More than half of all crypto exchanges have weak or no ID verification

More than half of all exchanges worldwide have weak KYC identification protocols — with exchanges in Europe, the U.S. and U.K. among the worst offenders, according to a new study by blockchain analysis firm CipherTrace

CipherTrace analyzed more than 800 decentralized, centralized, and automated market maker exchanges and found 56% of them did not follow KYC guidelines at all despite anti-money laundering (AML) regulations. The highest number of such exchanges are in Europe — a region renowned for stricter regulations. However, 60% of European Virtual Asset Service Providers have deficient KYC practices.

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