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Canadian regulator fines Binance $4.4M for AML and CFT violations
9.5.2024
FINTRAC reported that Binance facilitated 5,902 separate transactions of $10,000 or more in crypto from June 2021 to July 2023 and failed to register with the regulator
Taiwan proposes tougher AML measures for crypto service providers
9.5.2024
Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance
Report: 30% of UK Watchdog’s Financial Crime Experts Focused on Crypto Businesses in 2022-23
3.5.2024
According to a report, the Financial Conduct Authority, a watchdog for the financial services industry in the U.K., had 30% of its financial crime specialists focused on crypto-asset businesses. Assessments conducted by supervisors in the U.K. found that not only crypto-asset businesses, but nearly...
Crypto Was One of the Biggest Money Laundering Risks in 2022-2023: UK Govt. Report
1.5.2024
Between 2022 and 2023 Crypto alongside retail banking, wholesale banking and wealth management posed the greatest risk of being exploited for money laundering, a report by the U.K. Treasury department showed
Former Binance Boss Changpeng Zhao Sentenced to 4 Months in Jail
30.4.2024
On Tuesday, April 30, 2024, Changpeng Zhao (CZ), formerly the CEO of Binance, was sentenced in a Seattle courtroom for his compliance failures at the cryptocurrency exchange. The sentencing was first covered by Nikhilesh De and Danny Nelson of Coindesk, who reported directly from the courthouse....
Top Chinese Law Firm Analyzes Digital Yuan AML Challenges
29.4.2024
JunHe Law Firm Partner Chen Xin issues report to explore anti-money laundering challenges, opportunities and solutions in China's CBDC digital yuan deployment and regulation.
The post Top Chinese Law Firm Analyzes Digital Yuan AML Challenges appeared first on Cryptonews
EU Parliament Adopts Anti-Money Laundering Rules Package, Also Policing Crypto
26.4.2024
The new laws set up "enhanced" due diligence and customer checks for crypto firms
Samourai Wallet mixer co-founders arrested on AML, licensing charges
24.4.2024
The crypto mixer allegedly handled $2 billion in unlawful transactions and facilitated $100 million in money laundering
Former Binance Boss CZ Apologizes, Accepts Responsibility Ahead of Sentencing
24.4.2024
Changpeng Zhao, the former CEO of Binance, has publicly apologized for his past decisions and accepted full responsibility for his actions. This comes as U.S. prosecutors are seeking a 36-month prison sentence for Zhao in connection with compliance failures at the cryptocurrency exchange. Changpeng...
US Prosecutors Seek 36-Month Sentence for Binance’s Changpeng Zhao Over Legal Violations
24.4.2024
Federal prosecutors have recommended a 36-month prison sentence for Changpeng Zhao (CZ), the cryptocurrency exchange Binance’s former CEO, for U.S. law violations. Prosecutors contend Zhao’s deliberate non-compliance facilitated massive unlawful transactions, impacting national security...
Crypto.com Postpones South Korea Launch After Reports of Money Laundering Probe
23.4.2024
The firm maintains the "highest" anti-money laundering standards in the industry, it said in a statement to CoinDesk
Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges
26.3.2024
U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws on Tuesday, saying the exchange operated in the U.S., lied to at least one of its investors about operating in the U.S. and failed to both register with U.S. government entities...
Expert Clarifies No EU-Wide Ban on Anonymous Crypto Wallets
25.3.2024
Industry expert Patrick Hansen clarified that the EU’s recent anti-money laundering (AML) law does not specifically target banning anonymous crypto accounts.
The post Expert Clarifies No EU-Wide Ban on Anonymous Crypto Wallets appeared first on Cryptonews
Latam Insights: Chile to Keep Advancing CBDC Tests, Argentina Debuts VASP Registry
25.3.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: the Central Bank of Chile will keep experimenting with CBDC, Argentina’s VASPs will have to register to provide services in the country, and Argentines...
Nigeria’s Financial Watchdog Summons Binance CEO Over Crime Concerns
4.3.2024
New Binance CEO Richard Teng must appear before Nigeria’s House of Representatives Committee on Financial Crimes to answer questions about his company’s lax KYC and AML policies, which may have played a part in terrorism financing and money laundering. Committee Chairman Ginger Onwusibe...
It’s Time to Scrap AML/KYC Entirely
27.2.2024
Frankfurt to Host New EU Money Laundering Watchdog Tasked With Monitoring Crypto
22.2.2024
The Anti-Money Laundering Authority is part of a broader effort by the European Union to combat illicit fund flows, and is ready to begin work as early as Friday, officials said Thursday
Crypto Advocacy Group Urges Senate Banking Chair to Reject Elizabeth Warren’s DAAMLA Bill
21.2.2024
US crypto advocacy group, the Chamber of Digital Commerce (CDC), is opposing Senator Elizabeth Warren’s anti money-laundering (AML) DAAMLA legislation, claiming she is “trying to kill the entire industry,” according to a tweet yesterday on X. Digital assets have been under attack...
US Judge Urged to Approve Binance’s $4.3 Billion Plea Deal
21.2.2024
A U.S. Federal Judge has been urged to accept a plea deal from U.S. authorities with the cryptocurrency exchange, Binance. Prosecutors, in a memorandum, have asserted that the agreed-upon sanctions are commensurate with the extent of Binance’s deliberate law violations. Binance’s Alleged...
ZK Proofs Enable Defi Platforms to Meet Regulatory Requirements Without Compromising User Data, Says Ex-FCA Regulator
16.2.2024
Diana Tlupova, Head of Compliance at Nexera ID, has argued players in the decentralized finance (defi) space can stay ahead of regulators who might want to impose stringent Know-Your-Customer (KYC) rules by using zero-knowledge (zk) proofs to authenticate user credentials. Tlupova contends that,...