Media: Exchanges such as Coinbase are working on a P2P system to comply with FATF’s rules on sharing user information

According to The Block, the cryptocurrency exchange Coinbase and some other cryptocurrency exchanges are jointly studying a P2P system to comply with the Financial Action Task Force (FATF) rules on sharing user information. If the system can be successfully developed, the exchange will be able to effectively comply with the “Travel Rule” issued by the FATF. Coinbase Chief Compliance Officer Jeff Horowitz said, “The relevant working group may release a white paper in the next few weeks. The plan will start from the first phase, in which only exchanges in the United States (holding FinCEN currency transfers) License) to participate.” Other member exchanges of the working group include Gemini, Kraken and Bittrex. Chain Wen previously reported that in June last year, FATF issued the final encryption guidelines, which retained the “travel rules”, requiring exchanges to collect and transfer customer information during the transaction, including the name of the initiator, account number and location information, and beneficiary Name and account number.