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Blockchain & Cryptocurrency Con 2018 • February 23-24, 2018

The blockchain technology is much more than Bitcoin and mining and trading cryptocurrencies. It can be leveraged in a wide…

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Tag: money laundering

President of the Federal Reserve Bank of Minneapolis: “Bitcoin is for Toy Collectors”

Category: Altcoins, Bitcoin, Blockchain, News, Regulation

President of the Federal Reserve Bank of Minneapolis: “Bitcoin is for Toy Collectors”

Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, said on February 8, 2018, that he does not think that bitcoin is for serious investors. Kashkari further added, “I don’t really think of bitcoin as a currency. I think of it as a novelty. The idea that these virtual currencies are ever going to compete with the dollar…

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Former Presidential Advisor Warns of Cryptocurrencies’ Potential For Sanction Skirting

Category: Altcoins, Bitcoin, Blockchain, Commentary, News, Regulation

Former Presidential Advisor Warns of Cryptocurrencies’ Potential For Sanction Skirting

Juan Zarate’s most prominent time in the limelight was during the presidential reign of George W. Bush. Serving as the former president’s Deputy Advisor and Deputy National Security Advisor for Combatting Terrorism, Zarate led the Treasury’s efforts to undermine the funding of terrorism by way of various financial embargoes and sanctions – efforts which were given elevated significance in the…

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Rabobank Shuns Bitcoin Businesses, then Fined $369 Million for Money Laundering

Category: Bitcoin, Commentary, Finance, News

Rabobank Shuns Bitcoin Businesses, then Fined $369 Million for Money Laundering

Just a week after publicly refusing to service businesses in the bitcoin and greater cryptocurrency industry, the Netherlands’ Rabobank was fined a hefty $369 million when found guilty of money laundering. Clouded Ethics Rabobank was one of five Dutch banks which outright declined cryptocurrency-related bank accounts within their institutions, citing “too great compliance risks” as their underlying motivation. A spokesperson…

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Less Than One Percent of Bitcoin Transactions Used for Illicit Activities Says New Study

Category: Bitcoin, Commentary, News, Regulation

Less Than One Percent of Bitcoin Transactions Used for Illicit Activities Says New Study

UK-based blockchain intelligence firm Elliptic partnered with a program within the Foundation for Defense of Democracies known as the Center on Sanctions and Illicit Finance (CSIF) to study data on the Bitcoin blockchain in an effort to determine the quantity of illicit funds that make their way into the bitcoin ecosystem. The report also looked into how these “dirty bitcoins”…

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BTC-E’s Role in Mt. Gox Hack: Laundered $4 Billion Proceeds of Bitcoin Theft

Category: Bitcoin, News, Regulation

BTC-E’s Role in Mt. Gox Hack: Laundered $4 Billion Proceeds of Bitcoin Theft

WizSecurity’s report which revealed BTC-E’s long lasting involvement in the Mt. Gox hack came as a shock to the Bitcoin community and industry. The unsettled case of Mt. Gox is finally set to come to an end and BTC-E is at the epicenter of a series of thefts that led to the loss of billions of dollars worth of bitcoin…

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BitVal: Measuring Bitcoin Based On Money Laundering

Category: Bitcoin, Commentary, Finance, News

BitVal: Measuring Bitcoin Based On Money Laundering

With bitcoin skyrocketing in price and looking to break $3,000 if the current trajectory holds, how much is too much? What is one bitcoin really worth? BitVal, a beta metric, tries to put a valuation measure on the cryptocurrency in a way that makes logical sense. For stocks, this value is typically derived from the earnings of the underlying firm…

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Interpol and Europol To Address Bitcoin Money Laundering

Category: Bitcoin, News

Interpol and Europol To Address Bitcoin Money Laundering

Bitcoin has often been called out as one of the main sources of money laundering. So far, there has been very little evidence to back up these claims. Prevention is often better than healing, which is why Europol has established a new division, with a specific focus on bitcoin money laundering. European Union authorities have no plans to prohibit the…

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Taiwan’s Mega Bank Fined $180 Million for Money Laundering

Category: Finance, News

Taiwan’s Mega Bank Fined $180 Million for Money Laundering

Taiwan’s Mega Bank was recently awarded a whopping US$180 million fine for their anti-money laundering failures. The fine was decided upon by Financial Services Superintendent Martia T. Vullo. Mega International Commercial Bank of Taiwan will also need to install an independent monitor for violating the New York AML laws. With Bitcoin, none of these violations would be possible, as there…

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