Ripple Trade wallet users to supply ID proof

In an e-mail, Ripple Trade has notified its clients that the wallet users will be required to supply identifiable information later this year.

Ripple Trade facilitates the trading of fiat currencies, cryptocurrencies and gold without the need for a broker or an intermediary. It also claims that it is the most direct and economical venue to obtain Ripple's XRP currency. No trading fee is charged.

The company said it will be "establishing additional account creation procedures in support of a compliant Ripple network", which will consist of the collection of "additional identifiable information". The notice said, "An ecosystem that supports regulatory compliance builds confidence and encourages new participants to use Ripple and contribute volume to the network."