Monday, May 17, 2021

crypto

Swiss rejects bitcoin’s application for banking license over anti-money laundering laws

Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator. “The application process has shown the need for further reviews of the...

U.S. treasury department issues crypto stablecoins warnings over money laundering concerns

Top U.S. financial regulators are warning firms behind an important part of the cryptocurrency market to tighten protections against money laundering. At issue are so-called stablecoins that traders rely on to facilitate payments for digital tokens. In a Wednesday statement,...

Latin American cartels exploit cryptocurrencies to keep business moving

In April 2019, Mexican police arrested suspected human trafficker Ignacio Santoyo in a plush area of the Caribbean resort of Playa del Carmen after linking him to a prostitution racket extending across Latin America. Yet it was not the 2,000...

Ex-Microsoft software engineer jailed over $10m bitcoin fraud scheme

A former software engineer at Microsoft received a nine-year prison sentence Monday for an elaborate multi-million dollar criminal scheme involving bitcoin and digital gift cards. Ukrainian citizen Volodymyr Kvashuk, 26, was sentenced in the U.S. District Court in Seattle for...

U.S. DoJ seizes over $1 billion in bitcoins linked to online marketplace Silk Road

Federal agents this week seized more than $1 billion worth of bitcoins linked to the now-defunct Silk Road website, a criminal marketplace on the dark web, in what may be the Justice Department’s largest-ever seizure of cryptocurrency. The Justice Department...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one...

US financial watchdog fines bitcoin mixer operator $60m for money laundering

The founder and operator of some of the first "mixing" services in crypto will have to cough up $60 million to United States regulators, even as he faces continued criminal charges.  The U.S. Treasury's Financial Crimes Enforcement Network, or FinCEN, announced on...

Trial of bitcoin launderer Alexander Vinnik begins in Paris

The trial of a Russian man alleged to have used ransomware in a 135 million euros ($157 million) bitcoin fraud will begin Monday. Alexander Vinnik, who is also wanted in the United States and in Russia, faces up to ten years in...

Spanish prosecutors probes Arbistar over alleged $1 billion bitcoin pyramid scheme

The Spanish Prosecution office says it is investigating Arbistar for allegedly running a bitcoin trading scam with preliminary findings suggesting $1 billion in investors’ funds cannot be accounted for. The disappearance of investor funds has affected 32,000 families that...

U.S. SEC sues John McAfee over promotion of “worthless” cryptocurrency ICO

The U.S. Securities and Exchange Commission (SEC) on Monday sued John McAfee, creator of the eponymous anti-virus software, alleging that he made over $23.1 million in undisclosed compensation from recommending seven cryptocurrency offerings on Twitter that were materially false...

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Former Rockbridge County jail superintendent gets 51 months in prison for corruption

The former superintendent of the Rockbridge County Regional Jail has been sentenced to 51 months in federal prison for...