Will the WhiteBIT (BIT) Token make Money?

The WhiteBIT (BIT) Token was CoinMarketCap’s third-most trending cryptocurrency on 24 July 2023.

WhiteBIT’s popularity is interesting because this financial protocol’s business model runs counter to traditional cryptocurrency practices. To explain, WhiteBIT embraces the financial system and works with it. For example, WhiteBIT’s platform performs free Anti-Money Laundering (AML) checks.

Furthermore WhiteBIT requires Know-Your-Customer (KYC) verification to participate in its cryptocurrency exchange. Hence, WhiteBIT requires compliance with financial regulations to participate.

WhiteBIT (BIT) AML and KYC

To explain, AML refer laws, processes, and regulations designed to prevent illegally obtained money from entering the financial system. Money laundering is a slang term for disguising crime proceeds as legitimate income. AML solutions try to detect dirty money and keep it out.

Know-Your-Customer or Know-Your-Client (KYC) procedures are banking processes that investigate and verify customers’ identities. The purpose of KYC is to deter fraud, theft, and money laundering by identifying crooks before they commit crimes.