Cryptocurrency Exchanges Seek Comprehensive Regulation

FILE – An advertisement for the cryptocurrency Bitcoin is displayed on a street in Hong Kong, on February 17, 2022. Synopsis Industry leaders said clear rules would help crypto players set clear operating limits and avoid regulatory misinterpretations, which have often led to problems with law enforcement and tax agencies. Indian cryptocurrency exchanges want the … Read more

Crypto Community Divided Over Treasury Tornado Cash Sanctions

Recent US sanctions against crypto mixer Tornado Cash have sparked debate within the crypto community as to whether the ban compromises users’ ability to trade anonymously. Earlier this week, the Treasury Department imposed sanctions against Tornado Cash for helping hackers launder more than $7 billion in virtual currency. The agency said the mixing service allowed … Read more

A look at Tornado Cash, the coin mixer that allegedly laundered $7 billion worth of virtual currency

By August 10, 2022, 17:33 IST (Published) Mini The US Treasury has claimed that Tornado Cash also helped launder more than $455 million for the Lazarus Group, a hacking organization linked to North Korea’s weapons program. On August 8, popular cryptocurrency mixer Tornado Cash was sanctioned by the US Treasury for allegedly laundering billions … Read more

Explained: The Crypto Route to Money Laundering

Money laundering is one of the key charges made by the Enforcement Directorate (ED) against cryptocurrency exchange WazirX. The ED is not the first agency to bring such accusations against a crypto platform, despite the inherent property of blockchain traceability. Mint explains. Are blockchains traceable? Transactions on a blockchain are always traceable. Most courts and … Read more

Treasury Sanctions Major Crypto Entity, Saying It Laundered $7 Billion

TThe Treasury Department has sanctioned a major crypto entity used to anonymize transactions, alleging that it has been used to launder more than $7 billion in cryptocurrency, including digital assets stolen by foreign entities. The Treasury Department announced on Monday that it was sanctioning Tornado Cash, a virtual protocol that allows users to send their … Read more

Robinhood Crypto Unit Fined $30M By New York’s Top Financial Regulator

The New York State Department of Financial Services fined the cryptocurrency trading unit of online brokerage Robinhood Markets Inc. $30 million for alleged anti-money laundering and cybersecurity violations, in the department’s first crypto enforcement action. Sign up for the newsletter WSJ | Risk and Compliance Journal Our morning Risk Report features information and news on … Read more

‘My Big Coin’ Founder Convicted of Crypto Fraud

A New York man has been convicted of defrauding investors of more than $6 million by trading and selling fraudulent virtual currency, the US Justice Department said. A jury returned a guilty verdict Thursday against Randall Crater, 51, of East Hampton, New York, in the US District Court in Boston. He was convicted of four … Read more

Hundreds of Crypto Firms Fail FCA Money Laundering Test

Only 13% of crypto businesses that applied for authorization under the Financial Conduct Authority’s money laundering rules in the last two years have been successful. The regulator has received a flood of requests under the Fifth Anti-Money Laundering Directive, 5MLD, introduced in January 2020, leading crypto service providers to rules requiring additional customer checks and … Read more

EU Crypto Rules to Force Clamping, USD Currency to Hold More Reserves in ‘Wild West’ Market

A landmark deal is established for Europe to regulate cryptocurrency markets across the continent to bring stablecoins like Tether and USD Coin into a stricter regime to ensure they can meet redemption requests during mass withdrawals. Regulations agreed by lawmakers on June 30, known as Markets in Crypto Assets, or MiCA, would usher in new … Read more

Crypto Industry Fears EU Crackdown on NFTs – POLITICO

Press play to listen to this article Crypto businesses fear that a new way to sell digital assets like artwork, music, memes, and even tweets could soon be overwhelmed by the old bureaucracy in Brussels. EU lawmakers are debating whether they should tie the market for so-called NFTs (non-fungible tokens) to an EU bill that … Read more