#EUPrivacyCoinBan The European Union plans to ban privacy coins and anonymous crypto wallets from 1 July 2027. The step is part of new anti-money laundering regulations meant to enhance financial transparency.

These rules are in line with the guidelines of the European Union's Financial Action Task Force (FATF), which were made to prevent money laundering and terrorism financing. Privacy coins like Monero and Zcash have been targeted because they help make transactions anonymous, which could be misused for illegal activities.

The purpose of this ban is to make financial transactions more transparent and prevent illegal activities. The European authorities hope that this will restore the integrity of the financial system.