Crucial Crypto News: EU Bans Privacy Coins, US Targets Launderers, Coinbase Delists MOVE

Get the latest Crypto News insights for today. The world of digital assets is constantly evolving, with significant developments impacting markets, regulations, and specific tokens. Here’s a quick rundown of the key events that shaped the crypto landscape today.

EU Crypto Regulation Targets Anonymity and Privacy Coins

Major EU Crypto Regulation changes are on the horizon. The European Union is set to implement sweeping Anti-Money Laundering (AML) rules by 2027. A key aspect of this regulation is the prohibition of anonymous cryptocurrency accounts and privacy-preserving tokens like Monero (XMR) and Zcash (ZEC).

• The new Anti-Money Laundering Regulation (AMLR) will apply to credit institutions, financial institutions, and crypto asset service providers (CASPs).
• These entities will be barred from maintaining anonymous accounts or handling privacy-enhancing cryptocurrencies.
• Article 79 of the AMLR specifically prohibits anonymous accounts, covering various financial instruments including crypto accounts that allow transaction anonymization.

This move is part of a broader effort to enhance transparency and combat illicit finance within the crypto space across the EU member states.

US Treasury Targets Huione Group Over Crypto Crime Ties

The US Treasury Crypto crime crackdown continues. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has proposed action against the Cambodia-based Huione Group. FinCEN accuses the group of facilitating money laundering, including for North Korea’s Lazarus Group.

• Huione Group includes businesses like payment platform Huione Pay PLC and crypto exchange Huione Crypto.
• FinCEN alleges the group laundered billions in illicit proceeds, including funds from crypto scams and for North Korea.
• They also reportedly created a stablecoin, US Dollar Huione (USDH), which FinCEN claims aids money laundering.

The proposed rule aims to cut Huione Group off from the US financial system, pending a 30-day public comment period.

Coinbase Delisting: MOVE Token to Halt Trading

In token-specific news, Coinbase Delisting of the Movement Network token (MOVE) is scheduled for May 15. Coinbase cited the token’s failure to meet its listing standards as the reason for the suspension.

• Trading for MOVE will stop across various Coinbase platforms, including Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime.
• Order books have already moved to limit-only mode.
• The decision follows a reported third-party review into an agreement between Movement Labs and a market-making firm, linked to a previous price drop in December 2024.

An investigation into the matter is ongoing, conducted by an independent cybersecurity firm.

The Future of Privacy Coins and Crypto Regulation

The regulatory landscape for Privacy Coins is clearly facing increased scrutiny, particularly in major jurisdictions like the EU. Coupled with ongoing efforts by bodies like the US Treasury to combat crypto-related crime, the trend points towards greater regulatory oversight and less tolerance for anonymity in the digital asset space.

Today’s events highlight the evolving challenges and responses within the crypto ecosystem, from broad regulatory frameworks to specific token actions and international crime fighting efforts.