Anonymity Is No Longer Welcome In Europe

Crypto Exchange Poloniex has toughened its policy concerning users’ privacy, who are now unable to trade before their accounts are verified. The KYC (Know Your Customer) procedure was announced in December 2017, yet not all users paid proper attention to the exchange’s recommendation to withdrawal their resources. From now the withdrawal limit is $2000 per day

EU has issued a law that regulates the crypto industry and deprives it of anonymity, thus turning it upside down from total namelessness to transparency. 

In the nearest future, more crypto exchanges will update their privacy policy which will inevitably annoy users, but on the other hand, AML (Anti-Money Laundering) and KYC regulations make the market legitimate and secure. Transparency enables tracking of transactions in order to decrease or even erase the criminal side of Blockchain, however, from now the European Union has the power to tear down the industry.

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