Loading
Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WorldCrypto is a site member of Gabriel Vega Network.
IOTA Foundation supports AUSTRAC's proposed AML/CTF reforms, emphasizing a flexible, risk-based compliance approach to foster innovation while maintaining financial safeguards. (Read More)
On June 27, 2023, Israeli Defense Minister Yoav Gallant announced that Israel's National Bureau for Counter Terror Financing (NBCTF) successfully disrupted the cryptocurrency infrastructure used by Hezbollah, a heavily sanctioned terrorist group based in Lebanon, and Iran's Quds Force, known for its extensive funding and collaboration with Hezbollah. (Read More)
<p>Binance, one of the world's largest crypto exchanges, has faced some <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__main-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a" target="_blank">compliance</a> "gaps" in the past and expects to pay fines to settle with US regulators, Patrick Hillmann, the company's Chief Strategy Officer (CSO), admitted in a recent interview.</p><p>Binance Awaits Penalties for Past Regulatory Sins</p><p>According to Hillmann, Binance rose rapidly in a decentralized cryptocurrency environment and was developed by software engineers who were far from familiar with the intricate regulatory rules related to anti-money laundering and terrorist financing. He talked about small compliance "gaps" that might occur over the years. However, they have either already been patched or are currently being fixed. Despite this, it expects US regulators to impose financial penalties on the company for past actions.</p><p>Binance is currently working closely with regulators, including the Department of Justice (<a href="https://www.financemagnates.com/tag/doj/" target="_blank" rel="follow">DoJ</a>) and the Commodity Futures Trading Commission (<a href="https://www.financemagnates.com/tag/cftc/" target="_blank" rel="follow">CFTC</a>), to determine the immediate remedies to be taken first. The DoJ is investigating Binance for potential violations of US money laundering laws. Meanwhile, the CFTC is conducting a separate investigation into Binance's offering of crypto derivatives to customers in the US without obtaining the necessary licenses.</p><p>Binance's CSO does not know how high the potential fines could be but admits that talks with regulators are moving in the right direction. However, he makes no secret that the current time for the cryptocurrency industry is complicated, with participants trying to understand how the US wants to approach the regulation of digital assets.</p><p>Watch the recent FMLS22 panel titled: "Regulation Roundup: Everything You Need to Know for 2023"</p><p>SEC Looks at Kraken, Paxos and Binance</p><p>The Securities and Exchange Commission (SEC) has stepped up its scrutiny of the digital asset industry over the past week. As reported by Finance Magnates, one of the largest US exchanges, Kraken, <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">has paid a $30 million fine</a> as part of a <a href="https://www.financemagnates.com/terms/s/settlement/" class="terms__secondary-term" id="2dc6d2c7-1626-4ecf-811e-4c1aabbdb280" target="_blank">settlement</a> over its staking program. </p><p>In turn, Paxos, which works closely with Binance, <a href="https://www.financemagnates.com/cryptocurrency/paxos-stops-busd-mint-after-sec-action-binances-cz-calms-funds-are-safe/" target="_blank" rel="follow">halted the mint of the new Binance USD (BUSD) stablecoins</a> after news that the SEC was going to launch an investigation into the issuance of securities without proper authorizations. According to the regulator, BUSD bears the hallmarks of a security.</p><p>News of the suspension of the BUSD mint has caused turmoil in the industry, but <a href=" https://www.financemagnates.com/cryptocurrency/paxos-stops-busd-mint-after-sec-action-binances-cz-calms-funds-are-safe/" target="_blank" rel="follow">Binance's Chief Executive, Changpeng 'CZ' Zhao, calmed clients by saying that funds are safe.</a> However, he acknowledged that if the SEC intervenes in the stablecoin market, it could cause a move towards non-dollar tokens. </p> This article was written by Damian Chmiel at www.financemagnates.com.
A “close look” is being taken at money laundering and terror financing laws by FinCEN as it asked banking sector players for feedback on DeFi’s crime risks.
Zero-knowledge Know Your Customer (KYC) would allow businesses to adhere to strict AML/CTF rules while ensuring customer privacy.
UK’s Financial Conduct Authority’s or FCA has accepted registration requests by digital asset market maker Wintermute under anti-money laundering and counter-terrorist financing or AML-CTF regime for crypto firms. According to the Wintermute website, the platform’s cumulative trading volume stood at $1.72 trillion since January 2020. In addition to that, data from the firm’s site revealed that […]
Decentralized information markets platform Polymarket was imposed a civil fine of $1.4 million by the United States Commodity Futures Trading Commission (CTFC), failing to obtain a proper registration. (Read More)
In my opinion, this is just a pullback as Bitcoin gathers power before making its next leap to new highs. (Read More)
Major regulatory agencies plan to work harder to prosecute individuals and companies that have had dodgy dealings with digital assets.
World Crypto Global opens the door to digital freedom for everyone.
Manage your free WCG Coins securely—where simplicity meets global accessibility.
FREE CRYPTO COINS
AVAILABLE FOR RESERVATION
ALREADY ALLOCATED
No fees. No catch. Your crypto journey starts here.
World Crypto Global
