Just-In: CZ Responds To FATF Annual Report; Calls For More Clarity
Crypto News: The global digital asset market saw a major collapse in 2022 which pumped the expert’s scrutiny toward money laundering and other illicit financial crime. However, Changpeng Zhao (CZ), CEO of Binance has come forward in appreciating the efforts made by Financial Action Task Force (FATF).
Binance, CZ Calls For Detecting Money Laundering
In a Twitter thread, CZ mentioned the recent annual report published by FATF. He stated that Binance shares their view that strong standards are critical to the future of the digital industry. The issues like financial crime and money laundering are the issues that need more consideration.
CZ added that further technology exploration can play a key role in detecting apprehensive financial activity. However, detecting these activities is essential to creating a safe ecosystem of money. While he stated that transparent blockchains are great tools too. Read more Crypto News Here…
Binance appreciated the efforts put on by the FATF for utilizing the report to highlight developing online courses. This will hold the people involved in the sector of virtual assets and VASPs. CZ added that FATF’s participation at G20 summits is commendable.
However, he stated that global standards provide clarity and consistency. While key factors are effective regulation which can prove to be helpful if implemented globally.
What Does FATF Report Say?
As per the FATF Annual report, the organization upgraded the standards to prevent criminals from money laundering. The use of shell companies and other legal persons has been tracked. A report was circulated where several common methods were used to transfer and launder money.
However, FATF led a report helping the real estate sector to prevent money laundering and terrorist financing. This also includes FATF Recommendations around virtual assets and virtual asset service providers.
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
