Exchanges Will Share Your ID, TX and Wallet Info
by Marvin Dumont
Like privacy? Bureaucrats hate it.
Over the next 12 months, cryptocurrency exchanges located in G20 countries and beyond will share your financial info. That includes sensitive data such as identity, location, and wallet info — exchanges will collect and share these with other exchanges.
The Financial Action Task Force (FATF), an intergovernmental organization that fights money laundering and terrorist financing, passed the “travel rule” in June 2019.
Many observers would argue this is not really about anti-money laundering (AML) or terrorism. This is about freedom, privacy, and innovation.
The travel rule requires virtual asset service providers (VASPs) — digital exchanges:
- to collect info about senders and receivers of cryptos
- share these with other exchanges
- collect and share originator name and account number (wallet info)
- identify geographic location
- collect and share beneficiary name and account number (wallet info)
Also, personal wallets being used as a business may be subject to licensing requirements.
FATF has 37 member countries. Most are expected to follow the new guidelines.
As George Washington wrote:
Government is not reason, it is not eloquence— it is force! Like fire, it is a dangerous servant, and a fearful master; never for a moment should it be left to irresponsible action.
Apollonauts enjoy these benefits:
- Privacy and anonymity
- An appreciating currency-asset (instead of devaluing fiat)
- Fast transactions
- Low transaction cost
- Blockchain settlement
- Coin mixing
- Decentralized exchange
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in an unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. The privacy platform lets “Apollonauts” transact and send data anonymously via Encrypted Messaging, Private Ledger, Decentralized Exchange, IP Masking 2.0 and Coin Mixing.
Learn more at www.apollocurrency.com