Exclusive: Micapass CEO Gintarė Košubienė Discusses AML Compliance Shift in Crypto Post-Binance Fine
The cryptocurrency industry is on the brink of a transformative shift in Anti-Money Laundering (AML) compliance, a change propelled by the recent landmark fine imposed on Binance and its CEO, Changpeng Zhao.
The recent anti-money laundering case involving Binance and its former CEO, Changpeng Zhao, which resulted in substantial fines, marks a significant turning point for AML compliance in the cryptocurrency sphere.
Gintarė Košubienė, co-founder of Micapass, a company specializing in AML crypto compliance technology, discusses the implications of this landmark case and the anticipated shift in AML compliance from crypto platforms to end users.
Košubienė points out that traditionally, KYC (Know Your Customer) procedures have been the responsibility of crypto exchanges and other virtual asset service providers (VASPs), which contradicts the decentralized nature of cryptocurrencies.
Changpeng Zhao (CZ) resigns as Binance CEO. pic.twitter.com/JGcUa5jjjK
— Shadow of Ezra (@ShadowofEzra) November 21, 2023
Users’ reluctance to disclose their data has been a major concern. Micapass addresses this issue by developing technology that combines real-time wallet screening with KYC processes, shifting the verification responsibility to users.
This allows them to privately verify their compliance and keep their personal data off-chain, using smart contract-based identities for AML status checks.
Košubienė emphasizes the importance of technologies like Micapass that:
The government’s recent actions, including the UK Treasury’s solidification of crypto regulations and the SEC’s emphasis on regulatory compliance, indicate a continuing focus on crypto compliance.
Košubienė emphasizes that new technologies like Micapass, which enable users to prove
Read more on cryptonews.com
