The CEO of CipherTrace, a cryptocurrency transaction tracking company, believes the FATF recommendations will force criminals to use anonymous cryptocurrencies more actively.
During a meeting held by the Digital Commerce Chamber, David Jevans said that according to the recommendations of the Financial Action Task Force on Money Laundering (FATF), cryptocurrency companies and exchanges are required to collect data on users of digital assets.
If bitcoin and ether are the most popular among criminals now, then the FATF recommendations will force them to more actively use anonymous cryptocurrencies in order to hide traces of their activities. Deanonymizing the cryptocurrency community can be a joke for the entire industry and turn bitcoin and other major cryptocurrencies into a kind of bank, Jevans warned.
“The more we deanonymize the industry, the more it resembles banking services. I think that an unexpected consequence of these recommendations will be an increase in the use of anonymous coins, ”said CipherTrace CEO.
In August, CipherTrace reported that in 2019, scammers were able to steal more than $ 4.3 billion from users and cryptocurrency companies.