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“# How compliance software detects fraud and money laundering involving crypto ” The crypto industry has boomed over the past 12 months. While 2019 began with a total market cap of $200 billion, the explosion in Bitcoin’s value resulted in this figure surging fivefold as 2020 began — and according to CoinMarketCap, the digital assets…
“# BitMex turns to Chainalysis to solve legal woes, or at least soften the CFTC’s blow ” Still facing a courtroom assault in the U.S. for allegedly facilitating money laundering, BitMex is trying to show regulators that it’s trying. On Jan. 12, the legally besieged crypto exchange released a blog post advertising further work with…
“# Crypto exchange owner gets 10 years in prison for aiding scammers ” Rossen Iossifov, the convicted owner of the RG Coins crypto exchange platform, has been sentenced to 10 years imprisonment for money laundering. As previously reported by Cointelegraph, a federal jury in Frankfort, Kentucky found the Bulgarian national guilty of conspiracy to commit…
“# After Know Your Customer debacle, BitMEX reports 100% of users are verified ” BitMEX has announced the completion of its user verification program, becoming one of the largest crypto trading platforms with a fully certified customer base. As part of the process to verify its entire use base, BitMEX says open positions held by…
“# Kyrgyzstan’s central bank opens up crypto draft laws to public discussion ” Kyrgyzstan’s central bank has completed the drafting of two bills designed to recognize and regulate the country’s emerging crypto sector. According to an official announcement, the National Bank of the Kyrgyz Republic has opened up the two bills, “On the Processing of Cryptocurrencies” and “On…
“# Jack Dorsey warns that FinCEN regulations will drive crypto users offshore ” Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties. A Jan. 4 letter from Jack Dorsey, CEO of financial services firm Square takes aim at…
“# SEC vs. Ripple: A predictable but undesirable development ” The U.S. Securities and Exchange Commission has not been kind to crypto in the past year. In March 2020, in the SEC v. Telegram case, the Commission won a worldwide injunction against the proposed issuance of Grams by Telegram, undoing years of innovative work even…
“# Exmo hackers withdraw part of stolen funds via Poloniex, exchange confirms ” Hacked cryptocurrency exchange Exmo is not able to recover a large amount of stolen funds as hackers withdrew millions of dollars in crypto through the Poloniex crypto exchange. On Dec. 21, Exmo announced a major hack causing the platform to freeze all…
“# US federal regulators set new expectations for stablecoin issuers ” A group of leading U.S. financial regulators has released a new statement on stablecoins. One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The…
“# Users vs. governments: The ‘infinity war’ for blockchain privacy may be over ” The unique power of blockchain and cryptocurrency can also be considered their weakness. Crypto users gain unparalleled privacy for financial transactions through a decentralized transactional system. Governments, however, demand transparency in financial transactions for legal concerns. This creates a paradox. People…