NoOnes Goes Against the Grain, Adds Privacy Coins to Its Platform as FATF Targets Privacy Coins

The balance between privacy and regulatory compliance in the digital asset space is increasingly risky as authorities crack down on illicit crypto activity.

Major crypto exchange NoOnes has added privacy coin Monero to its platform, bucking the trend of exchange delistings and regulatory pressure against such coins.

In a recent tweet, NoOnes founder Ray Youssef announced the addition of Monero to the exchange's spot asset offerings. He also invited suggestions from followers for other privacy coins to be added.

All privacy coins are coming to noOnes spot!$XMR and what else ?

"@MoneroMavrick @MoneroTalk"

The move comes amid heightened regulatory scrutiny of privacy coins, with authorities flagging their potential role in facilitating illicit crypto activity.

In a 2020 report, the Financial Action Task Force (FATF) highlighted the use of privacy coins in money laundering schemes linked to drug trafficking, fraud, tax evasion, and human trafficking.

The report also identified P2P platforms, privacy coins, and mixers as common indicators of illicit behavior in cryptocurrency transactions.

To mitigate these risks, the FATF proposed appropriate licensing and registration requirements, as well as enforcement of KYC/AML compliance measures, to enhance oversight and traceability of crypto transactions.

In response to the report, several crypto exchanges have taken steps to distance themselves from privacy coins, leading to delistings on major platforms.

Recently, OKX and Binance have delisted privacy coins, including Monero, Zcash, and Dash. While OKX cited non-compliance with its listing criteria, Binance attributed the move to the evolving industry landscape.

Other P2P platforms, such as LocalBitcoins and LocalMonero, have also recently shut down without providing clear reasons for their closure.

These trends indicate a growing hostility from regulators towards privacy-focused crypto services, contrasting with NoOnes' decision to integrate privacy coins into its platform.

DailyCoin は、規制上の監視に関する同社のスタンスについてコメントを求めて NoOnes に連絡を取りましたが、記事公開時点ではまだ返答を受け取っていません。

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