bitcoin exchange, cryptocurrency exchange, cryptocurrency aml

New AML Guidelines and Their Impact on Crypto Exchanges

Disclaimer: This is a guest post by Andrey

Each day the demand for regulations in the crypto ecosystem is increasing, more and more countries are getting closer to lay out initial framework for cryptocurrency exchanges and AML guidelines.  Notably, a number of initial movers in the sector are raking in billions of dollars in cryptocurrency wealth. Majority of them are trying to be on the positive side of the regulators. Nonetheless, a number of crypto firms have dodged regulators by moving their business to less strict and business friendly locations.

As compared to traditional stock markets, the cryptocurrency and digital asset market is diminutive and unripe. Nevertheless, the cyber criminals trying to steal crypto from the available exchanges and associated platforms are among the most refined cyber thieves across the globe.

Crypto Asset and Digital Currency Exchange

Crypto asset or virtual currency exchanges are analogous to stock exchanges in the cryptosphere. In a cryptocurrency exchange platform, sellers and buyers are offered a platform to trade dissimilar virtual currencies. Some crypto exchanges like Binance and Okex offer cryptocurrency-to-cryptocurrency trades while others like Coinbase offer conservative fiat-to-cryptocurrency transactions.

One such exchange is Bitfoliex. It has got a number of features associated with it. Firstly, it is a multi-signature wallet. Secondly, it offers an integrated platform to easily exchange cryptocurrency. Thirdly, it automatically manages the cryptocurrency portfolio. The project began in October last year and have been gradually mounting. As per the marketing team, they have a number of new projects and additions to the crypto platform planned for next year.

Peer to Peer Cryptocurrency Exchange

Interestingly, the capacity for anonymous value transfer draws criminals to cryptocurrencies and digital asset. Generally, in majority of the digital asset systems, users are identified publicly but only by a sequence of arbitrary letters and numbers. In this scenario, criminals can use a number of strategies, which includes using multiple addresses and cryptocurrency exchanges to cover their tracks as they move stolen cryptocurrencies and virtual assets around.

Image by Gerd Altmann from Pixabay

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