It is not known at what scale of money laundering is present in the market in the cryptovaluta, but the industry is taking pro-active steps to meet the current and new rules and requirements.
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Binance witwasproof?
Now, Binance, the largest of the altcoinbeurs in the world, with up to 1200 cryptovaluta and tokens are on sale from the us.
The stock market is going to work with the growing company Coinfirm in order to make their trading witwasproof to do.
The press release talks about the integration of the AML framework of the Coinfirm’. It is – in short – it boils down to:
each of the asset at the Binance a ‘risk’ is going to fall
the identity of each of the transmitter and the receiver of the cryptovaluta is known to be
that is a suspicious transaction, there will be a screening to start, what is the source of fiat money?
there is a mandatory prevention programs for anti-money laundering and protect against fraud.
FATF-guidance
The aim of the fair is to meet the requirements of the international body Financial Action Task Force (FATF).
More and more governments adopt these guidelines, with the result that the exchanges are established in these countries, the guidelines are going to be integrated. The goal is to identify money launderers and terrorists.
The cryptosector, it is considered to be one of the risk sectors. The various exchanges are taking the service of a Coinform on Coingecko and Ripple.
Waterbedeffect
On the market, we can say that the ‘FATF’ effect, because some of the exchanges have already acted, for example, in the United Kingdom, and South Korea. Coinbase UK, has decided to use Zcash (ZEC) in the delisten’.
Also, privacycoins, such as Monero, Zcash, and the Dash has been removed from more OKEx.
According to Jeff Horozitz of Coinbase, predicts that the hard-line of the FATF, will have the opposite effect.
“I understand a lot of what FATF is working on. However, the introduction of bankregulatie in the industry, it drives people to the peer-to-peer commerce, and this is where the control is a lot less than for exchanges’.
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