The FATF has branded P2P crypto exchanges and privacy coins red flags.

Regulatory pressures have forced privacy coins and P2P marketplaces off the market.

NoOnes is bucking the trend and embracing privacy coins.

The balance between privacy and regulatory compliance in the digital asset space is increasingly risky as authorities crack down on illicit crypto activity. The Federal Action Task Force (FATF) has targeted privacy coins and P2P crypto exchanges, citing their potential role in enabling criminal activity.  Sponsored

This pressure has led many exchanges to delist privacy coins and even forced some P2P platforms to shut down. However, defying the trend, P2P crypto exchange NoOnes is bucking the pressure by adding privacy coins to its platform. 

NoOnes Goes Against Grain

In contrast to the prevailing trend of crypto exchange delistings, NoOnes is expanding its spot asset offerings by adding privacy coins to its platform. Company founder Ray Youssef announced that NoOnes has added Monero to its platform while calling on followers to suggest other privacy coins to add. 

NoOnes is primarily recognized as a P2P platform connecting buyers and sellers, but it has recently broadened its services to include spot trading and a Visa virtual card option.

Amid increasing regulatory scrutiny, many major crypto platforms have sought to distance themselves from privacy coins despite NoOnes’s support.

FATF Targets Privacy Coins

A 2020 FATF report highlighted privacy coins’ potential role in laundering money from criminal activities like drug trafficking, fraud, tax evasion, and human trafficking. The report identified P2P platforms, privacy coins, and mixers as indicators of illicit behavior.

To mitigate these perceived risks, the FATF report proposed appropriate licensing and registration requirements and enforcement of KYC/AML compliance measures to enhance oversight and traceability of cryptocurrency transactions.

In response to the report, many crypto exchanges have opted to delist privacy coins to avoid legal or reputational consequences.

Regulatory Hostility to Privacy

OKX and Binance have delisted privacy coins, including Monero, Zcash, and Dash recently. OKX removed these coins due to non-compliance with its listing criteria, while Binance cited the evolving industry landscape.

Similarly, P2P platforms like LocalBitcoins and LocalMonero have recently shut down without providing clear reasons. These trends suggest growing regulatory hostility towards privacy-focused crypto services.

DailyCoin contacted NoOnes for comment on its stance regarding regulatory scrutiny but had not received a response by the time of publication.

On the Flipside

Paxful, a P2P marketplace Youssef co-founded, is embroiled in controversy, including allegations of scamming users.

Youssef has distanced himself from Paxful.

Binance is a captured operation enforcing Deep State policy, according to Youssef.

Why This Matters

NoOnes’s decision to support personal freedoms is commendable, but widespread crypto adoption will require regulatory compliance.

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