kyc

According to a report by Cryptonomist, GSR's market director Spencer Hallarn stated in an interview that the hype around tokenization has surpassed the actual usage on many platforms. The issue lies not in the market's demand for tokenized assets, but in the design of the platforms themselves. He pointed out that many walled garden-style tokenization platforms with strict KYC requirements generally lack meaningful trading volume, as cumbersome access and compliance processes limit activity.Hallarn believes that the real opportunity is not in tokenizing for the sake of tokenization, but in fixing the underlying pipelines of traditional banking and settlement systems, specifically the infrastructure for transferring funds and assets between institutions. This would make tokenization more of an infrastructure repair rather than merely a narrative of crypto products.He also mentioned that the stagnation in the crypto market this year is largely due to funds shifting towards AI infrastructure, with large tech companies raising substantial amounts of capital for AI infrastructure through equity financing, tightening the liquidity of various assets, and crypto is no exception. Its clients are also shifting from chasing short-term momentum to long-term budget planning, over-the-counter hedging, and RWA. If AI investment cools down and the Federal Reserve lowers interest rates, liquidity is expected to improve and support Bitcoin prices.

Sui posted on platform X, stating that Tessera provides a closed invoice settlement network for enterprises, and participating enterprises can join after passing KYC verification. The blockchain will display the payer, payee, and payment time, with the settlement amount shown as ▦▦▦.

Bitget launches a welcome gift event for new users, which runs from July 27 to August 3. During the event, new users can receive USDT rewards by completing tasks such as KYC. In addition, if the cumulative contract trading volume reaches the specified threshold, corresponding USDT rewards can also be obtained. For more details, please refer to the Bitget official platform.

Regarding the details of the withdrawal announcement released by Bitmart, WOO X ambassador Baki posted on the X platform, "BitMart is restricting user withdrawals for security reasons, and its operation to disable the automatic withdrawal function may result in a large number of users being unable to complete fund withdrawals. The platform has changed the withdrawal process to manual review, requiring users to submit account identity and KYC information verification, login device and IP address and account security status verification, withdrawal address and blockchain transaction risk review, source of funds and transaction history review, Travel Rule compliance and sanctions screening, and other regulatory checks. If necessary, additional documents such as proof of identity, proof of address, proof of source of funds, or proof of ownership of the withdrawal address may also be required."Baki suggested that users with P2P options could withdraw to their bank accounts through that channel; he also emphasized that the crypto market is not decentralized but controlled by a few large groups, exchanges, and funders.

According to Bits.media, Fidan Tofidi, the head of the Financial Technology and Innovation Department of the Central Bank of Azerbaijan, stated that the regulatory bill for the country's virtual asset market has been drafted and submitted for review, with formal legislation expected within the year. The bill requires all companies engaged in cryptocurrency asset business to obtain a license issued by the central bank, and unauthorized operations within the country are prohibited. Licensed institutions will be subject to ongoing supervision. The regulatory framework will cover compliance requirements such as anti-money laundering, counter-terrorism financing, and customer identity verification (KYC), and will be incorporated into Azerbaijan's financial market development strategy for 2027-2030.

StarkWare launches the STRK20 privacy token standard, allowing users to hide on-chain balances and transaction details while maintaining compliance checks and regulatory disclosure mechanisms.

According to CryptoNews, the European Union will implement revised anti-money laundering (AML) regulations starting from July 10, 2027. The new rules require cryptocurrency asset service providers (CASP) to execute stricter "KYC" procedures for transactions exceeding 1,000 euros, and anonymous accounts and services related to privacy coins will be completely banned. In addition, a cap of 10,000 euros (approximately 11,500 dollars) has been set for commercial cash payments across the EU, and for cash transactions of 3,000 euros (approximately 3,450 dollars) or more, traders and other obligated entities must verify customer identities and conduct due diligence before completing the transaction.

Binance founder CZ commented on Hyperliquid in the Galaxy Brains podcast, saying, "I think Hyperliquid's innovation is actually awesome." CZ stated that Hyperliquid occupies a niche market that Binance finds difficult to compete in, as it does not require KYC and claims to be a decentralized platform. However, CZ also mentioned that based on his past experiences, he would not adopt Hyperliquid's current operational model, stating, "I guess they have a good legal team."

According to Cointelegraph, South Korean police recently raided the cryptocurrency exchange Bithumb to investigate independent lawmaker Kim Byung-gi for allegedly using his influence to secure a job for his son. It is reported that Kim's son joined Bithumb in January 2025 and worked for about six months. The police are investigating whether there was any external pressure or special treatment during his hiring process.Additionally, the case also involves Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, with the investigation scope expanding from simple recruitment issues to potential power rent-seeking and interest transfer. Investigators pointed out that while serving as a member of the South Korean National Assembly's Administrative Committee, Kim Byung-gi had repeatedly questioned Dunamu during meetings, raising suspicions about whether he was trying to benefit the company where his son worked.It is understood that the police had previously questioned executives from multiple cryptocurrency companies and had conducted searches at Bithumb's headquarters and Bithumb Financial Tower to gather evidence. Kim Byung-gi himself is under investigation for 13 charges, including employment arrangements, bribery for nominations, and requests related to university transfers, and he stated that he believes he will ultimately be able to prove his innocence.It is worth noting that Bithumb has recently faced ongoing regulatory pressure. In March of this year, South Korea's financial regulatory agency imposed a fine of approximately $24.5 million on Bithumb for KYC and anti-money laundering (AML) violations and issued a six-month partial business suspension order. However, a South Korean court temporarily suspended the enforcement of the penalty at the end of April, and the relevant legal procedures are still ongoing.

In response to The Information's report that "Polymarket plans to require users to complete KYC due to compliance pressure," Polymarket's Vice President of Engineering, Josh Stevens, stated that the report is not true.Josh Stevens indicated that Polymarket is currently testing a new beta product that only requires some trial users to complete KYC verification during the testing period; the existing Polymarket website has not added any KYC requirements.He further stated that after the testing of this product ends, users will no longer need KYC to use it.

According to a report by The Information, the prediction market Polymarket is facing increased regulatory and compliance pressure, and the platform is pushing traders to undergo identity verification (KYC) to reduce potential legal and compliance risks.The report states that although Polymarket's platform rules do not allow such activities in certain regions, some users are still participating in market trading through automated trading bots and other means, creating gray usage paths in areas like Russia. Some developers are even using tools like Telegram to organize trading traffic and expand the user base. As the platform grows and regulatory scrutiny increases, Polymarket is being forced to seek a balance between decentralized prediction markets and compliance requirements to address potential sanctions and legal risks.

According to Decrypt, MoonPay has launched a dedicated app within the ChatGPT application, allowing users to purchase cryptocurrencies such as Bitcoin, XRP, Solana, and USDC directly within the OpenAI chatbot. Users can ask ChatGPT for cryptocurrency information and then request to purchase a specified amount, after which ChatGPT will generate a MoonPay checkout link. Users must complete the standard KYC process and connect their wallets.MoonPay's blockchain engineer stated that ChatGPT is becoming an entry point for financial research, and the cryptocurrency purchasing feature has been previously missing. This app is part of MoonPay's expansion into AI-driven cryptocurrency tools. Earlier this month, MoonPay also acquired the AI trading startup Dawn Labs and launched the trading assistant Dawn CLI. Arifin mentioned that chatbots like ChatGPT are becoming the new entry points to the internet.

Caixin reported that a private banking client was sentenced to immediate imprisonment for 6 months and fined HKD 500,000 for deliberately providing false information in CRS declarations, becoming the first case in Hong Kong to be criminally convicted for violating CRS rules.CRS 2 is a revision of the OECD's Common Reporting Standard and the term for the Crypto-Asset Reporting Framework (CARF), which will take effect on January 1, 2026. On March 27, 2026, the Hong Kong government published the "2026 Taxation (Amendment) (Automatic Exchange of Financial Account Information) Bill" in the gazette, which was submitted for its first reading in the Legislative Council on April 1 and is expected to be implemented starting January 1, 2027, marking Hong Kong's entry into the fast track for local legislation of CRS 2.CRS 2 explicitly includes cryptocurrencies in the mandatory reporting scope, along with stablecoins, crypto derivatives, certain NFTs, central bank digital currencies, and specific electronic money products. Crypto trading platforms, custodians, and related funds are required to fulfill KYC obligations and report information to tax authorities, systematically blocking the pathways for concealing wealth through crypto assets.