CEX.IO, which is a digital currency exchange in the United Kingdom, is reportedly now requiring its users to properly identify themselves. CEX.IO began operations in 2013 as a provider of cloud mining. At the moment, the London-based exchange offers trading in 8 top cryptocurrencies as well as 4 traditional fiat currencies. Though its trading volume is currently small, at least relatively. Less than $5 million is traded there on a daily basis. The United Kingdom right now is in the arduous process of leaving the European Union, which is commonly referred to as "Brexit." But CEX.IO operates throughout the Union and must comply with prevalent regulations, such as the Union's Fifth Anti-Money Laundering Directive. This directive came into effect this past July, and members of the Union have until January of 2020 to implement it in their laws. CEX.IO is further a registered member of the Financial Crimes Enforcement Network. This U.S.-based network, which is under the supervision of the country's Department of the Treasury, requires the exchange to do business in accordance with U.S. law. Serhii Mokhniev, who is the Regulatory Affairs Counsel of CEX.IO, commented on the new rules that require customers to identify themselves. He said that the exchange has always recognized the importance of working with digital currencies within prevalent statutory frameworks. He further said that requiring identification of customers who make transactions in fiat currencies was implemented by the exchange even before the European Union adopted the Fifth Anti-Money Laundering Directive. In December of last year, the European Union and the United Kingdom jointly indicated that they were going to crack down on tax evasion and money laundering activities that were being enabled by cryptocurrencies. The focus of these new regulations is to limit anonymity in digital currency trading. This past October, Stephen Barclay — who is the U.K. Economic Secretary to the Treasury — stated that his government is in the process of negotiating changes to the Fifth Anti-Money Laundering Directive. These changes will regulate cryptocurrency exchanges and custodial wallet providers so that government authorities can ascertain that they are complying with anti-money laundering and anti-terrorist funding laws.