BREAKING: US crypto users hoping to transfer their holdings from an exchange to their own self-hosted wallets may need to comply with new KYC requirements as the Treasury Department proposed a new rule on Friday.

BREAKING: US crypto users hoping to transfer their holdings from an exchange to their own self-hosted wallets may need to comply with new KYC requirements as the Treasury Department proposed a new rule on Friday. In other words, users of centralized cryptocurrency exchanges who want to move their holdings onto their own private wallet, or to someone else’s, would have to provide detailed personal information for transactions greater than $3,000, and exchanges would be required to report either individual or groups of transactions that add up to more than $10,000 to the Financial Crimes Enforcement Network (FinCEN). by DISCLOSURE The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.