- Why are privacy-focused cryptocurrencies being targeted by governments?
- How can you protect your assets?
Crypto exchange Binance will cease offering privacy tokens to investors from France, Italy, Poland, and Spain after June 26. This move was adopted after considering the local legislation which provides the rules for purchasing and trading privacy coins.
In total, twelve tokens will be delisted, including Monero (XMR), Zcash (ZEC), and Dash (DASH). Binance has stated that it is committed to complying with the rules and maintaining the ability to serve as many customers as possible.
Why are privacy-focused cryptocurrencies being targeted by governments?
Privacy tokens have faced opposition from regulators around the world because of concerns that they could be used for money laundering and terrorism financing. Binance’s decision to cease offering such tokens in some European countries emphasizes the increased control of currencies aimed at protecting user privacy.
Binance is committed to complying with local legislation while governments continue to oppose privacy tokens and related tools. Earlier, another big crypto exchange Huobi had already delisted seven privacy-related currencies due to regulatory issues.
All of this results from the enforcement of AML regulations by global jurisdictions, including the Financial Action Task Force (FATF) Recommendation 16 also known as the Travel Rule. It requires financial institutions to share the information on both sender and recipient of crypto with regulators.
How can you protect your assets?
Many crypto investors value the confidentiality of crypto. It has nothing to do with laundering money, but rather with the simple need for privacy. Originally, crypto was designed specifically as a form of money that cannot be linked to a person’s identity. However, the efforts of regulators have resulted in a situation where even owning a coin with a questionable track record already classifies the investor as a criminal.
To avoid being accidentally blocked on centralized exchanges, we recommend using our ‘Complete anonymity’ mode. In this mode, you are guaranteed to receive untainted bitcoins, which come from our investors on the exchange. All distributed coins are subject to scoring.
The mixer algorithm obfuscates transactions, which allows users to successfully protect their assets against tracking services. It is resistant to all tracking technologies, including cluster analysis, quantitative analysis, and other methods.
The bitcoin mixer is one of the most reliable means of privacy protection available today.
