India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism…
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South Korean exchanges will require users to verify their third-party wallet addresses to help the country comply with FATF travel rule guidelines. Major South Korean crypto exchanges, including Upbit, Bithumb and Korbit, will follow Coinone’s lead in banning transfers to non-verified wallets, industry analysts said. On Wednesday, Coinone announced that it would reject deposits from…
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The exchange plans to verify users’ names and resident registration details to ensure crypto transactions were “not used for illegal activities such as money laundering.” South Korean crypto exchange Coinone has announced it plans to no longer allow withdrawals of tokens to unverified external wallets starting in January. In a Wednesday announcement, Coinone said users…
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MASAK found Binance Turkey guilty of violating the Law on Prevention of Laundering Proceeds of Crime, also known as the AML Law. The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found crypto exchange Binance’s Turkey operations guilty of violating laws that intend to…
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Cyprus’s finance ministry stressed the need to accelerate its capacity building for the crypto industry. Cyprus is moving to regulate the cryptocurrency industry, with the country’s finance ministry releasing a national risk assessment on crypto. Published on Monday, the official documentation provides a risk assessment for the Republic of Cyprus regarding money laundering risks related to…
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The Financial Action Task Force has laid out its perspective on crypto, including its views of nonfungible tokens and decentralized finance. The Financial Action Task Force (FATF) released its long-awaited guidance on virtual assets, laying out standards that have the potential to reshape the crypto industry in the United States and around the world. The…
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Civic’s Ignite Pass aims to combat bots targeting NFT drops on the Solana network by verifying video-based selfies using artificial intelligence. Identity verification tech firm Civic Technologies has launched a free tool to combat botting activity in Solana (SOL)-based NFT drops. According to a Nov. 8 announcement, Civic’s new tool “Ignite Pass” will filter out…
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Launched in production in 2020, Notabene’s Travel Rule solution now processes transactions between 50 crypto exchanges. Cryptocurrency exchanges Bitfinex is preparing to test out a new Anti-Money Laundering (AML) tool on its platform. The firm announced Wednesday that it will be testing a new solution designed for complying with the “Travel Rule,” an AML/Counter Financing…
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Tether, the operator of one of the leading stablecoins in the crypto market has announced it will commence trials of a system that will allow the company to comply with the Financial Action Task Force (FATF) travel rule. The system, that is provided by Notabene, a company that offers ID and travel rule compliance solutions,…
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All individuals and institutions in the country, including banks, will have to sign up using the new AML registry from the Bank of Spain. The central bank of Spain is introducing new registration guidelines for local virtual currency service providers, or VASPs, including banking institutions. The Bank of Spain has issued instructions on VASP registration…
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