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Seychelles, Longtime Home of BitMEX, Is Bending to US Pressure on KYC Dec 17, 2020 Coconut drink, Port Victoria, Seychelles (EyesWideOpen/Getty Images) The Takeaway: Out of a list of 26 crypto exchanges domiciled in the Republic of Seychelles, approximately half have poor know-your-customer (KYC) procedures, according to blockchain tracking firm CipherTrace. Analysis of certain Seychelles-based exchanges reveals the proportion of funds flowing to and from “high risk” sources and dark marketplaces. In an interview with CoinDesk, the Seychelles Financial Services Authority acknowledged that the U.S. crackdown on crypto derivatives exchange BitMEX in October was a “blowup” for the island. A former FinCEN compliance and enforcement director expects more actions from authorities investigating the Seychelles jurisdiction. ....