Major crypto and blockchain industry leaders today announce the formation of the Cryptocurrency Compliance Cooperative (CCC). A collaborative association, the mission of the CCC is to create a safer environment for all consumers and legitimize the cash-to-cryptocurrency industry by bolstering compliance standards that are deemed by many to be currently insufficient.
Compliance has emerged as a big issue in crypto space in recent times. Recently, we have seen crypto exchange Binance got notices from several countries.
The founding members of Cryptocurrency Compliance Cooperative (CCC) include Bitcoin ATM (BTM) operators DigitalMint and Coinsource, blockchain analysis platform Chainalysis, and others.
“The nefarious use cases plaguing this industry are well documented by several law enforcement agencies, and include fraud, elder abuse, and drug and human trafficking,” said Seth Sattler, Director of Compliance for DigitalMint and leading contributor of the Cryptocurrency Compliance Cooperative. “While a small number of Bitcoin ATM operators go above and beyond with know your customer (KYC) and anti-money laundering (AML) protocols, others in the cash-to-crypto industry simply turn a blind eye and are complacent to these bad actors by simply applying the bare minimum customer protections, which in many cases allow for completely anonymous transactions.”