Crypto exchanges face new regulatory requirements

Guidelines on how national regulators should oversee virtual assets will be published on June 21 by the Financial Action Task Force (FATF) – an international group authorized with the task of developing recommendations for combating money laundering and financing of terrorism, supported by over 200 countries, among which the United States and all major European powers.

The announcement was made in an e-mail by Alexandra Wijmenga-Daniel, FATF spokesperson.
The new rules will cover all companies working with crypto currencies and tokens, including crypto exchanges and custodians, as well as crypto hedge funds.

The guidelines will oblige all businesses, including big exchanges like Binance, Kraken and Coinbase to gather information about their customers, who make transactions exceeding 1000 USD, as well as information about the recipients of the designated funds. The rules will also require all the collected data to be send to the recipient’s bank.

So basically there will be no anonimity anymore or is it a good thing really ? I just do not get it at all. I do understand that something needs to be done here really. Some measures needs to be done to prevent whole data with money stealed from persons.