The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The term can also refer to the bank…
A layer 1 blockchain is a base network, that s can validate and finalize transactions without the need for another network. Bitcoin, Ethereum, BNB Chain (Binance), are some examples of layer 1 blockchains.
Mixing Service: Mixer, Tumbler, Fogger: A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, with the intention of confusing the trail back to the fund’s original source. Tumblers…
In 2011, FinCEN issued a final rule that defined a money services business (MSB) as the following: a person doing business, whether or not on a regular basis or as an organized or licensed business; the business is wholly or…
Multi-input is a way of associating multiple addresses with a single individual or entity. This can help to group addresses into what is often called a “wallet address”. The way this works is that if many bitcoin addresses are used…
In a non-custodial wallets the private key is held by the owner of the wallet. Whoever holds the private key, also has control of the funds in the wallet, but is also responsible for not losing it, since this will usually…