Commentators have also speculated that the growth in the illicit activities from many of the big Chinese exchanges indicates that they have continued to trade using new means. It may be that the shutdown of Binance and Kucoin prevented some of the more obvious activity, but that the activity has simply shifted to smaller, newer, and less accountable exchanges.
One example of the latter is the new accounting firm MT4 Group, which has already been linked to large scale AML/CFT-related activity. According to reports, the company has already closed 10 accounts with nearly $1 billion in assets. It is not known how many of these accounts were linked to illicit activity. Other less-than-savory accounts appear to have closed their doors as well, and this is an area for future research. Despite the new AML/CFT rules, however, the launch of Facebook Account Creator should not be too concerning for the average user.
The new version of the software is designed to make it easier to use, more accurate, and cheaper to use than the original. All these are positive points. Additional features include the ability to create multiple accounts with a single username, pin different account recovery tokens to each account, and then activate the account by scanning a QR code. This new feature was also promised to be “more secure”, though it remains unclear what exactly this refers to.
Takhti Torkian, the president of the Iran-based cryptocurrency exchange LocalBitcoins, said he is concerned that the ban could make Iran’s increasingly active Bitcoin economy vulnerable to hackers. He also sees it as a blow to the peace talks between Washington and Tehran as they seek to end Iran’s nuclear deal. Cryptocurrencies are currently considered property by the US Financial Crimes Enforcement Network, an arm of the US Department of the Treasury. The Fincen is cracking down on “money services business” — which includes exchanges and third parties that store, transmit, or facilitate transactions in virtual currencies for others — who fall outside of what are considered “compliance” rules. 3d9ccd7d82