Slovenian Regulator Grants Bitstamp License for Crypto Derivatives

October 28, 2024 Bitcoin.com

Bitstamp, a cryptocurrency exchange, has received a MiFID MTF license from the Slovenian securities regulator. The license allows Bitstamp to offer more sophisticated products, including crypto derivatives, to both institutional and retail investors. The Slovenian securities regulator has granted Bitstamp a Markets in Financial Instruments Directive (MiFID) Multilateral Trading Facility (MTF) license, enabling the cryptocurrency […]

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Russia’s Digital Currency Measures Fail to Satisfy FATF, Blacklist Possible

October 17, 2024 Bitcoin.com

anti-money laundering

Russia’s financial regulator maintains that its anti-money laundering system, including strengthened virtual currency regulations, remains effective even if the country faces potential blacklisting by the Financial Action Task Force (FATF). The agency highlighted new federal laws addressing previous concerns and stressed that no significant deficiencies exist that would justify Russia’s inclusion on the FATF blacklist, […]

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Chinese gov’t mulls anti-money laundering law to ‘monitor’ new fintech

September 14, 2024 Coin Telegraph

AML

According to the Chinese government, 1,391 individuals have been prosecuted on money laundering-related charges in the first half of 2024.

Chinese lawmakers are considering revising an earlier anti-money laundering law to enhance capabilities to 'monitor' and analyze money laundering risks through emerging financial technologies—including cryptocurrencies.

According to a translated statement from the South China Morning Post, Legislative Affairs Commission spokesperson Wang Xiang announced the revisions on Sept. 9—citing the need to improve detection methods amid the "rapid development of new technologies."

The newly proposed legal provisions also call on the central bank and financial regulators to collaborate on guidelines to manage the risks posed by perceived money laundering threats from nascent technologies.

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Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users’ Bank Accounts

September 12, 2024 Bitcoin.com

Nigerian Agency Gets Nod to Freeze 0,000 in Crypto Users’ Bank Accounts

Account freeze

A Nigerian anti-corruption agency froze bank accounts (over $330,000) belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. The agency believes these users manipulated the Nigerian currency (naira) through their trading activity. The exchanges are also accused of failing to adhere to anti-money laundering and terrorist financing regulations. Bank Account Holders Accused […]

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U.S. Federal Reserve Slaps Texas Bank With Cease-and-Desist Order Related to Crypto Services

September 7, 2024 The Daily Hodl

anti-money laundering

The U.S. Federal Reserve is hitting a Texas bank with a crypto-related cease and desist order, alleging that it violated several national laws. According to recent court documents, the Federal Reserve found that United Texas Bank had “significant deficiencies” in its corporate oversight, governance, and anti-money laundering (AML) protocols after launching an investigation into the […]

The post U.S. Federal Reserve Slaps Texas Bank With Cease-and-Desist Order Related to Crypto Services appeared first on The Daily Hodl.

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Binance Goes Live in India: Full Access for Indian Users

August 17, 2024 Bitcoin.com

AML

Binance has registered as a reporting entity with India’s Financial Intelligence Unit. Binance CEO Richard Teng emphasized the importance of the Indian market and the crypto exchange’s dedication to providing secure and efficient services. With this registration, Indian users now have full access to Binance’s platform. Binance Now Fully Available for Indian Users Crypto exchange […]

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Bybit receives VASP, card operator registration in Argentina

August 16, 2024 Coin Telegraph

anti-money laundering

Bybit’s registration as a virtual asset service provider was made possible by a law passed in July.

Cryptocurrency exchange Bybit has received registration as a virtual asset service provider (VASP) and card operator from Argentina’s Financial Information Unit (FIU).

In March, VASP registration was introduced in Argentina via legislation aimed at bringing the country into better conformity with the Anti-Money Laundering and Combatting the Financing of Terrorism requirements of the Financial Action Task Force (FATF). The FIU, which registered Bybit, is “in charge of analyzing, processing and transmitting financial intelligence information for the purposes of preventing money laundering and terrorist financing.”

Dubai-based Bybit, the second-largest crypto exchange by volume, began operating in Argentina in June 2022 to withdraw from their Bybit accounts to pay in fiat currency.

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Federal Reserve Cites Significant Deficiencies in Customers Bancorp’s AML Compliance

August 9, 2024 Bitcoin.com

AML compliance

The U.S. Federal Reserve Board has found “significant deficiencies” in Customers Bancorp, Inc.’s management of risk and adherence to anti-money laundering (AML) regulations. These issues, particularly troubling for the bank known for its crypto-friendly stance, were detailed in an enforcement action filed on Thursday. Kamala’s Crypto Reset: Still Loading… Please Wait The Federal Reserve’s action […]

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Binance Hit With $87 Million Tax Bill in India

August 6, 2024 Bitcoin.com

Binance Hit With Million Tax Bill in India

anti-money laundering

Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees […]

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French regulator accepting CASP applications ahead of MiCA rollout

August 3, 2024 Coin Telegraph

anti-money laundering

The AMF is giving firms registered under its current DASP rules ample time to transition, too.

France's financial markets regulator, Autorité des marchés financiers (AMF), has begun accepting applications for crypto asset service providers (CASPs), six months ahead of Markets in Crypto-Assets (MiCA) regulations coming into force.

Beginning on Dec. 30, firms that provide any of ten crypto-related services will be required to have CASP authorization that will impose uniform rules for Anti-Money Laundering and Countering the Financing of Terrorism, cybersecurity and other aspects of doing business.

The MiCA requirements will replace France’s PACTE (Action Plan for Business Growth and Transformation) regime. Firms whose activities were not previously subject to regulation or that have digital asset service provider authorization under PACTE will have until July 1, 2026, to transition to CASP authorization. There are over 100 such firms.

anti-money laundering

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