Category: Money Laundering
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Bitcoin Addresses Linked to Two Criminals by U.S. Department of Treasury: Exchanges Face Potential “Secondary Sanctions”
In a press release today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against two Iranian-based criminals who were using Bitcoin to transfer—and seemingly launder—ransom-related funds. As a result of today’s actions, people who have engaged with these two addresses, and who may have consequently assisted these criminals, “could…
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BTC-e Operator Alexander Vinnik to Go on Hunger Strike, Lawyer Says
Alexander Vinnik, the suspected operator of the infamous BTC-e exchange, plans to start a hunger strike on Monday, days before his next court hearing. The Russian, who has been accused by U.S. authorities of laundering billions of dollars through the now-defunct crypto trading platform, fears he is not going to receive a fair trial. …
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Spain Monitors 15,000 Cryptocurrency Investors to Curb Tax Evasion
Spain’s Ministry of the Treasury has identified 15,000 cryptocurrency investors it will monitor to prevent tax evasion and money laundering, according to local media reports. The ministry has vowed to ensure that the investors pay taxes on capital gains from digital currency transactions and that they declare any other benefits accrued from trading. Also Read: KPMG:…
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Bahamas Releases Discussion Paper on Crypto-Asset Regulation
The Central Bank of The Bahamas (CBOB) has released a discussion paper proposing how it intends to regulate digital assets. This includes initial coin offerings as part of efforts to eliminate the alleged threat of tax evasion, fraud and money laundering. However, when regulation eventually comes, it is likely that only a state-issued cryptocurrency will…
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ECB Shuts Down Maltese Bank Over Schemes to Launder Money and Evade US Sanctions
Malta’s Pilatus Bank has been shut down by the European Central Bank (ECB). Its banking license was revoked after its chairman was charged in the U.S. with money laundering and organizing a scheme to evade U.S. sanctions. The bank had also been accused by a murdered journalist of processing corrupt payments. EU authorities now want new…
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Norwegian Startup Bitruption Plans to Launch a Localbitcoins Competitor
On Nov. 4, a Norwegian startup announced the launch of a new peer-to-peer marketplace called Bitruption. Similar to Localbitcoins, the Bitruption exchange plans to offer a format under which users around the world will be able to advertise, buy and sell digital currencies for local fiat. Also Read: Bitcoin Ownership: Your Private Keys to Financial Sovereignty…
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Taiwan Passes Law to Crack Down on Anonymous Cryptocurrency Transactions
The Taiwanese government has amended its laws that regulate cryptocurrency transactions. The revisions reportedly give the country’s Financial Supervisory Commission “the authority to crack down on anonymous virtual currency transactions.” Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Amendments Passed The Legislative Yuan, Taiwan’s highest legislative body, on Friday passed some amendments to existing laws aimed…
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Japan Approves Self-Regulation of Cryptocurrency Exchanges
On Wednesday, Oct. 19, Japan’s Financial Services Agency granted the cryptocurrency industry the authority to self-regulate. The approval means that the Japan Virtual Currency Exchange Association, a coalition of several registered digital currency exchanges, can now set rules for operational requirements, consumer protection, prevention of money laundering and employee ethics. The association will also enforce compliance.…
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Zambia Launches Crackdown on Crypto Companies
The Bank of Zambia has started to clamp down on cryptocurrency-related businesses, mere days after declaring that it does not view digital coins such as BTC as legal tender. The crackdown began on Oct. 14, when the central bank announced an investigation into Heritagecoin Resources Ltd. for allegedly laundering money, according to local media reports.…
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Zambian Central Bank Declares Bitcoin Is Not Legal Tender
The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin core and bitcoin cash aren’t legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the decree because, as a traditional issuer of the depreciating local fiat…