laundering
First Bitcoin Mixer Slapped with $60M Fine by FinCEN in Money Laundering Crackdown
FinCEN charged a Bitcoin-mixing operator with a $60 million civil money penalty for violating anti-money laundering regulations.
Chainalysis Partners with Wyoming Watchdog to Fight Cybercrime and Crypto Laundering Scams
Chainalysis has announced partnered with Wyoming’s Division of Banking to fight cybercrime, crypto laundering, crypto scams, sanctions violations, and more.
OKEx Founder Troubles Not Linked to Yuan Money Laundering in China, Says Blockchain Journalist
Colin Wu, a Chinese blockchain journalist thinks it is unlikely Mingxing Xu, the founder of OKEx crypto exchange has anything to do with a Yuan money-laundering scheme.
G7 Bank Sector Higher Money Laundering Risk than Crypto Industry, Reports Mexico Financial Intelligence
According to a report released by the Financial Intelligence Unit of Mexico, the G7 banking sector was most at risk of money laundering operations.
US Justice Department Charges Six People for Laundering Drug Cartel Money Using Crypto
The US Eastern District Court of Virginia has charged six people for allegedly involved in laundering millions of dollars for Mexican drug cartels using cryptocurrency.
Greece Council of State Rules for the Extradition of a Russian Bitcoin Laundering Suspect to France
Greece Council of State has ruled in favor of the order to extradite a Russian bitcoin laundering suspect named Alexander Vinnik, A.K.A "Mr. Bitcoin" to France, as reported by Greece Greek Reporter.
FinCEN Director Warns Crypto Firms Are Not Above Anti-Money Laundering Laws
Speaking at the University of Georgetown, Kenneth Blanco, FinCEN (The United States Financial Crimes Enforcement Network) Director, blasted the crypto firm by informing them that they are not exempted from the anti-money laundering laws.
Tether Brings into Play Anti-Money Laundering Solutions with Chainalysis Tool
Tether, the most leveraged stablecoin provider based on market capitalization, has deployed a tool provided by Chainalysis, a blockchain analytical company, in its quest to have anti-money laundering (AML) compliance solutions
New Zealand Police Seize about $6.7m Cryptocurrency from Jarothe n David McIvor for Alleged Money Laundering
The New Zealand police confiscated about $6.7m cryptocurrency from Jarothe n David McIvor, a software developer, in Hamilton for alleged money laundering via online movie piracy in the United States.
US Treasury Sanctions Two Men Accused of Laundering Crypto for North Korean Cyber Crime Syndicate
The US Treasury Department Office of Foreign Asset Control has sanctioned two men believed to involved in laundering stolen cryptocurrency from a 2018 cyberattack against a cryptocurrency exchange.
US Court Indicts Alleged Lazarus Group Members in $250 Million Crypto Exchange Theft
Two Chinese nationals, Tian YinYin and Li Jiadong were sanctioned yesterday by the US Government yesterday for their alleged involvement in laundering stolen cryptocurrency from a 2018 cyberattack. The pair have been charged with stealing nearly $250 million in virtual assets and laundering the money through converting BTC to USD and Chinese Yuan as well as through iTunes gift cards.
Pakistan Banks Develop Blockchain-based KYC Platform
The Pakistan Banks’ Association has signed a contract to develop Pakistan’s first blockchain-based national eKYC banking platform aimed at strengthening anti-money laundering capabilities while countering terror financing. The blockchain platform will also improve operational efficiencies, mainly focused on improving customer experience during onboarding.
FINRA's 2024 Oversight Report Emphasizes Crypto Asset Compliance
FINRA's 2024 Regulatory Oversight Report emphasizes compliance in crypto asset activities, emphasizing cybersecurity, anti-money laundering protocols, and transparent reporting, reflecting its commitment to guiding members in the evolving cryptocurrency world.
Cryptocurrencies Fueling Trade-Based Money Laundering: Insights from Michael Firing of CITE
Michael Firing, Assistant Director at CITE, discusses how cryptocurrencies are being used in trade-based money laundering activities.
Money Laundering in Cryptocurrency: Trends and Detection Techniques
Chainalysis highlights emerging trends and innovative techniques for detecting and investigating money laundering in the cryptocurrency ecosystem.
Tether Assists in Major Crypto Money Laundering Bust with Dutch Authorities and U.S. Secret Service
Tether aids Dutch FIOD, NHCTU, and U.S. Secret Service in dismantling cryptocurrency exchanges involved in money laundering.
Addressing Money Laundering in Cryptocurrency: Policy Proposals and Challenges
Explore how policymakers can tackle money laundering in the crypto sector with strategic measures that enhance digital infrastructure resilience and expand regulatory powers.
Japan Faces Challenges in Combating Crypto Money Laundering and Scams
Japan's crypto ecosystem grapples with money laundering and scams, despite low exposure to global illicit entities. Authorities intensify efforts to address these issues.
NCA Targets Russian Money Laundering Networks in Major Operation
The UK’s National Crime Agency disrupts a major Russian money laundering network, leading to 84 arrests and the seizure of over 20 million Euros in cash and cryptocurrency.
Japan Faces Challenges in Crypto Money Laundering and Fraud
Japan's crypto landscape sees growing challenges with money laundering and fraud, despite a global decline in illicit activities. On-chain analysis reveals significant financial threats.
Tether Aids Brazilian Authorities in Freezing R$32 Million in Money Laundering Case
Tether collaborates with Brazilian law enforcement to block R$32 million linked to a major money laundering operation, demonstrating its commitment to combating financial crime.
Hong Kong Monetary Authority Penalizes 33 Financial Services for Regulatory Breaches
The Hong Kong Monetary Authority has imposed a fine on 33 Financial Services Limited for non-compliance with the Payment Systems and Stored Value Facilities Ordinance.
North Korean IT Workers Exploit Crypto for Illicit Financing
North Korean IT workers are reportedly using cryptocurrency to fund weapons programs. Discover the intricate networks facilitating these operations and the global efforts to disrupt them.
UK Considers Keeping $6.4B Bitcoin Gains From Chinese Fraud
The High Court is considering if to reimburse only the original investment value of £640 million while the seized Bitcoin is now worth nearly $7.24 billion, potentially leaving $6.4 billion in government hands.
PlexCoin Founder Indicted by US Grand Jury for 2017 ICO Securities Fraud
A United States grand jury indictment has been delivered to Plexcoin founder, Dominic Lacroix, as well as Yan Ouellet and Sabrina Paradis-Royer for securities and wire fraud, and conspiracy to launder money, according to the DOJ.
Cybersecurity Firm Kaspersky Warns of New Ransomware Devised by Notorious North Korean Ransomware Group
Multinational cybersecurity provider Kaspersky has announced that the notorious North Korean crypto criminal group, Lazarus, is planning on releasing a new ransomware.
Leaked FinCEN Files: $137M Linked to Crypto Ponzi Scam OneCoin Laundered Through Bank of New York Mellon
A leaked trove of US official documents revealed that five major banks were involved in illicit transactions pertaining to mobsters and crypto Ponzi schemes.
Different Stances on Cryptocurrency Risk Revealed, Many Still Link Crypto to Cyber Fraud
Findings revealed that banks, governments, and cryptocurrency professionals were divided in their stance on digital currencies.
CipherTrace Life Hack for Criminal Investigations: How to Know if Cryptocurrency Was Utilized
CipherTrace blockchain analytics firm has revealed guidelines that could help law enforcement identify that cryptocurrency was used for illicit activities.
DoJ Charges BitClub Promoter for Role in $722 Million Crypto Fraud Scheme
A Californian man pleaded guilty for his involvement in perpetrating BitClub Network, a cryptocurrency mining scheme that generated at least $722 million.
UNODC: Surge in Cryptocurrency Misuse and Technology-Driven Crime in Southeast Asia
The UN Office on Drugs and Crime's latest report reveals an alarming increase in cryptocurrency misuse and advanced technological crime in East and Southeast Asia. The study focuses on the challenges faced by law enforcement against the backdrop of evolving online casinos, cyberfraud, and tech-driven underground banking networks.
SEC to Regulate Binance Chain With Blockchain Analytics Firm CipherTrace
The US Securities and Exchange Commission plans to award CipherTrace blockchain analytics firm with a contract pertaining to Binance Chain.
Germany's Largest Bitcoin Seizure: 50,000 BTC Confiscated in Piracy Probe
German authorities seized 50,000 Bitcoins linked to a piracy website, with suspects transferring the digital currency to police wallets, causing uncertainty in cryptocurrency enforcement.
Signature Bank Under Investigation by US Government Bodies
Signature Bank is reportedly under investigation by both the Securities and Exchange Commission and the Department of Justice over concerns that the bank did not take adequate measures to detect potential money laundering by its clients. The bank was closed on March 12 as part of a series of bank closures that also included Silvergate Capital and Silicon Valley Bank.
Former OneCoin Executive Charged with Fraud
Irina Dilkinska, a former executive of fraudulent cryptocurrency scheme OneCoin, has been charged with wire fraud and conspiracy to commit money laundering. Dilkinska faces up to 40 years in prison and is accused of aiding in the laundering of over $400 million of OneCoin's proceeds.
US FinCEN Files Show Deutsche Bank Tops List of Suspicious Transactions, So Cut Bitcoin Some Slack
German central bank, Deutsche Bundesbank appears to have facilitated over one trillion dollars of suspicious transactions flagged by US FinCEN.
$265M in BTC Withdrawn from Binance in 2018 Suspected of Money Laundering
A Bitcoin address, 1EU2pMence1UfifCco2UHJCdoqorAtpT7, has been accused of laundering $265 million through Bitcoin mixers. The transactions, which were all on-chain, have sparked debate among crypto enthusiasts.
Binance CEO Highlights Disproportionate Narrative on Illicit Activities in Crypto versus Fiat Currencies
Dr. Andrzej Gwizdalski and Binance CEO Richard Teng's analysis reveals traditional fiat currencies are involved in more illicit activities ($3.2 trillion annually) than cryptocurrencies ($20 billion), prompting a rethinking of the narrative.
Senator Warren Focuses on Crypto Scam Risks for Seniors, Advocates New Legislation
Senator Warren emphasized the Digital Asset Anti-Money Laundering Act, gaining bipartisan support to regulate crypto activities and protect vulnerable populations from financial fraud.
Canadian Crypto Exchange Shuts Down to Protect Customers
In Vancouver, Canada, another cryptocurrency exchange has closed down. This is not the first Canadian based Exchange to encounter problems, with some users losing everything last year when another exchange lost access to private keys.
German Crypto Firm USI Tech Founder Charged in $150 Million Fraud Scheme
Horst Jicha, founder of USI Tech, has been charged with defrauding investors of $150 million in a fraudulent crypto scheme, marking a significant development in regulatory action against crypto-related crimes.
$4 Billion Laundered by Criminals through DEXs, Elliptic Report Shows
Elliptic's report suggested that criminals have laundered the total sum of $4 billion through Decentralized Exchanges (DEXs), bridges, and protocols offering Coin Swaps.
Turkish Crypto Exchange Founder Arrested
Thodex founder, Faruk Fatih Ozer, has been arrested upon his arrival at Istanbul airport after two years on the run. Ozer faces charges of fraud and money laundering, relating to allegations of an exit scam involving at least $2 billion worth of cryptocurrency stolen from Thodex.
EBA Issues Updated Guidelines for Crypto Asset Service Providers
The European Banking Authority (EBA) extends Anti-Money Laundering and Counter-Terrorist Financing measures to include crypto firms, aiming to harmonize regulatory approaches and mitigate financial crime risks in the EU.
FCA Warns Crypto Businesses Fail to Meet UK’s Money Laundering Regulations Standard
The UK’s Financial Conduct Authority has disclosed that many crypto firms are withdrawing their applications to register with the agency.
Russian Alexander Vinnik Remained To Jail Five Years For Money-laundering
The Paris Court remained upheld of five-year imprisonment for BTC-e operator Alexander Vinnik. Still, it exempted him from a fine of 100,000 euros to consider that Vinnik was unable to pay the fine.
Tornado Cash Developer Set to be Released
Tornado Cash developer, Alex Pertsev, who was arrested last August for his alleged involvement in money laundering through the crypto mixing service, is set to be released after spending nearly nine months in prison.
The Rescheduling of Changpeng 'CZ' Zhao's Sentencing Reflects Legal Complexities and Implications
Changpeng "CZ" Zhao, founder of Binance, faces a legal hurdle as his money laundering charges are postponed to April 30. The case highlights the ongoing struggle between cryptocurrency entities and regulatory bodies, raising questions about digital asset future.
US Sanctions Crypto Addresses of Russian Hackers Accused of Running Presidential Election Interference
The US has released a sanctions list of Russians and their crypto addresses, under allegations that they have been interfering with the presidential election.
Court Upholds OFAC's Designation of Tornado Cash Under IEEPA
The US District Court upheld the OFAC's designation of Tornado Cash under the IEEPA, rejecting plaintiffs' claims of overreach and First Amendment violations, highlighting legal challenges for privacy-oriented blockchain entities.
South Korea Cracks Down on Cryptocurrency, Credit Card Purchases Banned
South Korea intensifies crypto regulations in 2023, targeting illicit flows and tightening credit card use for crypto purchases.
US House Committee to Probe Crypto Crimes in November Hearing
The US House Financial Services Committee will hold a hearing today, November 15, 2023, to examine illicit cryptocurrency activities, including money laundering and terrorist financing, and discuss the Department of Justice's focus on these crimes.
European Union Introduces Comprehensive Crypto Law
The European Union has introduced a new crypto licensing regime called Markets in Crypto-Assets (MiCA), making it the first major jurisdiction in the world to introduce a comprehensive crypto law. The EU also voted in favor of a Transfer of Funds regulation that requires crypto operators to identify their customers in a bid to halt money laundering.
South Korea Tightens Regulations on Crypto Mixers Amid Money Laundering Concerns
South Korea's Financial Intelligence Unit (FIU) is set to introduce new regulations targeting digital asset mixers, mirroring similar moves by the US. These measures aim to curb the use of crypto mixers for illegal money laundering.
OKEx to Shut Down Its Crypto Business Operations in South Korea by April
OKEX intends to shut down its crypto branch in South Korea. According to sources familiar with the talks, the move is attributed to new anti-money laundering regulations in the country.
SEC Faces Criticism from Elizabeth Warren over Bitcoin ETF Approvals
U.S. Senator Elizabeth Warren has expressed strong disapproval of the SEC's recent decision to approve 11 spot bitcoin ETFs, emphasizing the necessity of stringent anti-money laundering regulations in the cryptocurrency sector.
North Korea's Cyber Onslaught on Cryptocurrency: A $3 Billion Digital Heist
North Korea has escalated cyber attacks on cryptocurrency since 2017, stealing over $3 billion and stealing $1.7 billion in 2022, posing a serious threat to the country's economy and military budget.
Australian Female Hacker Sentenced to 2 Years of Prison for $400K Ripple (XRP) Crypto Heist
Australia recorded one of its first cases of cryptocurrency theft recently.
South Korea’s Financial Watchdog to Stamp Out Illegal Crypto Activities
South Korea’s financial watchdog, the Financial Supervisory Service and the Finance Ministry, has teamed up with various financial authorities to crack down on illegal crypto activities.
CFTC Demands $572 Million in Penalty and Restitution for Bitcoin Scam, Defendant Nowhere to be Found
US CFTC demanded that the founder of the Bitcoin cryptocurrency scam company Control-Finance pay $572 million in penalty and restitution fees for Bitcoin fraud.
ACE Exchange President Michael Wang Arrested
Michael Wang, President of ACE Exchange, was recently arrested on charges of fraud and money laundering, marking a significant event in the cryptocurrency industry.
US Government Creates Cyber Fraud Task Force to Put an End to Crypto Crime
The US Secret Service is hoping to put an end to the increasing money-laundering cases that have erupted with the rise of COVID-19, by creating a special division, dubbed the Cyber Fraud Task Force (CFTF).
Tornado Cash Co-Founder Seeks Dismissal of Money Laundering Charges
Tornado Cash's co-founder, Roman Storm, has filed a dismissal motion for charges related to money laundering and violating the IEEPA.
US Prosecutors Unseal Indictment of $20 Million Dollar Cryptocurrency Ponzi Scheme
US prosecutors have recently indicted a group of investment scammers who have orchestrated a cryptocurrency mining fraud following a Ponzi scheme protocol.
US Treasury Department Concerns NFTs Crime of Money Laundering
The growing popularity of digital artworks as highly valued non-fungible tokens (NFTs) is now a major financial red flag as the United States Treasury Department believes they could be a vital tool for money laundering.
Nigerian High Court Orders Binance to Comply with EFCC Data Request Amidst Money Laundering Concerns
Binance must supply Nigerian user data to the EFCC as the Nigerian High Court cites money laundering risks, highlighting crypto's impact on the naira's stability.
Chinese Authorities Crack Down on 54.8 Million USDT Money Laundering Scheme
Chinese authorities crack a major USDT-linked money laundering case, arresting 21 suspects and seizing over 1M yuan.
Russians Under Sanctions Using Crypto to Launder Money: Elliptic Report
Russians with strong social connections, who are under international sanctions for the invasion of Ukraine, have been using cryptocurrencies to launder their wealth, according to a report.
Russian Cybercriminals Sanctioned by DoJ for Crypto Laundering Scam Generating More than $16.8M
TheDoJ has sanctioned two Russian nationals for their cybercrimes, where millions in cryptocurrency were accumulated through scamming and phishing schemes.
UK FCA Regulator Proposes Mandatory AML Data Reports from Cryptocurrency Firms
The United Kingdom’s Financial Conduct Authority (FCA) has proposed obligatory AML reporting requirements for crypto exchanges.
Honduras Imposes Crypto Trading Ban Amid Fraud and Laundering Concerns
Honduras' CNBS regulator bans cryptocurrency transactions within financial institutions due to fraud, money laundering, and regulatory inability to regulate multi-jurisdictional digital platforms amid global debate.
FTX's $477 Million Heist: A Trail of Blockchain Clues Unearthed
The FTX hack in November 2022 saw $477 million vanish, with the elusive thief later laundering assets through decentralized exchanges and cross-chain bridges like RenBridge and THORSwap. As the trial of FTX's CEO Sam Bankman-Fried commences, the thief, still unidentified, resumed moving the stolen assets, converting Ether to Bitcoin. Blockchain analytics firm Elliptic sheds light on this crypto mystery, unraveling the blockchain trail and revealing the thief's laundering tactics.
$4B Co-founder Of OneCoin Fraud Pleads Guilty, Faces 60 Years In Prison
Karl Sebastian Greenwood, who was one of the co-founders of the fraudulent cryptocurrency scam OneCoin that included several billions of dollars, has entered a guilty plea to numerous counts brought up by the United States Department of Justice. The sentencing hearing for Greenwood is scheduled to take place in front of District Judge Edgardo Ramos on April 5, 2023. He may get a term of up to 60 years in prison at that time.
Russian National Extradited to the U.S. to Face Crypto Money Laundering Charges
Alexander Vinnik, a Russian national accused of running an illegal crypto exchange BTC-e was extradited to the United States to face fraud charges.
US Files Lawsuit to Recover Cryptocurrency Accounts Linked to North Korean Hacking Operation
The US Department of Justice has filed a suit against North Korean state-sponsored cyber hackers for allegedly perpetrating two major cryptocurrency heists.
Taiwan's ACE Exchange Founder and Associates Face 20-Year Prison Sentences in Fraud and Money Laundering Case
Taiwan's prosecutors are recommending 20-year prison sentences for four suspects, including ACE Exchange founder David Pan, in a fraud and money laundering case involving the cryptocurrency trading platform. The case, which involved 32 individuals, resulted in over 1,200 victims and an estimated loss of 800 million New Taiwan dollars ($24.56 million).
Why Regulated Banks Have Greater Potential For Financial Crime Than Bitcoin and Crypto
While agencies focus their attention on transparent Bitcoin transactions, banks have had an official free pass disclaimer to facilitate money laundering the entire time.
Bitcoin of America indicted for operating unlicensed kiosks
Bitcoin of America, a Bitcoin technology firm, along with three of its executives, has been indicted for allegedly operating more than 50 unlicensed crypto kiosks in Ohio that knowingly benefited from victims of cryptocurrency scams. The firm is facing charges of money laundering, conspiracy, and other crimes connected to the operation of the kiosks, which authorities believe have been operating and evading regulatory safeguards and financial compliance requirements since 2018.
Binance Reportedly Faces Investigations from Top US Federal Agencies
The IRS and the DOJ are reportedly probing Binance over tax and money laundering offences.
BaFin Declines to Classify NFTs as Securities, Recommends Case-by-Case Approach
The Federal Financial Supervisory Authority of Germany (BaFin) has stated that it is not yet prepared to classify non-fungible tokens (NFTs) as securities. While NFTs may be considered investments in certain cases, BaFin suggests that classification should be approached on a case-by-case basis. The lack of immediate exchangeability and standardization makes it unlikely that NFTs will be classified as crypto assets. However, if an NFT contains documentation of exploitation rights or ownership, it could be considered an investment. BaFin does not expect NFTs to comply with the licensing requirements of the Payment Services Supervision Act or fall under its Anti-Money Laundering supervision, except for NFTs that are considered "crypto assets."
Binance Debunks Claims Exchange Aided Money Laundering
Crypto exchange Binance denied all allegations of facilitating around $2.4 billion in illicit funds from world-acclaimed criminal organizations like Lazarus Group and Hydra.
AML BitCoin Lobbyist Abramoff to Pay $55K in Convicted Guilt Plea for ICO Fraud
In the civil case filed against Jack Abramoff for his role in the 2018 Initial Coin Offering (ICO) scandal, the AML BitCoin lobbyist is expected to pay $55, 000 in disgorgement and interest for his conspiracy in fraud.
California Man Pleads Guilty to Running Illegal Bitcoin ATMs and Money Laundering
Kais Mohammad has agreed to plead guilty to federal charges of operating an illegal Bitcoin ATM business that laundered over $25 million.
Bulgarian Authorities Accuse Four Persons After Nexo Office Raid
The Sofia Nexo raid resulted in four charges. Nexo lets investors borrow and stake crypto. The UK, Bulgaria, and Switzerland-based corporation does not serve Bulgarians. Nexo announced its US service phaseout in December.
US Court Orders Binance and Changpeng Zhao to Pay $2.7 Billion in Settlement with CFTC
A US court has imposed a $2.7 billion fine on Binance and a $150 million fine on Changpeng Zhao for violating the Commodity Exchange Act and CFTC regulations.
French Hill Challenges Warren's Anti-Money Laundering Act
U.S. Representative French Hill questions the efficacy of Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act, arguing it won't deter terrorist organizations from using cryptocurrencies. The act's broad regulatory scope, including miners and validators, sparks controversy.
China Dismantles $2.2 Billion Underground Banking Operation Leveraging Cryptocurrencies
Chinese authorities have dismantled a $2.2 billion underground banking network that used cryptocurrencies to bypass financial controls, seizing $28,000 worth of digital currencies.
Hackers Launder $27 Million in Stolen Ethereum From North Korean
North Korean exploiters laundering June 2022 Harmony Bridge assault funding.
KuCoin and Founders Charged with Bank Secrecy Act and Money Transmission Offenses
KuCoin, along with its founders Chun Gan and Ke Tang, has been charged with violating the Bank Secrecy Act and operating an unlicensed money transmission business, allegedly allowing its platform to be used for money laundering and terrorist financing.
MetaMask Developer ConsenSys Responds to European Banking Authority's Consultation on Anti-Money Laundering Measures
The European Banking Authority (EBA) has closed its public consultation on revising guidelines for money laundering and terrorist financing risk factors, extending the scope to include crypto-asset service providers (CASPs). ConsenSys, MetaMask's development lead, defended the EBA's approach, stating self-hosted wallets should not be considered a risk factor and praised the EBA's recognition of blockchain analytics' role in risk mitigation.
UK Authorities Make Record-Breaking Crypto Seizure Worth Approximately $250 Million
UK Police have seized a cryptocurrencies crime worth nearly £180million, approximately $250 million. A 39-year-old woman was released on bail after under arrested.
Coinbase CEO Criticizes Anti-Crypto Stance of American Politicians
Coinbase CEO Brian Armstrong warns that anti-crypto politicians may face strategic disadvantages in 2024 elections due to growing crypto adoption and the proposed Digital Asset Anti-Money Laundering Act's impact.
Co-Founder of AirBit Club Sentenced to 12 Years for Cryptocurrency Ponzi Scheme
Pablo Renato Rodriguez, co-founder of AirBit Club, has been sentenced to 12 years in prison for orchestrating a global cryptocurrency pyramid scheme. Co-defendants await sentencing, and the group has been ordered to forfeit approximately $100 million in assets.
Spanish Authorities Arrest Bitzlato Exchange Executives for Money Laundering
On Jan. 18, 2023, police enforcement closed Bitzlato.
US Government Removes Cryptocurrency AML Provisions from NDAA
The US government has removed two AML provisions relating to cryptocurrencies from the NDAA, indicating a cautious approach to crypto regulation and raising concerns about future AML measures.
EU Proposes Cap on Anonymous Crypto Transfers
The European Union is proposing a 1,000 euro cap on anonymous crypto transfers to combat money laundering and terrorist financing. The limit would apply to transfers when a customer cannot be identified, and the proposal also caps cash transactions at 7,000 euros. The Anti-Money Laundering and Countering the Financing of Terrorism package is expected to be confirmed in April.
Elizabeth Warren Wants SEC to Double Down on Crypto Enforcement
Warren wants the SEC to "double down" on crypto enforcement. The U.S. senator said that the previous SEC administration "basically gave the green light" to a cryptocurrency market "full with trash tokens".
Binance Responds to U.S. Senators Letter, Excludes Financial Data
Binance has responded to a letter from U.S. Senators sent earlier this month requesting information about the crypto exchange’s operations in the country, including its balance sheet. Despite omitting financial data from the letter, Binance reportedly sent the information to U.S. regulators. In the 14-page document, Binance's chief strategy officer, Patrick Hillman, addressed the exchange's compliance history and recognized previous mistakes while claiming the firm has built solid Know Your Customer and Anti-Money Laundering policies in recent years. However, the response failed to address the senators’ concerns about Binance’s lack of transparency.
Richard Teng Signals Unchanged Core Values at Binance Amid Leadership Transition
Richard Teng, Binance's new CEO, prioritizes user protection and appeal amid leadership changes following Changpeng Zhao's resignation and $4.3 billion legal settlement for anti-money laundering violations.
United States DoJ Files to Freeze Assets of OneCoin Money Launderer and Recoup $400 Million
The United States Department of Justice has filed to freeze the assets of OneCoin Money Launderer Mark Scott, and Recoup $400 Million.
China Revamps AML Law, Targets Crypto Crimes
China is set to implement significant revisions to its Anti-Money Laundering Law by 2025, marking the first major overhaul since 2007. The amendments focus on including cryptocurrency transactions to combat rising crypto-related money laundering crimes.
FDIC Requires Potential Buyers of Failed U.S. Banks to Give Up Crypto Services
The FDIC has asked banks interested in acquiring failed U.S. lenders, Silicon Valley Bank and Signature Bank, to submit bids by March 17. The authority will only accept bids from banks with an existing bank charter, prioritizing traditional lenders over private equity firms. The FDIC has also required any buyer of Signature to agree to give up all cryptocurrency business at the bank. This news comes amid concerns expressed by U.S. Representative Tom Emmer that the federal government is “weaponizing” issues around the banking industry to go after crypto.
Legal Team of Samuel Bankman-Fried Seeks to Question Involvement of FTX Lawyers in $300 Million Loans
Samuel Bankman-Fried's defense team has submitted a letter to U.S. District Judge Lewis A. Kaplan, seeking permission to question the involvement of FTX lawyers in the issuance of loans worth up to $300 million from Alameda Research to Gary Wang. The request comes after an October 1 court ruling provisionally barred any mention of FTX lawyers' involvement without prior permission. The defense aims to establish Bankman-Fried's good faith and lack of criminal intent in the ongoing money laundering case.
Data Requested by US DOJ to Supplement Money Laundering Probe on Binance CEO: Report
A new report from Reuters has revealed that regulators from the United States Department of Justice (DOJ) had, in late 2020 requested information from Binance as it concerns its internal communications with respect to its Anti-Money Laundering (AML) systems
Europe's Watchdog MONEYVAL Sees Crypto as a Threat to AML
European regulator MONEYVAL has published a report that considered cryptocurrencies a major threat to regulators' efforts to fight money laundering activities.
SafeMoon CEO's Bail Release Suspended Due to Flight Risk Concerns
SafeMoon CEO Braden John Karony's bail release has been postponed due to potential flight risk and community danger following allegations of financial fraud and money laundering.
Britain to Introduce New Bill to Crack Down on Crypto Crime
The U.K. Parliament passed the first readings of an anti-money laundering bill against crypto, which aims to empower law enforcement agencies to seize, freeze or recover crypto in illegal activities.
Binance Sued for Cashing Out Illicit Hacked Funds Worth More Than $9 Million
Binance has been taken to court by Fisco, a Japanese crypto exchange, for allegedly facilitating the liquidation of at least $9 million in crypto after the latter was hacked in 2018.
French Finance Minister Praises Blockchain, but Condemns Cryptocurrency
French Finance Minister Bruno Le Maire has once again made his stance on crypto clear – he is critical of it and does not support it.
Big Banks' Involvement in Drafting the Digital Asset Anti-Money Laundering Act Raises Concerns
The Digital Asset Anti-Money Laundering Act, backed by big banks and introduced by Senators Marshall and Warren, aims to regulate crypto under strict banking laws.
Tornado Cash Founders Face Legal Action Over Money Laundering and Sanctions Violations
Tornado Cash co-founders Roman Storm and Roman Semenov have been indicted for money laundering, sanctions violations, and operating an unlicensed money transmitting business. The US Treasury added Semenov to its list, preventing US residents from using the platform.
OneCoin's Former Legal Head Pleads Guilty to Fraud and Money Laundering
Irina Dilkinska, former OneCoin legal head, has admitted to wire fraud and money laundering charges in the cryptocurrency pyramid scheme, facing a potential ten-year prison term, while co-founder Ruja Ignatova remains fugitive.
BitMEX Founder Ben Delo Surrenders and Will Face Trial on Charges of Failing to Implement AML Programs
Ben Delo has surrendered himself to US authorities to clear his name in court and defend against the charges.
Senator Lummis Advocates for Clear Crypto Regulations
US Senator Cynthia Lummis emphasizes the need for robust regulations in the crypto industry, targeting bad actors rather than the technology. She reintroduces the Lummis-Gillibrand bill to enhance oversight and protect against abuse, stressing the distinction between innovative crypto assets and illicit activities.
BitMEX's Greg Dwyer Pleads Guilty for Role in Money Laundering Case
Greg Dwyer has pleaded guilty to money laundering charges associated with BitMEX in a US court in Manhattan.
Circle Formally Refutes Allegations of Illicit Financing and Connections to Justin Sun
Circle denies CfA's allegations of illicit financing and Justin Sun ties, emphasizing regulatory compliance and advocating for stronger stablecoin laws, as clarified by Dante Disparte.
LocalBitcoins Seller Charged by US Homeland Security for Money Laundering
Kenneth Rhule, a localBitcoins seller is charged by the US Homeland Security for conducting an unlicensed money transmitting business. Rhule can face up to forty years in prison on account of fraudulent activity alongside illegal marijuana production and distribution.
Russian Hacker Sentenced to 5 years of Prison for Money Laundering, Cybercrimes, and Extortion
Russian Hacker Alexander Vinnik has been sentenced to 5 years imprisonment by a Parisian court. The judgment may be appealed as noted by Vinnik's lawyer.