Mexico tightens rules on exchanges as it prepares for more comprehensive regs next spring

Banxico, Mexico's central bank, imposed new requirements on crypto exchanges this week. The rules require that exchanges obtain a permit, issued after explaining their business plans, commission structure, and how they will verify the identity of customers (akin to "know your customer" rules in the U.S.). Exchanges that did not apply for a permit in this round will now have to wait until March, when more comprehensive fintech rules are expected. In the meantime, exchanges can no longer sell crypto to accounts created the same day and are required to comply with Banxico's interim rules which were put in place to combat money laundering. (Source: Cointelegraph)