Are Cryptocurrency Transactions Actually Anonymous?

But how anonymous are crypto transactions really?

It was the largest financial seizure in the Justice Department’s history.

It took six years, but authorities eventually caught up.

And patterns can be identified and tracked.

No banks, governments or intermediaries are necessary.

Read more:Buying Bitcoin Is Easier Than Ever.

If this financial activity can be traced, then cryptocurrency like bitcoin is morepseudonymousthan anonymous.

Here’s what they told us.

Are bitcoin transactions anonymous?

Cryptocurrency transactions are recorded on a blockchain, which is generally public.

KYC refers to a financial services industry standard that protects against money laundering and other financial crime.

Althoughthe FDIC doesn’t insure crypto, cryptocurrency exchanges operating in the US have adopted KYC standards.

BothCoinbaseandFTX.USrequire customers to confirm their identities.

There are cryptocurrencies that peopleclaimare 100% anonymous.

However, any claim of fully anonymous transactions should be treated skeptically.