SBI VC Trade adds CoolBitX solution for KYC compliance

Posted 09 August, 2019

Japan-based cryptocurrency trading platform VC Trade (part of SBI Holdings) has reportedly introduced a new customer verification system striving to comply with the international standards specified by FATF guidelines.

It was reported that the exchange will integrate the tool called Sygna. The solution will be provided by CoolBitX. For reference, VC Trade uses customized wallet CoolXWallet developed by CoolBitX. With this wallet withdrawals are possible only after successful passing of multi-level identification.

As the developer commented, the technology will be responsible for KYC procedure on the platform aimed at all owners of the wallet.

Besides, the company management expects that this technology will attract other cryptocurrency exchanges since they will have to follow FATF requirements anyway,

The edition of the guidelines for the cryptocurrency industry in June. FATF stated that crypto platforms and other providers of crypto services must comply with AML and CFT policies the same as traditional financial companies.

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