Antonopoulos: Possibility to freeze assets …

Antonopoulos: Possibility to freeze assets …

Antonopoulos: The possibility of freezing assets on the exchange is not a reason to give up privacy

The well-known bitcoin educator Andreas Antonopoulos believes that the issue of the legality of using cryptocurrency mixers in order to increase the privacy of transactions is entirely determined by the jurisdiction of a particular user and the laws in force in it in the context of taxation, money transfers and anti-money laundering.

The issue, which remains relevant to cryptocurrency users, was raised again this week when Binance Singapore froze the assets of one of its clients, who used the CoinJoin method to hide the real exits of transactions..

According to Antonopoulos, CoinJoin may be recognized as illegal in the future and already violate current regulatory standards with a certain interpretation..

“If you are a political activist in North Korea, a protester in Hong Kong, if you are a member of an opposition movement or political party in Venezuela, if you are trying to overthrow a dictator, would I recommend using CoinJoin? Hell yes!” – he said.

Antonopoulos also issued a warning that companies providing services for tracking and analyzing transactions on the blockchain can accurately determine which ones were carried out using privacy enhancement tools. Relevant assets are “flagged as high risk”, which may be revealed when they are moved to an exchange or wallet of another regulated service.

Antonopoulos: Possibility to freeze assets ...

“If you regularly move money between wallets of regulated entities, such as cryptocurrency exchanges, and want to be able to dispose of this money on such exchanges, then you will disclose their belonging to you in all cases. If somewhere in between you want to use CoinJoin, you may find that your account has been closed, frozen or even withdrawn money, as these custodians will consider them “tainted” or “risky” “.

At the same time, Antonopoulos considers the use of solutions to increase privacy an important aspect of transactions between the user’s own wallets, to the wallets of other users and in other cases when it is appropriate, for example, when paying salaries or converting digital currency into fiat..

Antonopoulos: Possibility to freeze assets ...
Antonopoulos: Possibility to freeze assets ...

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