money laundering

UK adds further regulation to already strict 5AMLD guidelines

UK Adds Further Regulation to Already-Strict 5AMLD Guidelines

To combat the alleged risks associated with crypto-assets and their networks, Her Majesty’s Treasury, the United Kingdom’s finance and economics department, has added additional measures. The new Money Laundering Regulations, or MLRs position the U.K’s Financial Conduct Authority (FCA) as the Anti-Money Laundering (AML) overseer for certain crypto objectives, Director of Retail and Regulatory Investigations, […]

Digitex to remove KYC to protect user data

Crypto Exchange Digitex Removes KYC to Protect User Data

While some global crypto exchanges move to expand Know Your Customer (KYC) rules, some major rivals claim that crypto platforms don’t need KYC at all. Digitex, a Seychelles-based crypto derivatives exchange, will start removing KYC identification this week in response to a major user data leakage that happened last month. Digitex will have no KYC […]

lazarus group

US Govt. Sanctions 2 Chinese Nationals in Connection to Lazarus Group

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Chinese nationals accused of laundering cryptocurrency that was stolen in a 2018 crypto exchange hack. At the same time, the Department of Justice announced an indictment for money laundering against the same two individuals. Their activity is linked to Lazarus Group, […]

Crypto in latin america

Crypto Contributes to Money Laundering Problems in Latin America

Amid a major economic downturn, countries in Latin America (LATAM) are increasingly suffering from money laundering through cryptocurrencies, a new report says. Cryptocurrencies like Bitcoin have become a major tool of organized crime groups and hackers in LATAM countries, according to a Feb 27 report issued by threat intelligence firm IntSights. Titled “The Dark Side […]

stablecoins

Can Stablecoins Bring Financial Stabilization? See What US Federal Reserve Says

Stablecoins! Are they here to bring financial stabilization? Or, leaving us in the same state we are now? Details explained here! Keep reading and you’ll get to know… The US Federal Reserve comes out with new findings of financial stability. Surprisingly, the US Federal Reserve is supporting the use of stablecoin wholeheartedly. Most of the […]

BitPay

BitPay in Trouble as The New Bitcoin Upgrade Disables BIP70

The cryptocurrency payment processor BitPay might encounter difficulties while doing business. This is because the developers are planning to disable support for the method the firm uses to create billing addresses…

Illegal conversion bitcoin

Illegal Conversion of Bitcoin into Cash on Dark Web Found

Money launderers have found a new and profitable dark web marketplace for illegal conversion of Bitcoin into cash. In the research of illegal dark web marketplaces and forums, the security researchers have caught this new trend of scammers. Here the scammers are easily selling the stolen hard cash in return for a 10-12 % fee in Bitcoin…

Financial Regulator of Italy Bans Cryptocurrency Firm Named Avacrypto

Financial Regulator of Italy Bans Cryptocurrency Firm Named Avacrypto

Commissione Nazionale per le Società e la Borsa, the Italian National Commission for Companies and the Stock Exchange, has put a ban on the operations of Avacrypto, a cryptocurrency-related company. According to the ministry, the reason behind the ban is that the company offered unauthorized services to the people in the country.