The Justice Department report, mandated by the president’s executive order on digital asset development, recommends more efforts along the lines already being pursued. The United States Department of Justice (DOJ) released a report on international law enforcement related to digital assets on Tuesday. It is the first of the approximately one dozen reports mandated in…
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Despite the imminent possibility of serving jail time, proactively owning up to the allegations resulted in Hayes being sentenced to six months of house arrest and two years of probation. Bringing closure to the long-awaited judgment related to the money laundering activities over the BitMEX crypto exchange, one of the four federal district courthouses in…
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The annual supervision report from MONEYVAL concluded that 18 of the 22 jurisdictions have an insufficient level of compliance with AML standards. Europe’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) watchdog, MONEYVAL, has listed monitoring the crypto sector along with “gatekeeper” professionals, such as lawyers and accountants, as priorities in European nations’ push…
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The exchange said it was “categorically false” that it shared user data with Russian regulators, and it had stopped working in the country following the invasion of Ukraine. Major crypto exchange Binance challenged the accuracy of a report, which stated one of its regional heads agreed to supply Russia’s financial intelligence unit with customer data…
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The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade. Why is wash trading a problem for the NFT space? NFT wash trading is a problem for investors, the global community, collectors and traders because these participants use less liquid nonfungible tokens…
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Bitstamp now requires users to provide info like nationality, place of birth and tax residency, in addition to documents proving the origin of crypto and the annual income. Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth. In an email notification to…
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Many privacy coin developers are convinced that all the necessary mechanisms to regulate AECs are already in place. Recent weeks saw a massive surge of the so-called privacy coins’ prices — namely Monero (XMR), Dash (DASH), Zcash (ZEC) and Haven Protocol (XHV). As many other cryptocurrencies and the industry at large faced immense regulatory pressure…
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Crypto execs signal their readiness to comply with sanctions, but decentralization itself puts crypto in a vulnerable position. It has been two weeks since Russia kicked off the first large-scale military action in Europe in the 21st century — a so-called “special operation” in Ukraine. The military conflict immediately triggered devastating sanctions against the Russian…
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Private banks could be required to conduct risk assessments on case-by-case basis. On Friday, the Bank of Israel published a draft regulation on Anti-Money-Laundering and Combatting the Financing of Terrorism (AML/CFT) risk management for the banks facilitating crypto-to-fiat transactions. The move hints at the Israeli government’s preparations to legalize and regulate the relationship between banks and…
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Grewal points out that laundering of fiat currency through traditional financial institutions remains the most sought-after method for evading sanctions. The United States-based crypto exchange Coinbase has proposed the use of cryptocurrencies to help ensure compliance with economic sanctions. This recommendation comes by highlighting the ease of laundering and sanction evasion of fiat currencies made…
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