ABRA Does Not Require KYC Identification
Despite the ongoing mass adoption of Know Your Customer (KYC) and Anti Money Laundering (AML) regulations by cryptocurrency projects and exchanges, there are still some platforms that permit users without requesting for their identity. Abra, a platform that provides digital currency exchanges services as well as a digital wallet, is among the firms that do not prompt for their users’ credentials.
In a recent email to its members, the virtual currency trading platform emphasized that clients do not have to avail their personal details to transact over the platform. This is because Abra does not hold the users’ Bitcoin of fiat money. Instead, the funds are stored in the score Abra digital wallet, which is available as a smartphone app. Furthermore, the money is always under the client’s control.
The news about Abra's stance on KYC/AML rules broke out through Twitter on the timeline of Kyle Torpey, a Bitcoin enthusiast, and blogger. As expected, the tweet drew a mixed response from Kyle's followers. Proponents of this standpoint argued that anonymity is vital to ensuring that the underprivileged have access to financial services. On the other hand, the antagonists stated that lack of proper identification provides a platform for the conduction of illicit transactions, especially by terrorists and drug traffickers.
However, there are some worries that the Abra service might be short-lived. In another article posted on Forbes.com, Kyle states that the government may soon start a crackdown on cryptocurrency projects that have not embraced the KYC process. Since Abra preforms its transaction using Tether, it is highly likely to go down once regulatory agencies start the clamping down the process. The reason behind the impending crackdown, according to Kyle, is the usage of cryptocurrencies by criminals to fund unlawful causes.
Abra is a digital currency trading platform that offers support for multiple crypto assets. Recently, the platform became the first of its kind to develop an all-encompassing mobile app. Using the app, traders can access all the services offered by Abra throughout, regardless of their location.
Abra sent out an email to their users emphasizing that they "do not need to provide any form of identification to store USD and BTC on Abra." pic.twitter.com/YcMiaaOIiM
— Kyle Torpey (@kyletorpey) June 23, 2018