KyberSwap to move to British Virgin Islands due to EU anti-money laundering directive
One of the largest non-custodial cryptocurrency exchanges, KyberSwap, leaves Malta and moves to the British Virgin Islands in light of the entry into force of the EU’s Fifth Anti-Money Laundering Directive (AMLD5). Writes about this The Block.
As required by the directive, European crypto companies must implement customer identification measures and report any suspicious activity to the responsible authorities..
KyberSwap currently continues to operate in Malta and will begin operating in the new jurisdiction on January 24. According to the exchange, “the new requirements would be too high a barrier for most traders, both in terms of regulation and in terms of costs.”.
Thus, starting next week, KyberSwap will be operated not by the Maltese Kyber Network International Limited, but by KYRD International Limited, its sister company located in the British Virgin Islands. At the same time, the management and team of the exchange will not change..
Kyber Network currently ranks second among all non-custodial cryptocurrency exchanges, just behind Uniswap.
Earlier, the withdrawal from Europe was also announced by the crypto-derivatives exchange Deribit, and the developers of the Bitcoin payment startup BottlePay preferred to close their project..
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