If you can't beat 'em, join 'em? BitMex onboards more aggressive Chainalysis measures in advance of a response to the CFTC.
Anti-money laundering or AML is a set of regulations, instructions, laws and procedures, established to prevent the practice of generating illegal income and its legalization through specially designed actions. AML regulations oblige companies and financial institutions to vet their customers through due-diligence procedures and prove the legal source of a customer’s assets. Financial institutions must verify the origin of large sums of money, track suspicious activities and report large cash transactions. It’s also the responsibility of institutions to notify customers about AML practices and required procedures. AML is considered to be not only useful in stopping money laundering itself, but also in preventing illegal activities by discovering the source of this money, and helps to trace criminals through the tracking of financial flows. Still, AML is a strain on companies and may cause its development to slow down.
The operator of a Bulgarian crypto exchange has received a 10-year prison sentence for money laundering in connection with an Eastern European cybercrime syndicate.6049
Controversial crypto derivatives trading platform BitMEX says its entire user base has completed the obligatory Know Your Customer process.4309
The central bank of The Kyrgyz Republic has drafted regulations that recognize cryptocurrency exchanges in the country for the first time.4677
Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle innovation.21979
Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space.83754
About $4 million of crypto stolen in Exmo hack was allegedly withdrawn through Poloniex, the exchange said it froze several accounts.10941
The President's Working Group has not said anything revolutionary, but does establish some new clarity.33728
The privacy paradox has a potential resolution — if both sides can accept compromise in an increasingly polarized financial system11411
Attorney General William Barr tendered his resignation to President Trump last night, opening up the conversation as to how a Biden-appointed successor will handle crypto.3036
Determining the future of who can and cannot custody crypto and how much you need to know about them remains a central topic of discussion.27296
France is preparing new frameworks to prevent anonymity in crypto.9931
Congressman Davidson, in particular, sees potential Treasury action as a bad idea for everybody involved.7207
2020 has apparently been the year of privacy wallets, as more exchanges onboard KYC requirements.3841
The head of a major Mexcian financial intelligence unit has complained that local law enforcement has only a quarter of the staff it needs to respond to crypto laundering from cartels.9671