Wednesday, April 14, 2021

cryptocurrency

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Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator.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

South Korean crypto exchange operator Bithumb bans users over money laundering concerns

Bithumb, a South Korean cryptocurrency exchange operator, said Tuesday that it has put restrictions on crypto trading accounts held by users staying in regions that have not adopted anti-money laundering measures. A total of 21 nations are currently on the...

Anti-virus creator John McAfee charged with securities fraud

John McAfee has been charged with securities fraud over a “pump and dump” cryptocurrency scheme. Federal prosecutors unsealed a case against McAfee and his executive advisor and bodyguard Jimmy Gale Watson Jr., claiming the pair earned nearly $2 million by urging Twitter followers...

Reports find 270 addresses laundered 55% of cryptocurrency linked to criminal activity

Criminals who keep their funds in cryptocurrency tend to launder funds through a small cluster of online services, blockchain investigations firm Chainalysis said in a report last week. This includes services like high-risk (low-reputation) crypto-exchange portals, online gambling platforms, cryptocurrency...

Nigeria’s central bank says it banned cryptocurrency over money laundering concerns

The Central Bank of Nigeria has explained why it banned cryptocurrency-related transactions in the country, claiming the digital currency is used for money laundering and terrorism. The regulator said this in a statement Sunday, days after affirming a 2017 directive to financial...

California resident accused of laundering $13 million and operating unlicensed crypto exchange

A California resident is expected to plead guilty to charges of operating an unlicensed exchange and laundering more than $13 million. 49-year-old peer-to-peer crypto trader, Hugo Sergio Mejia, has agreed to plead guilty to charges of money laundering and operating an unlicensed...

European Central Bank’s President claims bitcoin enables money laundering

European Central Bank President Christine Lagarde took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.” “For those who had assumed that it might turn into a currency -- terribly sorry, but this...

Founder of RG Coins cryptocurrency exchange gets 10 years in prison money laundering

The owner of a cryptocurrency exchange used to launder millions of dollars gained from fake online auctions has been jailed for 10 years. Rossen Iossifov, the Bulgarian owner of RG Coins, was sentenced for his role in laundering criminal proceeds...

UK public warned about crypto investment risks

Consumers should be prepared to lose all their money if they invest in schemes promising high returns from digital currencies such as bitcoin, a City watchdog has warned. The volatile nature of cryptoassets was highlighted again on Monday as bitcoin dropped...

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,...

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China fines LeEco founder Jia Yueting $37m for IPO fraud

Jia Yueting, founder of formerly highflying technology conglomerate LeEco Holdings, has been fined $36.81 million by Chinese regulators over...
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