Tag: money laundering

Sep 29 2022

Japan To Monitor Crypto Exchanges’ Transfers To Prevent Illicit Transfers

Due to the anonymous nature of cryptocurrencies, digital assets have become the favorite option for money launderers and cyber criminals. Consequently, growing crypto frauds and crimes have not only pushed individual users to turn to security tools like VPNs but have also compelled global law enforcement agencies to put legislation in place to prevent terror financing and illegal...

Sep 25 2022

Use of Crypto in Money Laundering

Sep 25 2022 Published at Coinscreed under tags  crypto crypto guide fatf money laundering

Scammers and hackers in a bid to hide the proceeds of their escapades have turned to money laundering using cryptocurrencies. How crypto is being used for laundering illegal money, and the types of crimes involved are explained in this article. Cryptocurrencies are increasingly becoming the favored currency of cybercriminals, from using them to buy illegal […] The post...

Sep 01 2022

Binance And CEO Changpeng Zhao Probed By U.S. Justice Department Over AML Checks: Reuters

Summary: U.S. federal prosecutors asked Binance for documents regarding the platform's anti-money laundering checks. Authorities also asked for communication records between CEO Changpeng Zhao and 12 other executives. The cornerstone of investigations revolves around whether or not Binance violated the Bank Secrecy Act, per reports. U.S. agencies like the SEC and the Justice Department have increased probes into crypto companies in recent years....

Aug 30 2022

Thodex Crypto Exchange Founder Arrested in Albania

Aug 30 2022 Published at Coinscreed under tags  money laundering news thodex turkey

Thodex founder, Faruk Fatih Ozer went missing in 2021, taking money from 400,000 users with him. According to a statement from the Turkish Interior Ministry on Tuesday, the founder of one of Turkey's biggest cryptocurrency exchanges, Thodex, which turned out to be an exit scam, has been arrested in Albania. Last year, Faruk Fatih Ozer's […] The post...

CoinSwitch is ‘Active’ CEO says ‘Under Duress’ From Indian Authority

The CEO of CoinSwitch also wanted to make it clear that the "engagement with the ED" is not about money laundering. The CEO of the Indian cryptocurrency exchange CoinSwitch Kuber, Ashish Singhal, said on Saturday, two days after the financial crimes agency Enforcement Directorate searched five locations, "We are fully cooperating with them." Thursday, the […] The post...

Aug 22 2022

The US Deports Denis Dubnikov, Crypto Money Launderer

Russian national Denis Dubnikov, 29, was deported from the Netherlands to the United States this week to face allegations of laundering more than $400,000 in Ryuk earnings. According to the Justice Department, Denis Dubnikov who was recently deported from the Netherlands to Portland, Oregon, entered a not guilty plea to charges of allegedly laundering bitcoin […] The post...

Aug 19 2022

Wife of Detained Tornado Cash is barred from speaking with Him

Ksenia Malik reportedly said that Dutch officials are punishing her husband(the developer of Tornado Cash) as if he "were a dangerous criminal." Hence, a protest is planned. Alexey Pertsev's wife, Ksenia Malik, has blasted Dutch police for treating her husband like a "dangerous criminal" after his detention last week and that the development of open-source […] The post...

Aug 13 2022

Crypto Reacts: Arrest Of The Alleged Tornado Cash Developer, A Watershed Moment

What’s the story around Tornado Cash? The U.S. Department of the Treasury made its case in a press release, but the question still lingers. Because, as many people have pointed out, Tornado Cash is not an institution. It's a smart contract in the Ethereum blockchain and, according to US law, code is supposed to be speech. Are they challenging that? To make things...

Aug 12 2022

Tornado Cash Suspected Developer Collared By Dutch Authorities

The Tornado Cash chronicle unfolds. Authorities in the Netherlands apprehended a man suspected to be a Tornado Cash developer in Amsterdam on Wednesday. The Fiscal Information and Investigation Service said that the unidentified 29-year-old man was reportedly involved in money laundering via the decentralized Ethereum mixer Tornado Cash. In the Netherlands, FIOD is the body in charge of investigating financial fraud and other...

Jun 10 2022

Terra’s Do Kwon May Face Charges In The U.S. As Money Laundering Accusations Emerge

Terra CEO Do Kwon has been in hot water ever since the collapse of the network last month. After the UST lost its peg and the price of LUNA (Now LUNC) crashed below zero, there had been calls for investigations into the cause of the crash seeing that thousands of investors had lost billions of dollars. The most recent allegation against the CEO...

Jun 01 2022

The Inconvenient Truth About Cryptocurrency Money Laundering

Jun 01 2022 Published at Altcoin Buzz under tags  cryptocurrency news money laundering

Cryptocurrency is often wrongly associated with money laundering, especially by anti-crypto politicians. However, the truth is that most of all laundered money goes through the traditional banking system. A new report by cryptocurrency exchange Binance has taken a deep dive into money laundering. It is part of an effort to debunk the misconceptions regarding the involvement of cryptocurrencies. Furthermore, the report cited statistics...

May 19 2022

Panama President demands strict anti-money laundering measures in new crypto law

Panama's President Laurentino Cortizo said he will not sign the new cryptocurrency bill until it provides provisions for stricter anti-laundering controls, Bloomberg News reported on May 19. President Cortizo wants...

May 06 2022

BitMEX Founders Ordered By US Court To Pay $30 Million Fine For Illegal Crypto Trading

The brains behind BitMEX are in hot water. In conjunction with a lawsuit filed by the Commodity Futures Trading Commission in 2020, the U.S. District Court for the Southern District of New York ordered the co-founders of the cryptocurrency exchange to pay a $30 million fine. The CFTC asserted that Arthur Hayes, Samuel Reed, and Benjamin Delo illegally operated BitMEX in the United...

May 02 2022

Three Nigerians Allegedly Use Money Laundering Proceeds To Buy Bitcoins Worth Over $43 Million – Report Reveals

May 02 2022 Published at Coinscreed under tags  bitcoin bitcoin news fraud money laundering

Three Nigerians are accused of using money laundering proceeds to purchase Bitcoin worth more than $43 million from cryptocurrency exchange platforms such as Binance and Busha. According to a report, Interpol is attempting to close a case in which three Nigerian nationals are suspected of using money laundering proceeds to purchase Bitcoins worth more than […]

Apr 28 2022

Illegal Crypto Exchange Busted. The List Of Seized Assets Is Incredible

This story is wild. The list of seized assets is wilder. In the District of New Hampshire, the police arrested a few people that were exchanging cryptocurrencies with no regard for any regulation or AML and KYC procedures. Apparently, “between May 25, 2016, and March 15, 2021, the defendants exchanged more than $10,000,000 in cryptocurrency for customers throughout the United States.” That’s according...

Apr 05 2022

German Police Impound $25 Million in Crypto from Illegal Marketplace

The world’s largest illegal marketplace operating on the Russian dark web has been shut down German authorities have seized around $25 million in Bitcoin from the operation so far Reports claim the platform’s users were involved in money laundering and narcotics German police shut down the illegal Darknet marketplace known as Hydra Market on Tuesday, according to an official statement released by the...

Mar 17 2022

Latin America, Tipping Point: The Region Flirts With & Rejects Cryptocurrencies

Typical Latin America. The region as a whole is having a love/hate relationship with cryptocurrencies. On the one hand, apparently, crypto remittances in Brazil, Argentina, and Venezuela grew 900% last year....

Mar 11 2022

Is Bitcoin A Tool For Criminals? Drug Cartels Prefer Banks

A report from The International Narcotics Control Board (INCB) shows that bitcoin is not the preferred method for drug cartels and other criminal groups to launder money, they rather use banks. This opposes the widespread narrative that claims the digital coin creates the opportunity for crime. Said argument is often used to excuse the hostility of...

Mar 02 2022

The Crypto Crime Series: Money laundering underpins all forms of cryptocurrency crime

Mar 02 2022 Published at CryptoSlate under tags  crime crypto crime defi edge money laundering

The rise in cryptocurrency-related crime we've seen in the past year has been somewhat expected. As the crypto market grows, so does the number of malicious actors that operate in it. And while the share of crypto crime in the overall market has dropped significantly in the past year, it's still a very lucrative business. However, cybercriminals operating in the crypto market face...

Feb 28 2022

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