Most major cryptocurrency exchanges lack sufficient background checks, research report says

According to a report by P.A.ID Strategies, a payments and identity security consulting firm, more than two-thirds of 25 prominent crypto exchanges in Europe and North America come up short when scrutinizing new customers. The report found 68% of the exchanges allow its users to trade both crypto and fiat with no formal identification and no KYC checks. The report is a blow to proponents of bitcoin and other cryptocurrencies who say the industry is making strides in cleaning up its reputation in the light of ongoing exchange hacks, crypto scams and ICO concerns. And with regulation still up in the air, the results might be a wake up call for the so-called future of money.

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