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Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges
20.8.2022
The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can...
Crypto Trading, Investing Illegal in Iran, Central Bank Governor Reiterates
14.8.2022
It is illegal to buy or sell cryptocurrency in Iran, the head of the country’s monetary authority has recently reminded citizens and businesses. The governor noted, however, that mining cryptocurrencies and using them in payments for imports is not against the law in the Islamic Republic....
Kazakhstan Investigates Crypto Mining Hotel Allegedly Operating as Ponzi Scheme
10.8.2022
Authorities in Kazakhstan have launched an investigation into a mining hotel business suspected of being a crypto pyramid as part of an ongoing crackdown on illegal activities linked to cryptocurrencies. The platform, called Bincloud, lured investors through popular messaging apps. Bincloud...
Business Exec’s Noisy Illegal Ethereum Mining Rigs Left Employees Sweltering in 40°C Furnace
9.8.2022
A South Korean company executive at a major business group operated Ethereum (ETH) mining rigs “non-stop for three years” – using illegally sourced electricity.
MBN reported that the unnamed executive was a faculty management chief for “one of the five biggest business groups” in the nation. South...
Elden Ring Now Lets You Know If You Have An Illegal Item
9.8.2022
Cursed items already have a long and storied history in Elden Ring. Players have been soft-banned for collecting illicit panties hidden in the game files, for example. And some have tried to get others banned by forcing unauthorized items on one another. The whole thing has created a swirl...
Kazakh Authorities Arrest 23 Suspected of Forcing IT Professional to Run an Illegal Crypto Mine
9.8.2022
The country is still grappling with the illegal crypto mining industry
Police in Kazakhstan Arrest Gang Forcing IT Specialists to Run Crypto Farms
7.8.2022
Law enforcement in Kazakhstan detained members of a crime group suspected of forcing IT experts into operating underground facilities for cryptocurrency mining with threats and blackmail. The racketeers allegedly made up to half a million U.S. dollars a month from their business. Kazakhstan Busts...
SEC Philippines to investigate Binance over alleged illegal operations
26.7.2022
A think tank in the Philippines doesn’t give up on efforts to ban Binance, now claiming that the crypto exchange has been operating illegally in the country
Security Service of Ukraine Shuts Down Crypto Mining Farm Near Front Line in Kharkiv
20.7.2022
Ukraine’s main law enforcement agency has busted an illegal facility mining cryptocurrencies in the Kharkiv region. The operators of the crypto farm have been minting coins using large amounts of stolen electricity, threatening energy supply to critical infrastructure, the agency said....
Binance fined $3M over illegal operations in the Netherlands
18.7.2022
The Dutch central bank said that the Binance crypto exchange had a “very large number of customers in the Netherlands."
Iranian Power Utility Tavanir Vows Severe Measures Against Unlicensed Crypto Miners
9.7.2022
Iran’s state-owned power distribution company, Tavanir, has threatened harsher measures to discourage unauthorized crypto mining. These include much higher fines for those minting digital currencies with subsidized electricity and penalties for government officials involved in mining....
Salary payments in USDT stablecoin ruled as illegal in the Chinese court
6.7.2022
Tether USDT stablecoin cannot be used for salary payments, a Chinese court ruled, citing the country’s blanket ban on all types of crypto transactions
Bill Imposing Fines for Illegal Issuance and Exchange of Digital Assets Proposed in Russia
24.6.2022
A bill introducing financial penalties for those who illegally issue or exchange digital financial assets has been filed in the Russian parliament. The legislation has been submitted by the sponsor of another draft law banning their use as a means of payment. New Bill Targets Russian Platforms...
Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments
16.6.2022
Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic. National Bank of Kyrgyzstan Urges...
Illicit crypto usage as a percent of total usage has fallen: Report
14.6.2022
A rapidly growing crypto market means that hacks and scams are accounting for less overall activity, and their percentage of total usage continues to decline
Russian Parliament to Review Bill Prohibiting Crypto Payments
13.6.2022
Legislation making it illegal to pay with cryptocurrencies has been filed with the State Duma, the lower house of Russia’s parliament. The sponsors of the bill want to task crypto platforms to prevent transactions that could facilitate payments with digital assets. Draft Law Banning Use...
Ethiopian Central Bank Urges Residents to Stop Engaging in Crypto Transactions
8.6.2022
The National Bank of Ethiopia (NBE) has said it does not recognize cryptocurrencies as a legitimate method of payment and that residents must avoid using them. The bank insists the local birr currency is the only lawful means of settling transactions in Ethiopia. Illegal Transactions The Ethiopian...
Crypto Mining Farm Uncovered in Russia’s Oldest Prison
22.5.2022
Russian law enforcement officials are investigating a crypto mining operation at Butyrka, Russia’s oldest prison. A deputy warden has been accused of stealing electricity to mint digital coins with the help of unidentified accomplices. Deputy Warden Suspected of Mining Cryptocurrency...
Despite Criminalizing Mining, Abkhazia Uncovers Another Crypto Farm
19.5.2022
Even after introducing fines and criminal liability for cryptocurrency mining, Abkhazia continues to find underground facilities for digital currency extraction. This week, law enforcement officials have confiscated dozens of mining devices from an illegal crypto farm. Abkhazia Shuts Down Crypto...
Former Fed Chair Bernanke: Bitcoin Is Mainly Used in Underground Economy for Illicit Activities
17.5.2022
Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is “mostly for underground economy activities and often things that are illegal or illicit.” He added, “I don’t think bitcoin is going to take over as an alternative form of money.”...