Huobi, one of the world’s largest cryptocurrency exchanges, has received a low rating in a recent industry evaluation of compliance practices. The evaluation, conducted by VAF Compliance, assessed the AML (anti-money laundering) and KYT (know your transaction) procedures of various exchanges, and Huobi received a score of only 50 out of 100.
It is important to note that compliance is a crucial aspect of the cryptocurrency industry, as it helps to prevent fraud, money laundering, and other illegal activities. Exchanges that do not have strong compliance measures in place can be a risk to their users, as well as to the wider financial system.
Huobi’s low score is particularly concerning, as the exchange has previously been involved in compliance issues. In 2019, Huobi was accused of facilitating money laundering by allowing users to transfer funds through anonymous accounts. The exchange has also faced allegations of violating US sanctions, which has led to it being delisted from some US-based platforms.
Huobi has stated that it is committed to improving its compliance practices, and has implemented new measures to prevent money laundering and other illegal activities. However, the recent evaluation suggests that there is still much work to be done.
In conclusion, the low rating received by Huobi in the latest industry evaluation of compliance practices is a cause for concern. It highlights the importance of strong compliance measures in the cryptocurrency industry, and the need for exchanges to take their responsibilities seriously. As the industry continues to grow and evolve, it is essential that exchanges work to improve their compliance practices, in order to protect their users and the wider financial system. As the industry continues to evolve, it is essential that exchanges take their responsibilities seriously and work to improve their compliance measures.
If you’re interested in learning more about the recent evaluation of Huobi’s compliance practices, you can read the full article on Unlock Blockchain.