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Tuesday, November 30, 2021

Discouraging adoption? Balancing Security And Innovation In Crypto By Cointelegraph

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The cryptocurrency space is moving rapidly, so much so that every year, there is a new trend: From initial coin offerings (ICOs) to non-fungible tokens (NFTs), it’s only been a few years. Faced with such amazing innovation, crypto companies and regulators are faced with an ever-increasing challenge: balancing security practices with new products and features.

The focus of some companies is to act fast and adopt new innovations as they become available, leaving security processes such as Know Your Customer (KYC) and Anti-Money Laundering (AML) controls as a secondary objective. Binance, the popular cryptocurrency exchange, apparently used this strategy until this year, when regulators began cracking down on it.