Crypto.com has announced the suspension of XRP deposits due to the early implementation of the EU’s Travel Rule, which aims to prevent illegal financial activities. This regulation, taking effect on December 30, 2024, requires users to provide additional transaction information.
Users, like CEO Edoardo Farina, have expressed concerns about privacy due to mandatory disclosure of transaction details. These early regulations are affecting trading activities, raising fears of more stringent control over centralized and decentralized exchange operations globally.
This early adoption by Crypto.com pressures other exchanges to comply with similar regulations, potentially affecting the crypto market worldwide. The situation contrasts with the U.S., where crypto development may accelerate due to favorable political conditions.