Why Do Cryptocurrency Exchanges Require Real-Name Verification (Unable to Log in to Cryptocurrency Exchange)

Why do cryptocurrency exchanges require real-name verification? Because these trading pairs involve the same type of virtual currency, and different types of businesses have different names and addresses.

In our country’s law, the issuance, circulation, and transfer of digital assets must strictly follow the provisions of the “Company Charter” to ensure legal and compliant operations. Therefore, real-name verification is required to guarantee this.

Why do cryptocurrency exchanges need to establish unified standards for cryptocurrency exchanges in the country? Let’s look at a specific example: Industrial and Commercial Bank of China Limited announced on October 15, 2017, that it actively cooperated with the People’s Bank of China to carry out risk prevention and control in internet finance due to national financial risks. Since then, no large institutions have participated in the operation of digital RMB payments. “Due to the lack of legal sovereignty status, digital currency cannot provide cross-border remittance services.” However, most of the international mainstream blockchain projects have not yet achieved this goal as scheduled, and can only rely on third-party intermediaries, making it difficult for related companies to obtain fund security. Therefore, some traditional industry giants are trying to upgrade their brands into products that are more suitable for their customer base.” (Securities Times)

Unable to Log in to Cryptocurrency Exchange

On some trading platforms, users may encounter problems such as inconsistent identity and system authentication failure when logging in to cryptocurrency exchanges. Due to the use of audit technology from third-party security companies, some digital currency accounts may be attacked, deactivated, or lost. Industry insiders analyze that these problems mainly manifest in: when a user logs in to a certain exchange through a mobile phone number, it may result in financial losses; if the user’s password has not been updated, asset losses may occur. For users of this type, the first problem is that their account information cannot be changed. Once they discover that their account has been hacked, they must promptly contact the relevant department for assistance. (Huaxia Times)