You said it breaks U.S. law. I believe this is inaccurate because I am not able to find such a law. Would you care to elaborate ?
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Which AML law or regulation specifically? AML is a concept, not a law.
Example: Canada Proceeds of Crime (Money Laundering) and Terrorist Financing Act, section 2, paragraph 5(h) is the AML law in Canada regarding Bitcoin.
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I am an exchange CEO, and just confirmed I was right and you were wrong.
Can I get "sorry, you are right as usual Francis" or is that too much to ask?
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I most definitely am not. Exchanges fucked themselves, can't blame bureaucrats for this blunder.
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You are absolutely correct. Banks are private businesses and I'm sure they are smart enough to understand reasonable arguments towards privacy. Exchanges already keep records of user flows of funds. MSBs don't put GPS chips on dollar bills or in gold bars. Why should we?
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Don't give banks too much credit. Many have no clue how to assess the risks of dealing with crypto BUT, some salesperson from a blockchain analytics firm told told them that crypto is super scary and their service is the only way regulators will be cool.
Right again. I've worked for audit and accounting firms very close to regulators, it is exactly as you describe.
There are legit users for such tools (e.g. to analyze your own privacy exposure, to track hackers and fraudsters) but obviously the people upselling them want more $
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