The European Union has imposed a complete ban on privacy-based cryptocurrencies (Privacy Coins) and anonymous crypto accounts, #BinanceHODLerSTO

Under AMLR, financial institutions, banks, and crypto service providers (CASPs) are prohibited from holding or operating anonymous accounts $BTC

This includes those crypto accounts that conceal transactions, such as Monero (XMR), Zcash (ZEC), and Dash.

For every crypto transaction worth more than €1,000, the identity of both the sender and the recipient will be mandatory.

Monitoring and Enforcement

To ensure compliance with these rules, the European

Union is establishing a new body called the "Anti-Money Laundering Authority" (AMLA).

This authority will directly oversee 40 major crypto service providers in at least six countries starting from 2027, including those entities that have more than 20,000 users or an annual transaction volume exceeding €50 million.

Consumer and Market Impacts

There is ongoing intense debate in the crypto community regarding this decision. Critics argue that this ban is tantamount to stifling innovation and imposing restrictions on financial privacy.

Interestingly, despite this ban, there has been a recent increase in the prices of coins like Monero and Zcash, indicating that investors may turn to countries with more favorable regulations (such as Dubai).