FATF’s proposed travel rule could force unprecedented collaboration among exchanges

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Crypto exchanges are fighting back against a rule change being proposed by European regulators that could overhaul the way they conduct business and force them to work together in an unprecedented way.

The so-called Financial Action Task Force (FATF) put forth a preliminary version of its coming guidance earlier this year which would require exchanges to come together and create common standards on exchanging customer information with regulators and other firms. It’s a move regulators hope will curb financing of terrorism and money laundering, but many executives in the crypto market, including ones at Circle and Coinbase, told The Block such a move could be redundant and cumbersome because of a lack of international protocol and regulators’ misunderstanding of blockchain’s potential.

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