RaiBlocks Lost 27% After BitGrail Announcement

According to BitGrail, they have to consider country's rules
31 January 2018   760

The price of RaiBlocks cryptocurrency fell 27% after the BitGrail Exchange unexpectedly announced that it would soon cease to serve non-European users. This is reported by The Next Web.

The rate of the cryptocurrency, which promises its users instant transactions without commissions, in a matter of hours, collapsed from $ 18.50 to $ 13.50. The fall occurred after the announcement of BitGrail that due to problems related to the requirements for customer identification, the accounts of all users living outside the EU will be closed.

RaiBlocks Chart
RaiBlocks Chart

I’ll begin repeating once again this concept: BitGrail cannot work without mandatory KYC anymore. Looks like exchanges in general can’t do it, even if some may ignore it. But BitGrail can’t. It is in a country where you can’t ignore the law and even if there would be the opportunity, we wouldn’t do it. BitGrail want to operate in cryptocurrency market in the more transparent way possible, talking about laws.

The Bomber at Reddit


The updated rules have not yet begun. After the corresponding announcement, users who do not meet the established criteria will have 2 weeks to close their accounts. BitGrail will continue to operate "only in Europe".

BitGrail is one of the few sites supporting RaiBlocks, which is why it has become extremely popular in the community of this cryptocurrency. According to Coinmarketcap, over the past 24 hours, BitGrail accounted for more than 30% of RaiBlocks' trading. At the same time, on BitGrail, RaiBlocks accounts for about 85% of the total trading volume.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.