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Tether aids Dutch FIOD, NHCTU, and U.S. Secret Service in dismantling cryptocurrency exchanges involved in money laundering. (Read More)
Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.
Amid multiple alleged money laundering charges, the Nigerian government claims that Binance was responsible for the decline of its naira currency.
According to the Chinese government, 1,391 individuals have been prosecuted on money laundering-related charges in the first half of 2024.
According to the Chinese government, 1,391 individuals have been prosecuted on money laundering-related charges in the first half of 2024.
Despite crypto being blamed for illicit activities, critics argue that traditional banks launder far more money annually.
The FCA is throwing the book at the head of Gidiplus Limited for operating an ATM network after being denied registration.
The cryptocurrency exchange OKX has announced a firm policy banning accounts linked to the questionable mixing service Tornado Cash in an attempt to prevent illicit activity and promote compliance with international laws. According to OKX CEO Star Xu, any account found to be exploited by Tornado Cash or other authorized firms like Garantex would be cancelled without delay. okx 1. Garantex Tornado cashokx 2. okx https://t.co/MTJ7OtQRny Star (@star_okx) August 9, 2024 Tornado Cash Controversy Tornado Cash is recognized for hiding crypto transactions, which unscrupulous people exploit to launder money and commit other crimes. The firm is under more regulatory scrutiny after the US Treasury Department penalized it in 2023 for allowing over $7 billion in unlawful transactions. Related Reading: Bitcoin NVT Golden Cross Gives Bottom Signal: What Happened Last 2 Times OKX Compliance Measures Nowadays, OKX’s risk control systems are programmed to automatically find and close accounts linked to Tornado Cash or another approved company. Xu underlined that the interaction is necessary to follow relevant sanctions rules, particularly those enforced by the United States. OKX’s Tornado Cash crackdown follows allegations of the service sending stolen money via protocol attacks. On August 7, the Rain crypto exchange hacker laundered 1,155 Ether using Tornado Cash. #okx #urgent ALL @okx EXCHANGE USERS ARE AT RISK Since 2019, I have been a partner of the OKX exchange, recommended it to you and actively used it myself. Until today, it worked honestly and stably. But today, I regret to admit that the exchange policy and all the pic.twitter.com/fQiDRj6aHO Satoshi Friends (@slezisatoshi) August 8, 2024 Response To User Concerns Xu said that the user has before made large transactions via approved exchanges or DeFi systems. The individual was still allowed to withdraw clean money before their account was banned nonetheless. Emphasizing that OKX cannot provide services to sanctioned individuals or companies, Xu clarified that compliance concerns made it impossible to move data from an old account to a new one. Xu informed the wider user base that most consumers operate distant from approved businesses, hence most of them are unlikely to be harmed. He underlined that preserving the commitment of the exchange to financial integrity and regulatory compliance depends on these steps. Related Reading: Dogecoin Price (DOGE) Poised for a Steady Increase, Inspired by Bitcoin Impact On Tornado Cash OKX’s deactivation of Tornado Cash accounts follows a crypto industry trend towards regulatory compliance and legality. Binance and Kraken both delist privacy coins and prohibit mixing. Roman Semenov, Alexey Pertsev, and Roman Storma trio of Russian immigrants living in Europefounded Tornado Cash in 2019. Pertsev was sentenced to five years in jail in May 2024 for breaking anti-money laundering regulations with transactions utilizing Tornado Cash. Featured image from Pexels, chart from TradingView
Crypto ATMs are more vulnerable to fraud and money laundering due to weaker KYC and AML protocols, as per a new report.
Binance, th world’s lrgst cryptocurrncy xchng, nd its formr CEO Chngpng Zho (CZ) r fcing frsh lgl troubl. Thr crypto invstors hv fild clss-ction lwsuit ginst th xchng, ccusing it of fcilitting mony lundring nd prvnting thm from rcovring thir stoln ssts. Th lwsuit, fild on August 16 in th U.S. District Court for […]
The AMF is giving firms registered under its current DASP rules ample time to transition, too.
Roman Sterlingov, the founder of Bitcoin Fog, a cryptocurrency mixer is challenging a potential 30-year prison sentence. It was followed by his conviction on multiple money laundering charges. In an August 15 filing with the U.S. District Court for the District of Columbia, Sterlingov’s legal team argued that the recommended
Bybits registration as a virtual asset service provider was made possible by a law passed in July.
Pertsevs case is a pivotal moment for the crypto community and advocates of digital privacy.
Artur Schaback, one of the co-founders of crypto exchange Paxful, has agreed to a plea deal with U.S. prosecutors that could see him locked up for five years.
As the trial of Binance executive Tigran Gambaryan restarts in Nigeria, Cointelegraph recaps the story so far.
New EU regulations mandate crypto exchanges to comply with Travel Rule guidelines, enhancing AML/CFT measures starting Dec. 30.
As stablecoins continue to gain traction globally, regulatory initiatives such as FINMAs guidance are likely to influence policies in other jurisdictions.
The Financial Technology Protection Act passed the House of Representatives by voice vote roughly a year after lawmakers sent it out of committee.
The update aims to prevent terrorist groups and organizations from exploiting Singapores economic openness as an international financial, business and transport hub.
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