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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FATF Finalizes Crypto Guidelines, Recommends Exchanges Share Client Data

The Financial Action Task Force (FATF), an intergovernmental regulatory organization, has finalized its recommendations for combating cryptocurrency money laundering and terrorism financing. In short, it wants to blow back the veil on user privacy. What Are the FATF Crypto Guidelines? The FATF released the final draft of its highly anticipated recommendations for cryptocurrency service providers…

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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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Liechtenstein’s Government Passes New Regulation Concerning Blockchain and Tokens

The government of Liechtenstein announced that it has passed new tokenization, virtual asset service provider and blockchain regulation in a press release published on May 8. Per the release, the new Token and VT Service Providers Act, passed on May 7, aims to improve investor protection, combat money laundering and establish clarity. The announcement also…

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G20 to Establish Crypto AML and Counter-Terrorism Financing Regulations in June: Report

G20 member countries will meet to discuss international cryptocurrency Anti-Money Laundering (AML) regulation on June 8 and 9 in Fukuoka, Japan. The news was revealed in a report from local news outlet Kyodo on April 4. Per the report, and in accordance with official plans, G20 central bank governors and finance ministers will take part…

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