Reported by: Pandaily Authorities in China’s Hunan province have recently busted a criminal group that used cryptocurrency to launder 40 billion yuan ($5.6 billion). The trade of digital currencies was banned in the country last September. Police in Hengyang, a county in China’s southern province of Hunan alleged that the criminal group had been buying cryptocurrencies […]
Reported by: DAVID JOLLY Attorney General Merrick Garland wants to expand the Bank Secrecy Act to non-fungible tokens to deter money laundering. In a report to President Joe Biden earlier this month, the US Justice Department warned that NFT players could be using the digital assets for illicit financing, by “self-laundering, a sequence in which criminals purchase […]
Reported by: VIKRAM BARHAT Cybercriminals pilfered roughly $4.5 billion worth of digital currency in 2021, more than twice the 2020 total. In the first half of this year alone, nearly $2 billion worth of crypto has been lost to hacking, clocking a 60% jump in such instances. Whether your coins are held privately or on […]
Reported by: Rodrigo Tolotti As part of Operation Colossus executed in conjunction with the Brazilian tax authority, the Federal Police is carrying out 101 ordered the freezing of roughly $238 million in assets and securities held by those under investigation, and they also seized an undisclosed amount of virtual assets held by 28 exchanges under […]
Reported by: CHLOE TAYLOR Cryptocurrencies are dangerous “Ponzi schemes” that put billions of dollars at risk every year, JPMorgan CEO Jamie Dimon declared in a scathing review of the volatile digital assets. In congressional testimony on Wednesday, Dimon referred to himself as “a major skeptic” on cryptocurrencies like Bitcoin. “They are decentralized Ponzi schemes, and […]
Opinion by: Hazem Mulhim A recent DIFC Fintech conference provided some interesting insights into the current situation in terms of regulations and cryptocurrencies, including: The Financial Action Task Force (FATF) recently defined virtual asset service providers to include cryptocurrency exchanges, stable coin issuers, DeFi protocols, and non-fungible tokens (NFT) marketplaces. This definition helps set the tone for […]
Opinion by: Mark Laurie If crypto did offer a potential loophole, we could expect to see Russia doing its darndest to drive through it. But thus far we have seen no signs of any concerted Russian effort – governmental or non-governmental – to boost crypto liquidity. Instead, Russia President Vladimir Putin seems to be putting […]
Reported by: TURNER WRIGHT The European Central Bank, or ECB, has announced it will be collaborating with five companies for the development of potential digital euro user interfaces. In a Friday announcement, the ECB said it had chosen “Big Four” tech company Amazon, fintech firm Nexi, Spanish digital bank CaixaBank, French payments platform Worldline and […]
Reported by: MacKenzie Sigalos The Biden White House has just released its first-ever framework on what crypto regulation in the U.S. should look like — including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space. The new directives […]
Reported by: Shalini Nagarajan The Securities and Exchange Commission (SEC) continues to enforce legal action against bad actors in the crypto industry as regulators take steps to bolster investor protection laws. Chicago Crypto Capital and three of its personnel were accused of defrauding investors by offering unregistered cryptoasset securities, an announcement on Wednesday showed. The crypto broker’s […]
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