The cryptocurrency space moves rapidly, so much so that every year, there’s a new trend: from initial coin offerings (ICOs) to nonfungible tokens (NFTs) only a few years have passed. With such incredible innovation, regulators and crypto companies face an increasing challenge in balancing security with the development of new features and products.

Some companies’ approach is to move fast and adopt new innovations as they become available, leaving security processes such as Know Your Customer (KYC) and Anti-Money Laundering (AML) checks as a secondary objective. The popular cryptocurrency exchange Binance used this approach until the year that regulators began to crack down.