Monero (XMR) News: Privacy Coin Usage Reportedly Impairs Crypto Tracing

Monero is in the news after the subject of privacy-oriented coins was addressed just recently.

According to the latest reports coming from the online publication AMBCrypto, Compliance and Enforcement Officer of the U.S. Department of Treasury – FinCEN, Kevin O’Connor, spoke at a panel discussion organized by the Chamber of Digital Commerce regarding crypto-regulations and legislations.

He made sure to note the fact that there is a misconception in the space when talking about public and private partnerships.

He said that there are tens of thousands of suspicious activities that have been filed, and the exchanges themselves have filed more than 50%.

Monero and crypto tracing

He said that anonymity-enhanced digital assets are impairing the tracing in the crypto space, and he cited how FinCEN fined BTC-e $110 million dollars for not having appropriate money-laundering controls in place to offer anonymity-enhanced features.

“Our message to exchanges that offer these kinds of cryptocurrencies is that you have to have controls in place to mitigate the risks associated with these anonymity enhanced features,” he said.

He continued and explained that “Exchanges that offer Monero can’t answer the question of who is the person on the other end of that Monero transaction. That’s a significant problem. If you can’t answer the question, you can’t tell me that person is not Kim Jong-un or a North Korean actor.”

Monero has been gaining increased interest

On the other hand, it’s been reported before as well that Monero is continuing to gain more and more interest from crypto enthusiasts who see in it a viable option for investing their money.

Privacy became a really debated and treasured subject in the crypto space.

Regarding XMR’s price, a few days ago, the coin was showing an uptrend, but after the fall of BTC from yesterday, XMR is now trading in the red as the coin is priced at $52.24 at the moment of writing this article.


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CoinMarketCap

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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