A note about KYC

We are pleased to report that there has been a sharp increase in the number of people applying for, and getting approved by our new KYC procedures. We want to take this opportunity to thank everyone for following our guidelines, and we appreciate the feedback that you have given us. We have received feedback that successful applications took less than two days, from start to finish.

When it comes to KYC, the community has been vocal in their feedback. While we understand many of the community’s difficulties, please allow us to explain.

Our old KYC procedures were adequate for their purposes at the time when they were implemented. As governments around the world- not just Singapore- become more and more aware of cryptocurrencies, new and stricter regulations were put in place to safeguard the public.

We made the choice to embrace regulations instead of going the other route, which was to shift our operations to looser, more unregulated jurisdictions.

“Which was why we had to introduce our new KYC procedures.”

We made the choice to be compliant with the authorities because we want to make sure that you are protected under these regulations when you use our platform.

Here’s a quote from a recent Bloomberg article :

The benefits of regulation are clear. An appropriate framework would serve to both protect consumers, and ensure the longevity and legitimacy of the industry itself,” Gandham said. Potential rules “would need to focus on those crypto organizations that interact with consumers — the ‘on-’ and ‘off-’ ramps between fiat and cryptocurrencies. You can look at Japan to see how this might work.

We invite you to read up on the full article :

“How would KYC protect you, as a user of COSS? “

It would prevent the exchange from being used, intentional or otherwise, by criminal elements for money laundering activities. A scenario where COSS gets shut down by authorities because of suspected money laundering activities is not a scenario that anyone wants.

By getting everyone onto the new KYC procedures, you will be able to trade with greater peace of mind.