Business Wire

Crystal Blockchain: Peer-to-Peer Exchanges Need Regulation to Lower Money Laundering Risk

Share

At the V20 Summit in November 2020, the Financial Action Task Force (FATF) announced that regulatory requirements for peer-to-peer (P2P) exchanges – along the lines of those for Virtual Asset Service Providers (VASPs) – will likely emerge in 2021 to combat money laundering (ML). The FATF is now collecting data on these exchanges to allow their guidelines to reflect P2Ps.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210203005351/en/

Volumes (in BTC and USD) sent to and received by P2P Exchanges 2019-2020 (Graphic: Business Wire)

Volumes (in BTC and USD) sent to and received by P2P Exchanges 2019-2020 (Graphic: Business Wire)

The Crystal team did a YoY analysis of P2P transaction activity to see whether the FATF's intentions to bring tighter regulations has affected the amount of bitcoin transferred via these decentralized exchanges from January 2019 to December 2020.

[READ THE FULL REPORT]

Key Findings:

  • Sent and received amounts (in US dollar) by P2P exchanges in December 2020 increased by +164% and +197% compared to January 2019.
  • Received and sent amounts (in bitcoin) in December 2020 decreased by -55% and -50%, compared with January 2019.
  • The main reason for the disparity is that while the price of bitcoin has grown 6X between January 2019 and December 2020, the popularity of P2P exchanges has declined.
  • The amounts sent and received in bitcoin by P2P exchanges rapidly dropped in November and December 2020, and this is most likely due to the November 2020 FATF announcement of future regulation of P2P.
  • The amounts of received bitcoin by Non-P2P exchanges have had a growing trend in comparison to P2P exchanges, explained by higher popularity and a better “reputation”.

P2P exchanges may be less popular than Non-P2P thus far for a few reasons:

  1. less regulatory oversight from the FATF,
  2. more complicated operational principles,
  3. they might be considered potential ML platforms due to a lack of intermediaries.

That being said, innovation and developments in the P2P sector continue to rise, and as regulatory requirements increase, P2P will become a safer and more transparent space.

Compliance software for P2P transactions is being developed, and the P2P exchange sector will increase in popularity when it's possible to further manage AML and compliance risk.

Visit the Crystal website to see the full Report on P2P Transaction Volumes 2019-2020.

About Crystal Blockchain:
Crystal is the all-in-one blockchain analytics tool for crypto AML compliance. Available as a free demo version, SaaS, API, and for on-premise installation. Engineered by the Bitfury Group.

Contact information

Oleh Rozvadovskyy
+38-050-377-04-87
oleh.rozvadovskyy@crystalblockchain.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

CBS News “Global Thought Leaders” Series Features Echosens: Video Showcases FibroScan ® as Medical Gold Standard8.3.2021 15:01:00 CETPress release

Echosens, a high-technology company offering the FibroScan® family of products, is pleased to announce that it has been chosen for the “Global Thought Leaders” series broadcast on CBS News. View a short video highlighting the Company’s groundbreaking work in the development of vital medical resources, including FibroScan®, a noninvasive solution for measuring liver elasticity and fat content of the liver at the point of care. “We’re pleased to be selected by CBS News and proud of the video created at our international headquarters in Paris which captures the essence of Echosens, including interviews with some of our top leaders and a clinician performing a FibroScan® exam with her patient,” says Dominique Legros, Group CEO, Echosens. “Reliable, accurate and affordable, FibroScan® is designed to address a growing liver disease epidemic. Nonalcoholic fatty liver disease (NAFLD) affects approximately 25% of the worldwide population and as many as 6% are affected by NASH, which is expected

Infor and C3 AI Form Strategic Partnership to Deliver Scalable Enterprise AI Industry Applications8.3.2021 15:00:00 CETPress release

C3 AI (NYSE: AI), a leading enterprise AI software provider, and Infor, an ERP technology cloud leader, today announced a wide-ranging strategic alliance designed to jointly expand enterprise-class artificial intelligence (AI) solutions across applicable industries to extend Infor’s native machine learning capabilities. This will allow Infor to explore expansion of its industry offerings into edge scenarios and analyze ways to provide deeper capabilities beyond standard Infor offerings. Infor plans to market, license, and deploy C3 AI prebuilt solutions to Infor customers under the Infor brand and to explore new solutions using the C3 AI® Suite. Infor and C3 AI expect to leverage both companies’ existing digital portfolios to collaborate on new integrated enterprise AI applications that can support specific industry needs. The initial focus will be on predictive maintenance surrounding Internet of Things (IoT) systems with the goal of providing a more proactive and accurate maintenance

NielsenIQ Establishes Independence as a Standalone Company8.3.2021 15:00:00 CETPress release

Today, NielsenIQ begins its next chapter as an independent company with the closing of its acquisition by Advent International in partnership with incoming Executive Chairman and CEO James “Jim” Peck. As a standalone business, NielsenIQ is better positioned to accelerate its transformation and strengthen its market-leading position. To move forward as a definitive leader in the FMCG industry and usher in a new era of technological advancements and innovation, three new leaders will join NielsenIQ. Mohit Kapoor joins as Chief Technology Officer, overseeing all aspects of technology. Steve Matthesen, a Nielsen veteran, joins as Chief Strategy Officer to help develop and execute the corporate strategy and other key initiatives. Curt Miller joins as Chief Transformation Officer to drive organizational alignment that supports NielsenIQ’s growth strategy. “NielsenIQ has a unique opportunity to become a nimble partner with the flexibility to increase strategic investments and innovation in th

Zynga Teams up with Girls Who Code to Help Raise Awareness and Support for Women in Tech8.3.2021 15:00:00 CETPress release

Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, today announced that it has teamed up with Girls Who Code in support of International Women’s Day 2021. With a mission to raise awareness and support for women in tech, Zynga has pledged $100,000 from its Social Impact Fund to enable Girls Who Code (GWC) to support girls at all points throughout their educational journey from 3rd grade into the workforce. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210308005082/en/ Zynga Teams up with Girls Who Code to Help Raise Awareness and Support for Women in Tech (Graphic: Business Wire) GWC is an international non-profit organization dedicated to closing the gender gap in technology. The organization has reached more than 300,000 girls in the US, Canada, UK, and India; 50 percent of girls served are Black, Latinx, or from low-income backgrounds. Through its free Clubs program, GWC reaches young women at the mo

Covetrus Announces Vice President of Global Talent Management8.3.2021 14:15:00 CETPress release

Covetrus (NASDAQ: CVET), a global leader in animal-health technology and services, today announced the addition of Stacey M.M. Shirra as vice president of global talent management. The newly created post is a strategic role designed to drive the Company’s acceleration of its three-year plan. Shirra is responsible for Covetrus’ global talent strategy including building a strong talent bench across the organization. As part of her role, she will focus on investing in and developing employees, and helping drive an innovative fast-moving culture. She is also responsible for leading the Company’s Diversity & Inclusion initiatives. “I am pleased to welcome Stacey to our global leadership team,” said Ditte Marstrand Wulf, Covetrus CHRO. “Our employees are our strength and the most important factor for our future success. The role that Stacey is stepping into is critical to the growth and health of our organization and business. We look forward to her contributions and strong leadership within

Abu Dhabi’s Technology Innovation Institute Appoints International Experts to Board of Advisors at Secure Systems Research Centre8.3.2021 14:07:00 CETPress release

Technology Innovation Institute (TII), the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), today announced the appointment of international experts in the field of systems security to the Board of Advisors of its Secure Systems Research Centre (SSRC). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210308005482/en/ Dr Shreekant Thakkar, Chief Researcher, Secure Systems Research Centre (SSRC), Technology Innovation Institute (TII) (Photo: AETOSWire) Secure Systems Research Centre is one of the initial seven dedicated centres at TII and is among the few global centres of its kind to bring together experts to conduct groundbreaking research in the field of secure systems. The distinguished new Board have combined expertise in security and resilience relating to autonomous computing and will guide the efforts of the Centre’s research team in developing end-to-end solutions to protect cyber-phys

World Government Summit “21 Dialogues” to Deliver 21 Post-Pandemic Predictions8.3.2021 13:22:00 CETPress release

The World Government Summit Dialogues will deliver 21 predictions for the future social, economic, and political order, between 9 – 10 March. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210308005451/en/ The World Government Summit Dialogues convenes world leaders for two days of virtual sessions to forecast the future trends that will shape the world (Photo: AETOSWire) The virtual event will host political and industry leaders from around the world, who will each offer their outlooks on the future of vital sectors including healthcare, space, cryptocurrency and more. Day one will open with a keynote from His Excellency Mohammad Abdullah Al Gergawi, the UAE’s Minister of Cabinet Affairs and Chairman of the World Government Summit Organization, on the priorities for governments in 2021, as they look to navigate the global recovery from the coronavirus (COVID-19) pandemic. Sessions on day one will focus on the future of Afri

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom