OKCoin says crypto industry lacks means to comply with new US Treasury proposal

U.S. Treasury Secretary Steven Mnuchin recently dropped a proposal requiring exchanges and crypto platforms to verify the identity of customers exporting digital assets to self-hosted wallets. Crypto exchange OKCoin noted the proposal would create additional work for exchanges.

“Upon preliminary review of the FinCen [Financial Crimes Enforcement Network] proposal as well as the wallet verification requirements, I think the proposal of extending the CTR requirement to crypto exchanges and having to collect the physical address of the recipient would mean great operational and administrative burden for exchanges,” OKCoin’s chief compliance officer, Megan Monroe-Coleman, told Cointelegraph.