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CryptoBridge to enforce KYC verification starting today

By Lorenzo - 2019-10-01

CryptoBridge, a decentralized exchange for altcoins and tokens has just announced they will be enforcing KYC verification for all existing and new users.
A decentralized exchange is supposed to be like a normal exchange but without having to rely on third parties, trades occur directly between users through smart contracts or other automated processes.
This announcement certainly comes as a surprise, one would expect a decentralized exchange to not require any type of verification. This isn’t the only decentralized exchange asking for KYC though, IDEX also recently introduced full KYC verification.
CB verification
Since CryptoBridge entered the market, we are on a mission: Thinking decentral. Both in a technical and in a jurisdictional sense. While we still strive to present new challenges for international financial regulation, we are facing the 5th EU Anti-Money Laundering Directive (AMLD5) and will adjust our gateway services to pave the way for CryptoBridge moving forward.
The announcement states that existing users will be required to submit the KYC verification from today and that they will not be able to deposit or withdraw until it’s completed. It seems that CryptoBridge is not giving users any kind of period of time to withdraw their assets before enforcing the KYC verification, something that will certainly anger a lot of users.
CryptoBridge also said they will not have any kind of access to users' information and that they will not share the information with anyone unless there is a court order that requires it. The team also said they are looking to build a more efficient KYC verification process as they expect to deal with a lot of verifications in the upcoming weeks.