CryptoBridge, a gateway to the BitShares decentralized trading platform, today announced that in the face of the 5th EU Anti-Money Laundering Directive (AMLD5), it will need to adjust its gateway services to pave the way for CryptoBridge moving forward.
Consequently, starting this month, all existing and new users are required to submit user verification before continuing to use deposits and withdrawals. This is being done also to protect customers and CryptoBridge from being held responsible for any illegal intentions or money laundering activities.
CryptoBridge will not have access to any user information other than UUID associated with successfully completed identity verification. Personal information is not shared unless there is a court order mandating to release it.
The AMLD5 not only creates a legal status for crypto assets, but it also enables them to become viable and legitimate financial networks. It also facilitates the listing of security tokens on CryptoBridge.
“Since CryptoBridge entered the market, we are on a mission: Thinking decentral. Both in a technical and in a jurisdictional sense. We are working closely with our partner Fractal who stores all user-submitted data with General Data Protection Regulation (GDPR) compliance measures in a European data storage facility. GDPR holds personal data privacy to a significantly higher standard than any previous national or international legislation and sets the bar very high for the handling of private data. We are looking forward to releasing an even more efficient and faster identity verification process in the upcoming weeks.”
– The CryptoBridge Team