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Why does bibull charge real-name authentication fee (why implement real-name system)

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Why does bibull charge real-name authentication fee? Recently, Bibull announced

Why does bibull charge real-name authentication fee (why implement real-name system)

Why does bibull charge real-name authentication fee? Recently, Bibull announced that it will implement a real-name authentication fee system starting from June 2018. According to official information, companies and individuals are required by the “Notice on the Implementation of Digital Currency Related Businesses” to not provide services to companies without appropriate qualifications or licenses. Only enterprises that have obtained permission or qualification to conduct digital currency transactions can engage in such activities domestically.

In order to comply with regulations and ensure the safety of user assets, BiBull has decided to collect a certain proportion of real-name authentication fees from all customers using its services (up to $1 per person).

Why implement the real-name system

The emergence of blockchain real-name system has brought new challenges to the financial industry.

In our country’s legal system, both businesses and organizations must undergo identity authentication (DID) and use blockchain technology to achieve this goal.

However, if we want to use this “ID card,” we need to have a bank account or Alipay, and then we can link the company with the bank card. This can prevent customers from worrying about their phone numbers being attacked by hackers and ensure the security of your funds without having to verify your own digital currency transaction records, while also not disclosing personal information. (Chain Dedu)

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