#money laundering News

U.S. Secret Service to Get $2.4 Billion Funding for Crypto Policing

February 11, 2020 by Osato Avan-Nomayo at Regulation

The U.S. Secret Service could receive up to $2.4 billion in funding to monitor crypto crimes as part of the White House budget proposal for 2021. Secret Service Monitoring Crypto Money Laundering According to the budget proposal document, the Secret Service will be tasked with monitoring the use of cryptos...

Crypto Exchanges Facing Greater Compliance Costs as AMLD5 Comes into Effect

January 13, 2020 by Osato Avan-Nomayo at Bitcoin

With the European Union (EU) member states adopting the Fifth Anti-Money Laundering Directive (AMLD5), crypto exchanges in the region could see their compliance costs rise significantly. Meanwhile, financial regulators in the U.K. have moved to directly oversee AML compliance for cryptocurrency exchange platforms. More Compliance Costs Incoming for Crypto Exchanges...

Japanese Banks turn to JPMorgan’s Network to Fight Money Laundering

December 11, 2019 by Edoardo Vecchio at Blockchain

Japan is considering the option to use JPMorgan Chase & Co.’s blockchain-based information network in order to fight money laundering within the nation. According to the news published by Bloomberg, December 10, there would be more than 80 institutions interested in being part of the network. Japan Leads Interbank Information...

United States: FinCEN says Crypto Exchanges must Share Customer info by June 2020

November 20, 2019 by Ogwu Osaemezu Emmanuel at Regulation

As part of efforts to curb the use of blockchain-based virtual currencies for unlawful activities such as money laundering, the United States Financial Crimes Enforcement Network (FinCEN) has mandated all money services businesses (MSBs) such as Bitcoin (BTC) trading venues to start transmitting certain customer info for transactions up to...

President of Payment Processing Firm Linked to Bitfinex-Tether Fiasco Arrested by Polish Authorities

October 25, 2019 by Aisshwarya Tiwari at Altcoins

Polish news outlet wPolityce reported on October 24, 2019, that Ivan Manuel Molina Lee, the CEO of the controversial Panama-based payments processor Crypto Capital was arrested by the Polish authorities on suspicion of money laundering and involvement with an international drug cartel. More than Meets the Eye? Crypto Capital, a...

Bitcoin ATM Count Grows by 500% in Three Years

Bitcoin ATMs Undermine EU Anti-Money Laundering Efforts, Says Spanish Police

July 12, 2019 by Osato Avan-Nomayo at Bitcoin

Spanish law enforcement says Bitcoin ATMs enable criminals to circumvent anti-money laundering (AML) regulations according to a report by Bloomberg. This statement comes following calls from officials in Canada for crypto cash machines to be banned over money-laundering concerns. Meanwhile, the number of crypto kiosks worldwide has crossed 5,000 and...

Canada Urges Caution as no Cryptocurrency Exchange Guarantees User Security

Vancouver: City Mayor Suggests Banning Bitcoin ATMs

June 5, 2019 by Aisshwarya Tiwari at Bitcoin

According to a report by The Next Web, published on June 5, 2019, the mayor of Vancouver, Canada, has suggested putting a complete ban on bitcoin (BTC) ATMs in the city. Bitcoin ATMs Serve as Money Laundering Vehicles Although an increasing number of countries around the world are steadily warming...

VHS Tapes and Comuter Screen DVD Bitcoins

U.S. Govt. Hammers Down Movie Piracy Racket, Seize Millions in Cryptos

May 14, 2019 by Ogwu Osaemezu Emmanuel at Bitcoin, Crime, News

The United States Government has finally hammered down a movie and TV show piracy racket, seizing millions of dollars in cryptos and cash. The illegal platform run by Talon White, a U.S resident, has allegedly been in operation since 2013, according to a TorrentFreak report on May 14, 2019. The...

Indian Government Mulling Blanket Ban on Cryptocurrencies

April 26, 2019 by Aisshwarya Tiwari at Altcoins, Bitcoin, Commentary, News, Regulation

The government of India has drafted a bill to completely ban cryptocurrencies and regulate official digital currencies, reports The Economic Times, April 26, 2019. Things Go from Bad to Worse Since its inception, the growth of the Indian cryptocurrency ecosystem has been continually stalled due to government and Reserve Bank...

Texan Dark Web Drug Dealers who Sold Steroids to Professional Athletes Plead Guilty

April 25, 2019 by Alex Lielacher at Bitcoin, Crime, News

Two Texan men have pled guilty at the Manhattan Supreme Court to selling illegal steroids and other drugs on the dark web, reportedly netting $2.8 million during their five-year-long operation. Drug Dealers Plead Guilty Callaway Crain and Mark Sanchez, both 35, ran an illegal operation from 2013 to 2018 during...

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