Binance CEO Changpeng Zhao, also known as ‘CZ’, shared his thoughts on the recent Financial Action Task Force’s (FATF) annual report.
CZ shared the reports’ view for “strong standards” in the financial industry including the ability to curb financial crime and money laundering.
The FATF is a global financial crime watchdog that provides annual reports on the state of the financial world in terms of financial crimes and the FATF's activities.
Binance CEO praises FATF report support for new technologies
CZ Tweeted about his thoughts on the FATF’s recent annual report. In the Twitter thread, CZ pointed out how the FATF report highlighted the importance of curbing contemporary financial crime and how new technologies can be used to detect and stop malicious financial endeavours.
Binance is also pleased to see FATF using the report to shine a light on their developing online courses, used to train people in the fields of virtual assets and VASPs. Education is key (1.).
Early detection and prevention of financial crimes are critical for "a safe money ecosystem," according to CZ. He also added that "This detection is essential to creating and maintaining a safe ecosystem of money. Transparent blockchains are great tools too."
With the public nature of decentralised blockchain networks and crypto ledgers being publicly accessible, detecting malicious events and tracking them can be made easier with blockchain technology or by hosting financial systems on blockchain networks.
Because of their public accessibility and address-tracking capabilities, traditional financial institutions may use certain features of blockchain technologies in the future to help identify financial criminals.