Decisions taken by regulatory authors have usually created a make or break situation for cryptocurrency companies in the short term or the long term. In a recent letter written to the Financial Action Task Force [FATF], Chainalysis, a cryptocurrency organization touched on the KYC-AML [Know Your Customer-Anti Money Laundering] recommendations given by the regulatory body.
One of the main clauses as mentioned by Chainalysis in the report read:
“Forcing onerous investment and friction onto regulated VASPs, who are critical allies to law enforcement, could reduce their prevalence, drive activity to decentralized and peer-to-peer exchanges, and lead to further de-risking by financial institutions. Such measures would decrease the transparency that is currently available to law enforcement.”
The statement comes after the FATF stated that companies involved in the virtual assets field need to submit information regarding individual transactions whenever required by the FATF. Another rebuttal to this recommendation made by Chainalysis stated that in most circumstances, VASPs are unable to tell if a beneficiary is using a VASP or their own personal wallet in any given transaction. According to the cryptocurrency company, the above-mentioned factor is another reason why requiring transmission of information identifying the parties is not feasible.
The last time Chainalysis had grabbed headlines was when it got embroiled in the Coinbase controversy a month back. Coinbase had voluntarily or involuntarily roped in Chainalysis when Christine Sandler, Coinbase’s former Director of Institutional Sales had stated that its partners had sold user data to other parties. The comment was refuted by Chainalysis in a blog post, which said:
“We do not share any personally identifiable information about cryptocurrency users with exchanges. When we screen a transaction in KYT for an exchange customer, we add it to our list of transactions made by that service.”
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Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
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