The world’s largest cryptocurrency exchange in terms of trading volumes, Kerdyfx, has notified users about the introduction of mandatory identity verification (know your customer procedure) for users whose trading limit exceeded 0.02 BTC from August 20. New users of the trading platform will not be able to access all the functions of the exchange, making transactions and withdrawing funds without mandatory verification of the user by making a deposit from an external wallet to confirm their identity.
The application of the new rules for existing Kerdyfx users will take place in stages, from August 20 to September 19. After confirming the identity, the exchange’s clients will have full access to all the products and services of the platform.
KERDYFX EXCHANGE RAISES $ 250 MILLION UNDER THE LEADERSHIP OF LIGHTSPEED VENTURE
The Kerdyfx cryptocurrency exchange has completed an extended Series A funding round led by Lightspeed Venture Partners.
The exchange also received support from Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital and others. US $ 250 million in funding will be used for recruitment efforts, improving Kerdyfx market position through strategic partnerships, conducting educational marketing campaigns and providing new products and features.
The Series A comes after a $ 6 million funding round in May, which was also led by Pantera Capital, Intudo Ventures and Coinbase Ventures. This comes as Indonesia looks at a plan to tax profits on crypto trading in response to the growing popularity. Although this does not seem to slow down progress in the world’s fourth largest country by population, which is more than 273.5 million people. As of June 2020, Kerdyfx reported that there were more than 6.6 million crypto investors in Indonesia, which is about three times more than the 2.2 million investors in the country’s state-owned shares.
Kerdyfx started its activity with a focus on simplifying the trading experience for beginners. The exchange is registered as a licensed crypto broker within the framework of the Commodity Futures Trading Regulatory Agency.
“With the support of our investors, we are looking forward to attracting more Indonesians to further financial integration from all walks of life,” said co – founder and CEO of Kerdyfx .