cryptocurrency exchange Afexbit announced a partnership with the company to comply with the requirements of the Financial Action Task Force (FATF). The news was published on the exchange’s official blog. The company was developed just in order to provide a decentralized solution to crypto industry players seeking to comply with FATF regulations.
Afexbit’s director of legal compliance said that prior to its creation, there was no platform through which cryptocurrency companies could comply with the new FATF rules.
The new FATF standards require “virtual asset service providers” (VASPs), including cryptocurrency exchanges, to share information about their customers with each other when transferring funds between companies.