#EUPrivacyCoinBan : Privacy Coins Face Ban Under New AML Rules Starting 2027 considering the following points :

1. To tighten anti-money laundering rules the EU has announced plan to ban Privacy Coins and Anonymous crypto wallets by July 1,2027.

2. Anti-money Laundering Regulation : The Body is shaking up conversations around privacy, surveillance, and future of Decentralised Finance.

3. It will declare illegal to Anonymous Crypto Accounts across the EU.

4. Crypto service providers, exchanges, and financial services will be banned on the pretext that They don't collect Consumer Identification.

5. XMR, ZEC, or Dash crypto currencies are used to hide transactions and are sent to illicit money wallets undetected.

6. If the transaction is over 1000 €, the identity of the Sender and Receiver to be verified. It is just like Traditional Banking. As PAN is required to send, deposit and withdraw amount for Rs 50000/- about $ 596 and € 526 or more.

7. Forty crypto asset service providers are under the surveillance in EU countries.

8. Twenty thousand users are trading 50 millions Euros (€) in a year. They are under the radar of Anti-Money Laundering Authority.