Search Results for "money laundering"
US Treasury Department Concerns NFTs Crime of Money Laundering
The growing popularity of digital artworks as highly valued non-fungible tokens (NFTs) is now a major financial red flag as the United States Treasury Department believes they could be a vital tool for money laundering.
Nigerian High Court Orders Binance to Comply with EFCC Data Request Amidst Money Laundering Concerns
Binance must supply Nigerian user data to the EFCC as the Nigerian High Court cites money laundering risks, highlighting crypto's impact on the naira's stability.
Chinese Authorities Crack Down on 54.8 Million USDT Money Laundering Scheme
Chinese authorities crack a major USDT-linked money laundering case, arresting 21 suspects and seizing over 1M yuan.
UK FCA Regulator Proposes Mandatory AML Data Reports from Cryptocurrency Firms
The United Kingdom’s Financial Conduct Authority (FCA) has proposed obligatory AML reporting requirements for crypto exchanges.
Honduras Imposes Crypto Trading Ban Amid Fraud and Laundering Concerns
Honduras' CNBS regulator bans cryptocurrency transactions within financial institutions due to fraud, money laundering, and regulatory inability to regulate multi-jurisdictional digital platforms amid global debate.
$4B Co-founder Of OneCoin Fraud Pleads Guilty, Faces 60 Years In Prison
Karl Sebastian Greenwood, who was one of the co-founders of the fraudulent cryptocurrency scam OneCoin that included several billions of dollars, has entered a guilty plea to numerous counts brought up by the United States Department of Justice. The sentencing hearing for Greenwood is scheduled to take place in front of District Judge Edgardo Ramos on April 5, 2023. He may get a term of up to 60 years in prison at that time.
Russian National Extradited to the U.S. to Face Crypto Money Laundering Charges
Alexander Vinnik, a Russian national accused of running an illegal crypto exchange BTC-e was extradited to the United States to face fraud charges.
Taiwan's ACE Exchange Founder and Associates Face 20-Year Prison Sentences in Fraud and Money Laundering Case
Taiwan's prosecutors are recommending 20-year prison sentences for four suspects, including ACE Exchange founder David Pan, in a fraud and money laundering case involving the cryptocurrency trading platform. The case, which involved 32 individuals, resulted in over 1,200 victims and an estimated loss of 800 million New Taiwan dollars ($24.56 million).
Bitcoin of America indicted for operating unlicensed kiosks
Bitcoin of America, a Bitcoin technology firm, along with three of its executives, has been indicted for allegedly operating more than 50 unlicensed crypto kiosks in Ohio that knowingly benefited from victims of cryptocurrency scams. The firm is facing charges of money laundering, conspiracy, and other crimes connected to the operation of the kiosks, which authorities believe have been operating and evading regulatory safeguards and financial compliance requirements since 2018.
Binance Reportedly Faces Investigations from Top US Federal Agencies
The IRS and the DOJ are reportedly probing Binance over tax and money laundering offences.
BaFin Declines to Classify NFTs as Securities, Recommends Case-by-Case Approach
The Federal Financial Supervisory Authority of Germany (BaFin) has stated that it is not yet prepared to classify non-fungible tokens (NFTs) as securities. While NFTs may be considered investments in certain cases, BaFin suggests that classification should be approached on a case-by-case basis. The lack of immediate exchangeability and standardization makes it unlikely that NFTs will be classified as crypto assets. However, if an NFT contains documentation of exploitation rights or ownership, it could be considered an investment. BaFin does not expect NFTs to comply with the licensing requirements of the Payment Services Supervision Act or fall under its Anti-Money Laundering supervision, except for NFTs that are considered "crypto assets."
Binance Debunks Claims Exchange Aided Money Laundering
Crypto exchange Binance denied all allegations of facilitating around $2.4 billion in illicit funds from world-acclaimed criminal organizations like Lazarus Group and Hydra.