RaiBlocks Lost 27% After BitGrail Announcement

According to BitGrail, they have to consider country's rules
31 January 2018   594

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 Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.