BTC-e’s Vinnik Case Drags on as New Accusations Continue Emerging

On July 25, 2019, United States prosecutors filed a complaint against the defunct cryptocurrency exchange BTC-e and its alleged former operator, Alexander Vinnik. The indictment was filed nearly 24 months after Vinnik was arrested in Greece while on holiday with his family and has followed numerous extradition requests from the U.S., France and Russia that…

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Roubini: BitMEX in Violation of Securities Laws, Crypto a Metastasized Cancer

Economist and anti-cryptocurrency pundit Nouriel Roubini has recently declared that there is “overwhelming evidence of rampant fraud and abuse” in the crypto space.  Roubini, a professor at NYU’s Stern School of Business, also took aim specifically at the compliance policies of crypto exchange BitMEX in an essay entitled “The Great Crypto Heist.” The essay was…

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Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels

The recent seizure of a cargo ship owned by JP Morgan, a vessel loaded with 20 tons of cocaine according to latest accounts, highlighted the risks of banks’ involvement in illicit activities, inadvertent or otherwise. And although U.S. authorities released the MSC Gayane after the owner, JP Morgan’s asset management arm, and the operator, Mediterranean…

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U.K. Releases Economic Crime Plan That Addresses Crypto Assets

The Economic Crime Plan (2019–22) released by the U.K. government and the trade association UK Finance details regulatory action on cryptocurrencies to prevent their use in criminal activities.  According to the document, the government is working closely with businesses to bring together private and public sectors in an attempt to tackle fraud, money laundering, bribery…

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Spanish Officials: AML Regulations Lack Bitcoin ATM Guidelines

Spanish law enforcement officials claim that there are issues with European anti money laundering (AML) regulations after finding that bitcoin ATMs are being used by criminal organizations, according to Bloomberg.  The AML regulations, which were released in July 2018, are set to be executed next year by the European Commission. However, Europol and Spain’s Civil…

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Canadian Government Releases Final AML Regulations for Crypto Businesses

Aware of growing public concern about money laundering and terrorist financing, the government of Canada introduced its final anti-money laundering (AML) regulations today, July 10, 2019. These rules will impact Canadian crypto businesses, including exchanges, digital platforms, custodial wallets, ICOs, utility and gaming tokens, escrow services and possibly bitcoin ATMs. The title of the new…

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France Creates G7 Taskforce to Examine Facebook’s Libra, Crypto Regulation

A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s libra, Reuters reported on June 21. Francois Villeroy de Galhau, the governor of France’s central bank, said: “We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.” Although Paris has said it is not against Facebook creating…

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Bitcoin: Anti-Money Laundering Challenges and Solutions

Working with bitcoin is easy enough, given the wide array of bitcoin wallets and other payment processing tools available today. However, determining whether incoming bitcoin are tainted by or connected to illicit activity is increasingly challenging. It’s also increasingly important for businesses or banks that want to deal in cryptocurrency while remaining compliant with anti-money…

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