Category Archives: crypto exchanges

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FATF to Enforce Time Restriction on Exchanges’ Customer Information

FATF To Enforce Time Restriction on Exchanges' Customer Information

The Financial Action Task Force (FATF), who met last week for another round of talks to decide on new AML steps, is to bring in a time restriction for crypto exchanges on data sharing.

The FATF has set a time limit of 12 months during which time exchanges must share user and sender information with “beneficiary institutions”.

The new data sharing guidelines, which are not actually set in law as yet, have further angered those in the industry who already feel that the rights and anonymity of both crypto senders and recipients are being eradicated by over-regulation. crypto exchanges Countries that do not comply with the FATF’s latest rules could face being blacklisted. Exchanges under the ATM guidelines must now:

“… obtain and hold required and accurate originator [sender] information and required beneficiary [recipient] information and submit the information to beneficiary institutions … if any. Further, countries should ensure that beneficiary institutions … obtain and hold required (not necessarily accurate) originator information and required and accurate beneficiary information …”

As one London-based digital finance group explained in a letter to the FATF most codes sent along with transactions already contains much of the information that the new rules require despite the fact that cryptocurrency transactions were originally intended to carry a high degree of anonymity for all participants.

This was pointed out to FATF by another company Chainalysis earlier this year who commented that “Virtual Assets are designed to provide a way to move value without the need to identify the participants in a transaction”. The fear is now that this requirement may drive some exchanges and wallet provider to the wall if it is enforced, a point clearly of little concern to U.S. Secretary of the Treasury Steven Mnuchin who commented:

“By adopting the standards and guidelines agreed to this week, the FATF will make sure that virtual asset service providers do not operate in the dark shadows.”

 

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Centralized Crypto Exchanges Experienced Major Trading Volume Uptick Last Month

Centralized Crypto Exchanges Experienced Major Trading Volume Uptick Last Month

Centralized exchanges experienced a significant increase in trading volume during April 2019, according to the monthly exchange review from cryptocurrency data analytics company CryptoCompare.

The April 2019 Exchange Review found that decentralized exchanges claimed just 0.068% of global spot exchange volumes, with an aggregate monthly total of USD 17 million.

Monthly volumes on fiat to cryptocurrency exchange platforms reportedly increased overall by 85%. South Korean exchange Bithumb held its title as the top exchange by trading volume during April, disclosing a total of USD 17 billion throughout April.

Upbit and Bitfinex held second and third place, Upbit enjoying a 20% increase to hit a trading volume of $8.7 billion, while Bitfinex took a significant bump up 114% to reach a volume of 6.7 billion.

On crypto-to-crypto exchanges, the average volume increase was 57%, led by Chinese platform FCoin with the highest monthly volume of USD 37.1 billion.

Cryptocurrency-based derivatives, alongside other institutional products, have also been on the rise; US financial market company CME noted a 263% increase in the average trading volume of Bitcoin derivatives, CME dominating this particular market. CME also enjoyed a rise in Bitcoin futures volumes from USD 70.5 million to USD 256 million.

Despite a decision to soon cease listing Bitcoin futures products, CBOE’s futures volume increased 109% during April, hitting USD 9.9 million.

 

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