. I know the secret of making Bitcoin greater than ever ... ” KYCBench is looking forward for participation in Blockchain Life 2019 and great opportunity of meeting with the most influential and successful professionals in the world of cryptocurrencies and blockchain, getting new experience and expanding our network by entering into new cooperation with the best of the best. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  8. The need of ICO regulation is explained by an attempt to protect projects and their investors from fraud. Thanks to the raising worldwide regulation, many regions will receive the necessary framework at the state level. They will create effective job support, limiting it, in accordance with the law, as well as measures to resolve conflicts in the field of blockchain projects. “Know Your Customer (KYC) is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. KYC is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities”. In most cases KYC procedure for ICO is used to identify token holders and KYCBench is ready for action: All users must provide minimum information, Tier 1 basics – name and email. KYCBench also perform Identity proofing (Tier 2 verification) - the process of collection and verification of the information about a person. This usually include date of birth; nationality; document number and expiry date, ets. Address verification is outlined as Tier 3; All process can be described as following: 1. Acquire – uploading the documents using cutting-edge technologies to get best possible image quality. 2. Extract - data is automatically extracted from the documents to definitively assess their authenticity. 3. Verify - computer vision, machine learning, AI and verification experts are used together to verify the documents in real time. For AML purpose all ICO participants must be screened against a number of sanctions lists (UN/EU consolidated list, OFAC, PEP lists, ets). In order to stay compliant with regulation of any country, this step cannot be avoided. It can be done during the pre-ICO registration or during the ICO, simply to ensure that token holders are not terrorists and not from Iran or North Korea. Working with sensitive personal data, KYCBench has established and follow our core values: Trust We understand the full value of trusting relationships in all areas of society and the economy. We make efforts to achieve and maintain trust with everyone. Transparency All our deals are transparent. Personal information is protected. We expect the same from all our cooperation. Collaborations We believe in strong mutually beneficial cooperation and work that contributes to it within the ecosystem of our community. Integrity We are honest in every step of our work, and in every way we care about supporting the integrity of our organization, as well as the transactions being conducted. Innovation and quality We are making efforts to bring innovations to our work, support them in our ecosystem and the community as a whole. Security We maintain the highest safety standards in our work, identifying, evaluating, mitigating and controlling technology, business and social risks. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  9. Switzerland is cheese, chocolate, watches, the most powerful army in Europe and a very calm place in the world for money. Just over two years ago, Switzerland attracted the attention of another feature. Immediately after the crowdsale of Ethereum, it became the most sought-after jurisdiction for the business, focused on working with blockchain technology. The city of Zug is often referred to as ‘crypto-valley’. According to CoinDesk ICO Tracker, the cumulative amount of all investments in ICO for the first 6 months of 2017 exceeded $ 1 billion. A third of this amount ($ 370 million) was collected by Swiss companies. Such popularity is promoted by progressive legislation, relatively low tax rates, a developed banking infrastructure, a high level of confidentiality, and, finally, the status of a pioneer country in a good relation to crypto business. Bitcoin and other cryptocurrencies are considered in Switzerland as assets in accordance with the report of the Swiss Federal Council (paragraph 2.2.1), and therefore they are neither securities nor financial contracts, that is, derivatives (futures, options, etc.), no property rights. Cryptocurrency activities are also governed by the provisions of the Swiss Criminal Code (Swiss Criminal Code; hereinafter referred to as “SCC”), for example, a person is responsible for money laundering using cryptocurrency in accordance with Section 305bis SCC. At the moment, the Swiss Federal Council is taking steps to develop the legal status of cryptocurrencies and the rules regulating the fintech industry in the country. Switzerland does not set special rules for holding token sales, although it requires adhering to the provisions of the law in the field of combating money laundering and terrorist financing (KYC / AML Policy). On February 16, 2018, the Swiss Financial Market Supervisory Authority, FINMA, published recommendations on how to conduct an ICO. In them, the regulator broke all the token sales into three main categories: payment tokens, utility tokens & asset tokens. Tokens sold under Payment ICO can be transferred and act as a means of payment. They must be sold under the Swiss Anti-Money Laundering Act (AMLA), but they are not considered securities, as usual cryptocurrency. Among the other risks, in the guidelines was set the concern, that crowdsales could be used for money laundering. Under section 3.7 (Compliance with AMLA), the document states: ‘Anti-money laundering regulation gives rise to a range of due diligence requirements including the requirement to establish the identity of the beneficial owner and the obligation either to affiliate to a self-regulatory organisation (SRO) or to be subject directly to FINMA supervision. These requirements can be fulfilled by having the funds accepted via a financial intermediary who is already subject to the AMLA in Switzerland and who exercises on behalf of the organiser the corresponding due diligence requirements.’ This could mean that ICOs advised to use a KYC company to perform KYC on all ICO participants, which is going to be fully compliant with FINMA requirements. Using this situation local Switzerland KYC providers are looking for their own gain: “accredited bodies are charging up to $25 per check, leaving projects that have already made the decision to host their crowdsale in Switzerland in an awkward position…. companies charge a percentage of all Ethereum raised, which means that ICOs with a significant hard cap could wind up paying hundreds of thousands of dollars for KYC” – bitcoin.com As FINMA’s guidelines aren’t legally binding, some companies chose an alternative option – quite risky strategy of disregarding guidelines altogether and skipping any sort of due diligence, which is not a way out. KYCBench operates in accordance with FINMA and international AML/CTF requirements and performs registration and verification at the traditional SWISS banking level at affordable cost. Personal users information is crucial for fraud and authentication management purposes, therefore its securely collected, processes and stored, as ICO 27001 and GGPR policies are in place. Using KYCBench as KYC provider for the ICO conducted in Switzerland is one of the best solutions, which performs compliance at cost effective level and same time creates good reputational image and trust of your investors. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  10. KYCbench

    BLOCKLIVEASIA is a world's first public lifestyle/meets/blockchain festival, which is targeting the average people, young and old. You will be able to learn how blockchain is changing the world, listen to speeches by the best in blockchain, and one of the speakers is our VP – Salina Bo, which will speak about blockchain and its influences on many industries. KYCBench team and partners are very excited, as in this festival so much is happening, you just have to check it out for yourself! Moreover, this festival is taking the tired conference world by storm, letting you attend it free of charge. Organisers promise promise to “break down every barrier known to the common man, inviting them to new world, where token is king and blockchain reigns supreme. Meet over 70 projects on the exhibition floor, and throw a few curveballs to the 15 brave projects taking the pitching stage. Projects get to pitch to over 8,000 attendees at their very own booth and gain organic community growth with our live event-wide airdrop”. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  11. The head of the AriseBank platform, Jared Rice, admitted in court proceedings that he was trying to deceive investors by $ 4.2 million. He faces up to 20 years in prison. Jared Rice, 31, who was charged by the US Securities and Exchange Commission (SEC) and the Northern District of Texas Prosecutor's Office, confirmed at a court in Dallas that he provided unreliable information to investors and was not spending their money on developing his own startup, but used them to pay his accommodation in hotels, food and things. Rice is charged with three episodes of securities fraud and three episodes of electronic communications fraud. In January 2018, the SEC issued an order for termination of work and the need to return funds to investors to the AriseBank crypto project, which called itself a global decentralized bank. AriseBank falsely claimed that it had signed an agreement to purchase the insured bank of the Federal Deposit Insurance Corporation (FDIC) and the Visa payment system. AriseBank investors were promised from 10% to 20% of "guaranteed income", and also called themselves a bank, without having a banking license to work in the state of Texas. At that time, the regulator said that AriseBank was able to raise about $ 600 million, thanks in large part to advertising support from celebrities such as boxer and former multiple world heavyweight champion Evander Holyfield. Fraud charges are also brought against Stanley Ford, co-founder of AriseBank. On November 28, 2018, the FBI arrested Rice on a SEC complaint. A few weeks later, a federal court ordered the alleged fraudsters to pay $ 2,259,543 in compensation, $ 68,423 in prepayment and $ 184,767 in fines. The court also forbade co-founders to work as officials, directors of public companies and participate in the placement of digital securities. Raice’s verdict will be announced on July 11, 2019. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  12. Linh Thanh Group and Kronn Ventures startup will launch a digital money trading platform. Local authorities have not commented on this event in any way. The local company Linh Thanh Group and the Swiss startup Kronn Ventures received a license to launch the first regulated cryptocurrency exchange in Vietnam, Bitcoinist writes. The site will work in other Asian countries. At the moment, the Vietnamese government has not commented on the launch. It prohibited the use of Bitcoin and other digital money, and also recognized it as an illegal means of payment. The rules came into force on January 1, 2018, a fine of $ 8,900 is provided for their violation. Last summer, the country restricted the import of cryptocurrency mining equipment. At the same time miners are not prohibited on the territory of Vietnam. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  13. It is obvious that the main purpose of the conferences is considered to be the exchange of experience and direct communication. Many conferences have the opportunity to learn something new, therefore KYCBench team is choosing the most attractive events to benefit from constant learning, networking and marketing. Paris Blockchain Week Summit is the flagship event of Paris Blockchain Week –first international blockchain conference in France and KYCBench is getting ready! Organizators promise, that during two days, discussions around EU regulations, stable coins, decentralized exchanges, security tokens, scalability issues, recent advances in consensus mechanisms as well as renowned speakers from the best blockchain and digital asset companies in the world will share their stories and insights on the market and its prospects. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  14. KYCbench

    How new cryptocurrencies listing will change the balance of power in the global digital asset market? Japan is an important Asian jurisdiction, where regulation of the Bitcoin market and cryptocurrency in their broader sense is considered one of the role models for the rest of the community. The country of the rising sun, if you remember, first began to consider Bitcoin in the framework of monetary legislation and formulated clear rules for the operation of cryptocurrency exchanges. It is also important to note that the Japanese Yen, as of March 14, 2019 (according to the Coinhills), is leading the globe in Bitcoin trading with more than 45%. In second place is the US dollar (about 44%), in third place is the Brazilian Real (3%), the Korean Won is located nearby (2.79%). EURO is closing the top five with only 1.7%. The cryptocurrency exchange services in Japan require a license issued by the local Financial Services Agency (FSA). At the end of February 2019, only 17 companies had this license. Although Japan does not have a legally allowed list of currencies for trading and distribution, the 17 coin operators in circulation are usually referred to as the “White List” of cryptocurrencies - there are a total of 21. In March 2018, licensed Japanese crypto exchanges created the Japan Virtual Currency Exchange Association (JVCEA) self-regulatory organization, which, along with the FSA, was empowered by the government to develop legal regulations in cryptocurrency industries and blockchain technologies and was officially accredited in October 2018. The association is lobbying the interests of leading representatives of the industry, and is also trying to add new cryptocurrencies to the already mentioned FSA “White List”. Considering the world's largest scale of investment in Bitcoin, as well as the white list of cryptocurrencies secretly approved by Japanese law, we can say that local investors have great potential for investment in digital assets. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  15. KYCbench

    Last week 1pool Ltd, registered in Marshall Islands, also known as 1Broker, as well as its CEO, Mr. Patrick Brunner were fined $ 990K by The Commodity Futures Trading Commission (CFTC), US independent agency that regulates futures and option markets. Nevertheless that the CFTC has issued a manual for exchanges and clearing centers, which are keen to work with derivatives and financial instruments based on cryptocurrencies last year. According to the Regulator, the company and its founder were accused due to the violation of Federal laws regarding mainly BTC swaps, as its sale schemes where found similar to securities characteristics. Also, the trade was conducted with lack of compliance; violations of AML procedures and the company also didn’t registered with CFTC as a futures commission merchant (FCM). In addition to the imposed by CFTC fine, the company is obliged to return illegally obtained profits in amount of $ 246K. Among other things, 1Broker should return to its clients from the US and other countries almost 93 BTC. Skeptical mood to blockchain-based assets remains same from authorities and financial regulators worldwide. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected]bench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
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