The 5AMLD rule is causing some troubles to crypto firms that operate in Europe, and make them re-adapt outside the continent finding places where the policies are more friendly to their business and customers.
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This time, the victim is the crypto derivatives firm Kyberswap Exchange, that is moving from Malta to the British Virgin Islands (BVI's) to continue their business and protect their clients.
The 5AMLD policy demand an exhaustive KYC from the crypto firms that Operate in Europe, that include suspicious activity in the customers accounts.
The guidelines also goes more further, requiring that the crypto firms, have personal staff with knowledge in Anti-Money-Laundering (AML) that, will be responsable to track and follow all the users account making sure all is working accordingly to the rules.
Not mentioning, the customers crypto wallet will be also verified even the source of funds... Too much to the crypro firms to assimilate , and fearing that customers can run or find exchanges outside the Europe zone that have less rules and also customers friendly, the KyberSwap is now out to BVI's.
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KyberSwap is one of an extended list that moved or closed doors due to 5AMLD Policy like Deribit, that leaves the Netherlands to Panama to continue operations, others like, crypto payments Firm BootlePay, Mining pool Simplecoin and the Gaming platform dedicated to Bitcoin Chopcoin closed the doors.
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