Category: AML
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Shapeshift Moves to Membership Model Requiring User Information
Non-custodial crypto trading platform Shapeshift has introduced a membership program which will soon be mandatory. CEO Erik Voorhees explains that his exchange will have to begin collecting basic personal information of its users, and there will be five membership levels. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Shapeshift Membership Mandatory Soon…
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Reserve Bank of India Anticipates Shift to P2P Crypto Trading
India’s central bank has released its latest annual report which includes a section dedicated to cryptocurrency. The Reserve Bank of India outlines the risks posed by crypto and emphasizes the need to monitor crypto development in anticipation that some trading may shift from exchanges to peer-to-peer (P2P) mode. Also read: Yahoo! Japan Confirms Entrance Into the Crypto…
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Prolific Bitcoin Dealer ‘Blew a Giant Hole’ Through US Legal Framework
A Mexico-based “prolific bitcoin dealer” has been indicted and held without bond in the US on a number of international money laundering charges. He used Bitfinex for his exchange needs after Coinbase closed his account. His “activities ‘blew a giant hole’ through the legal framework of U.S. anti-money laundering laws,” the Department of Justice wrote.…
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Funds Frozen, Account Closed: UK Banks Target Cryptocurrency Owners
In a chilling but sadly all-too-familiar sequence of events, UK banks have been targeting cryptocurrency owners. Individuals who have cashed out large amounts of cryptocurrency – legitimately – have had their assets frozen and accounts locked without warning, fueled by fears of money laundering and a general distrust of bitcoin. One victim even claims to…
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FinCEN Director: Agency Receives 1,500 Suspicious Activity Reports on Crypto per Month
The director of the U.S. Financial Crimes Enforcement Network (FinCEN) says that the agency has seen a surge in filings of crypto-related Suspicious Activity Reports
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Japan’s Financial Watchdog Publishes Results of Its On-Site Crypto Exchange Inspections
Japan’s Financial Services Agency, has published the results of its on-site inspections of crypto exchanges, saying it plans to bolster regulatory oversight
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Thai Police Arrest Suspect in $24 Million Bitcoin Scam
A suspect in a $24 million Bitcoin scam has been arrested on charges of money laundering by Thai authorities
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Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts
Bithumb has suspended issuing new virtual accounts to crypto traders starting on August 1 after failing to renew the contract with its bank. These accounts are part of the real-name system enforced by the Korean government earlier this year. Only three exchanges in the country are now reportedly able to open new virtual accounts for…
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US Treasury Dept. Fintech Innovation Report Touches on Crypto, Blockchain
A major new report from the U.S. Treasury Department has called for a more agile and conducive regulatory approach to innovations in the fintech sector
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Survey: Crypto Exchanges Want Regulation but See Strict Policies as a Threat
The majority of crypto exchanges want to see the industry regulated, although many consider excessive regulation to be the biggest threat, according to a new study. A third of the platforms in the poll also fear a market crash that could suddenly devalue digital assets. A fifth of the exchanges dislike anonymity. Also read: Huobi…