Experts from Chainalysis explained the FATF recommendations and emphasized their significance for crypto exchanges

Analysts from Chainalysis explained that cryptocurrency platforms are increasingly facing the need to comply with strict rules proposed by the International Financial Action Task Force (FATF). This organization forms standards to prevent financial crimes such as money laundering and the financing of banned groups. These rules are then enforced at the national level.

Compliance with such conditions by exchanges starts with compliance with KYC (“Know Your Customer”) policies. This means collecting and verifying user data to prevent sanctions violations, dealing with prohibited jurisdictions, and investigating suspicious activity. These measures increase the transparency of transactions and reduce fraud risks.

Transaction monitoring is also considered an important element. Trading platforms are required to monitor suspicious activity in order to identify potential money laundering or financing of criminal activity. Regular analysis of the data allows for timely identification of anomalies and timely action to be taken.

When risks are detected, platforms must proactively respond, including engaging with customers, updating customer information and reporting suspicious activity to law enforcement authorities. This is in line with the requirements of national laws in the area of countering financial crime.

Compliance with FATF recommendations is becoming a mandatory element of work for centralized crypto exchanges (CEX). This allows venues to not only avoid fines and sanctions, but also build customer trust by creating a safer ecosystem. In an era of increasing regulation of digital currencies, FATF plays a key role in shaping global standards.

Autore: Saifedean Ammous, esperto di economia delle criptovalute.

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