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Petition to Stop Proposed Crypto Ban in US Gains Traction
24.12.2023
A petition to stop a proposed crypto ban in the U.S. has gained traction. The Chamber of Digital Commerce explained that the Digital Asset Anti Money Laundering Act, introduced by Senator Elizabeth Warren and currently supported by 19 U.S. senators, is “a crypto ban” that...
Nexo's Money Laundering Investigation in Bulgaria Closed Due to Lack of Evidence: Report
22.12.2023
The Bulgarian Prosecutor's Office reported to have said that it found “no evidence of criminal activity,” adding that “no evidence of tax offenses or computer fraud was found against the defendants, either.”
UAE Authority Updates Anti-Money Laundering Measures to Implement FATF’s Travel Rule
21.12.2023
Image Source: Diana/Adobe Stock The Financial Services Regulatory Authority (FSRA), a financial regulatory body in the United Arab Emirates, has released an updated version of its Anti-Money Laundering (AML) and sanctions rules specifically tailored for digital assets. In an official announcement...
Indian Law Enforcement Arrest Key Player in GainBitcoin Scam Year After Mastermind’s Death
19.12.2023
Source: Pexels The Directorate of Enforcement (ED) has arrested Simpy Bhardwaj aka Simpy Gaur, wife of Ajay Bhardwaj in the ongoing money laundering investigation in the country’s largest crypto ponzi scam GainBitcoin. The main accused Ajay Bhardwaj and Mahender Bhardwaj managed to escape...
Safemoon Files for Chapter 7 Bankruptcy Protection Amid Securities and Wire Fraud Charges
17.12.2023
In the latest development, Safemoon, a crypto company, voluntarily initiated Chapter 7 bankruptcy proceedings in the District of Utah, as stated in their bankruptcy documentation. This action comes on the heels of the company’s founders facing indictment for securities fraud, wire fraud,...
Crypto Crimes Highlighted in IRS Criminal Investigation’s 2023 Top 10 Criminal Cases
16.12.2023
In the IRS’s list of top 10 criminal cases for 2023, cryptocurrency frauds are featured, ranging from multi-million dollar tax evasions to elaborate money laundering schemes. Crypto Scams Among Most Significant Financial Crimes in IRS Criminal Investigation’s 2023 Report The...
CFA Renews Accusations Against Circle, Says CCTP May Be Funding Terrorism via Tron
15.12.2023
Nonprofit watchdog CFA alleged Circle’s blockchain protocol CCTP enables money laundering and funding of terrorism through Tron network. Image by Kerem Goktug Kaya, DALL-E 3. The Campaign for Accountability (CFA), a nonprofit ethics watchdog, renewed its accusations against Circle on December...
Public-Private Partnerships Necessary in Investigating Crypto Crimes: Former IRS Agent and Lead Investigator at Merkle Science
15.12.2023
Richard Reinhardt. Image: LinkedIn / Merkle Science In an exclusive interview with CryptoNews, former IRS agent Richard Reinhardt, now serving as the lead investigator at Merkle Science, talked about growing challenges in investigating crypto-related crimes and the need for public-private...
Crypto KYC Solutions Advance to Ensure Adoption and Better User Experience
14.12.2023
Know-your-customer (KYC) measures are becoming more important as the cryptocurrency sector grows. These models have proven to help digital asset service providers prevent against crimes such as money laundering, terrorist financing and more. Yet while KYC processes can help financial firms better...
Alleged Crypto Investment Scam Worth $80M Sees Four People Charged With Money Laundering in U.S.
14.12.2023
The four allegedly obtained the money through so-called pig-butchering and other fraudulent schemes
Exclusive: Micapass CEO Gintarė Košubienė Discusses AML Compliance Shift in Crypto Post-Binance Fine
14.12.2023
The cryptocurrency industry is on the brink of a transformative shift in Anti-Money Laundering (AML) compliance, a change propelled by the recent landmark fine imposed on Binance and its CEO, Changpeng Zhao. The recent anti-money laundering case involving Binance and its former CEO, Changpeng Zhao...
Crypto Regulation News Weekly Digest: Anti-Money Laundering Support Gains Momentum in US Congress and India Takes Cautious Regulatory Approach
13.12.2023
US lawmakers push for stricter crypto regulation while India reiterated its plan for a slow, evolutionary approach to digital asset legislation. Image by Kerem Goktug Kaya, DALL-E 3. The past week saw major developments on the crypto regulation front. In the United States, The CFTC Chairman...
FCA Has Dealt With 1,400 Cases Related to Unregulated Crypto Activity, UK Regulator Reveals
13.12.2023
The U.K. Financial Conduct Authority (FCA) has revealed that it has dealt with over 1,400 crypto cases between January 2020 and June 2023. The regulator noted that “a shortage of crypto skills meant the FCA took longer than planned to register crypto-asset firms under money laundering...
Senator Warren’s Bipartisan Push to Combat Crypto Money Laundering Gains Momentum
12.12.2023
Source: Screenshot of video Sen. Elizabeth Warren’s YouTube page Senator Elizabeth Warren (D-Mass.) has announced an increase in support for the bipartisan Digital Asset Anti-Money Laundering Act, which aims to tackle concerns around the use of crypto in illegal activities such as money laundering...
Binance Founder CZ to Await Sentencing in US; Judge Cites Wealth Abroad as Flight Risk Factor
8.12.2023
Source: GeekWire/ Taylor Soper A federal judge in Seattle has ruled that Changpeng Zhao, the founder and former CEO of Binance, must remain in the United States while awaiting sentencing on money laundering charges. The decision overturned a previous ruling by a magistrate judge, who had allowed...
JPMorgan CEO Jamie Dimon Says He’d Close Crypto Down if He Were the Government
8.12.2023
JPMorgan Chase CEO Jamie Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government. Emphasizing that he has always been “deeply opposed” to crypto and bitcoin, the executive stressed that the true use case of crypto is criminals, drug...
Former Binance CEO CZ’s Guilty Plea Accepted by US Judge
7.12.2023
Source: DALL·E Changpeng Zhao, former CEO of Binance known as CZ, had his guilty plea accepted by a U.S. judge in a case involving anti-money laundering (AML) regulations. According to a recent court filing in the U.S. District Court for the Western District of Washington in Seattle, Judge Richard...
Indian Government Reveals 28 Crypto Service Providers Are Registered With Financial Intelligence Unit
5.12.2023
The Indian government has revealed that 28 crypto service providers are currently registered with the country’s Financial Intelligence Unit. Furthermore, the Ministry of Finance has clarified that the anti-money laundering guidelines and reporting requirements apply to offshore cryptocurrency...
28 Indian Crypto Platforms Register With Country’s Anti-Money Laundering Department
4.12.2023
Source: Pixabay 28 Indian crypto platforms have registered with the Financial Intelligence Unit, the country’s Minister of State for Finance said. In response to queries in the Lok Sabha, the lower house of India’s bicameral Parliament, Indian Minister of State for Finance Pankaj Chaudhary told...
28 Indian Crypto Service Providers Have Registered With Country’s Anti-Money Laundering Unit
4.12.2023
As many as 28 Virtual Digital Assets (VDA) or crypto service providers have registered themselves with India's Financial Intelligence Unit (FIU-IND)