Category: AML
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Op-Ed: KYC and Stringent Regulations Frustrate New Crypto Entrants
The following opinion piece on crypto regulations was written by Benjamin Pirus, a crypto trader who has written many articles for different ICOs, crypto news outlets, and clients. Government protection and regulations may provide reasons for thankfulness. But that doesn’t mean there aren’t significant frustrations and need for change in the current system. Regulation leads to…
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Shapeshift CEO Responds to Wall Street Journal Laundering Claims
Reporters at the Wall Street Journal (WSJ) tied innovative ecosystem cryptocurrency exchange Shapeshift to money laundering. “How Dirty Money Disappears Into the Black Hole of Cryptocurrency,” was its published product from months of investigative journalism. The company’s CEO, Erik Voorhees, claims cooperation with the WSJ was obtained “under false pretenses.” He also charges the WSJ…
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Bitpay and BTC.com Team: 1 Million Users Gain Access to $1 Billion Merchant Market
BTC.com has . announced its wallet will enable Bitcoin Improvement Proposal 70 (BIP-70) for payment transactions, which is especially helpful between customers and merchants, becoming an industry standard of sorts. The wallet has more than one million users, and with BIP-70 they will be able to buy products from popular processing platform Bitpay, which has…
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Vague Laws Leave Crypto Users Confused in Almost Half of the US
Justin Wales and Arnaldo Rego, lawyers at Carlton Fields, have surveyed all 50 states in the US, looking for clarity on money transmitting laws as they relate to cryptocurrencies. As adoption and general usage increases, states appear to be failing to keep up, leaving many enthusiasts to wonder if they’re committing a crime. Also read:…
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The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies
From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman plans to introduce three drafts supporting the crypto industry. Also in The…
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Five Major Banks Penalized in State Funds Theft Case in Kenya
Kenya’s central bank has penalized five major commercial banks for handling stolen state funds in the corruption scandal involving the country’s National Youth Service and Ministry of Devolution and Planning. In addition, the banks’ CEOs and employees could face arrest, fines, and jail time. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals…
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More Banks Sanctioned for AML, Fraud-Related Violations
When societies discuss cryptocurrencies, the argument that the decentralized and unregulated nature of the crypto space leaves the door open to abuse, like money laundering and financial fraud, is often put forward by officials and authorities. However, a string of cases involving precisely these sins, and many, many banks, show that regulations are largely ineffective…
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Overstock to Offer Bitcoin for Sale After Acquiring Bitsy.com Biometric Wallet
Medici Ventures, a blockchain/crypto specific division of Overstock.com, has acquired Bitsy.com in an effort to finally merge the worlds of online retail with decentralized, digital cash facilitated by the Bitsy’s new biometric wallet. The Crypto Winter, assuming it ends at some point, might be best defined by what companies in the space did to prepare for…
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Philippines Okays PDAX Crypto Exchange
Bangko Sentral ng Pilipinas (BSP) cleared the Philippine Digital Asset Exchange (PDAX) for license to exchange crypto and the Philippine peso. The exchange is being touted as one of the first of its kind to be specifically designed with Filipinos in mind, and will trade an array of cryptos and tokens, including bitcoin cash (BCH). …
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Four Alternatives to Shapeshift
The news that Shapeshift is to move to a full custodial model, requiring KYC for anyone who wishes to swap cryptos, has sparked a wave of protests. Many users have vowed to take their business elsewhere. For cryptocurrency holders seeking a non-custodial exchange, there are several Shapeshift alternatives to choose from, with varying degrees of…