IDEX To Enforce Regional Regulations In New Plan
The exchange now wants to implement friendly regional regulations.
IDEX To Enhance KYC/AML Laws
The IDEX exchange platform revealed that it will soon add regional regulations and KYC laws to its platforms . The new regulations will be in line with those enforced by a majority of trading platforms.
The changes were revealed by Aurora Labs S.A which operates IDEX. According to the Panamanian firm, the increasing regulations from relevant bodies makes it impossible for IDEX to conduct business without strengthening restrictions. The firm stated that its focus will be on strengthening KYC and anti-money laundering regulations. In a statement released on Thursday, Aurora pointed out that the new regulations will be rolled out in a more sympathetic manner.
The news comes just a week after the firm revealed that users from New York will not be allowed to trade on its platform. Already, the firm has barred clients from North Korea. In the latest plan, Aurora will ban users from some parts of America and the Middle East.
The exchange will use IP addresses to block users from the affected regions. However, tricky users can beat the system using a VPN. To tackle the VPN fear, the firm will take the same course as major exchanges like Coinbase and Binance where new users will be subjected to ID verification at the registration point. Earlier the decentralized exchange did not permit users to register before trading.
Data from the past day shows that IDEX is ranked among the top 100 cryptocurrency exchanges in terms of trading volume. The platform has a current trading volume of approximately $2.1 Million. According to DappRadar, IDEX is the most common dApp. It has about 1,600 active clients on a daily basis.
According to Aurora boss Alex Wearn, the issue of controlling the exchange is not a constant option. He pointed out that we have a spectrum between the two models. Wearn concluded that it, therefore, becomes hard to provide services that are friendly to the user in the long run.
IDEX plans to outperform other exchanges by ensuring that the user has the full charge of assets while using its trading service. Wearn added that even though the user has all the powers, Aurora labs is the responsible party for anything that happens on the exchange.