Europol has met with the operators of crypto-exchanges, in order to discuss about the instruments against the abuse of crypto-currencies for illegal purposes.
In the herd of the crypto-trailer, the black sheep can be found, is sufficiently known to the police. The European enforcement Agency Europol has met with 16 operators of crypto exchanges, suppliers of Wallets, and financial service providers in the crypto industry.
The Meeting took place last week in the headquarters of Europol in The Hague. In the Brainstorming it was mainly a question of how you can identify the authors of suspicious transactions. In addition to opportunities, mechanisms to undermine the origin of crypto funds cannot be veiled. Furthermore, the participants discussed the establishment of a centralised system, the Wallets are marked, associated with Criminals. This would then no longer be able to trade crypto-currencies into Fiat money.
Such a System would contradict, of course, one of the core aspects of crypto-currencies, namely the decentralization.
Crypto exchanges are already acting pro-actively
Many of the larger Exchanges have for a Long time to update their security measures. This, too, will come any trouble with regulators before. More and more stock exchanges undertake the Know-Your-Customer rules.
Who wants to trade, say, in the case of the American Exchange, Coinbase, has to identify before. The cryptographic stock exchange demands of new customers, photo identification, telephone number, and additional information about the Person. US citizens must also provide their social security number.
In the case of the Kraken verification is a staggered process, and depends on how you want to use his Account. During the registration, an E-Mail address is sufficient, can use only KYC compliant customers of the exchange to the full extent.
The world’s largest crypto-Exchange Binance holds the reins a little looser, but even there, users must identify with their ID – however, only if you wish to withdraw per day, more than two BTC.
Completely self-indulgent it is, however, in the case of LocalMonero. The Exchange was founded in response to the introduction of the KYC guidelines at local bitcoins and demands of its users, consequently, no Form of identification. That should not change in the future, at least when it comes to “Alex”, the co-founder of the stock exchange.
It remains to be seen whether or what are the concrete consequences of the Exchanges are pulling out of the Meeting with Interpol.