Former Binance CEO Changpeng Zhao sent a letter to employees after he stepped down, assuring them the company would be fine and quoting a famous Star Trek line.
Money laundering means taking certain steps to make illegal earnings look as if they were earned legally. What is AML? Anti-Money Laundering regulations generally put parameters and requirements in place in an effort to make such activities more difficult and to ward off such behaviors. In line with AML regulation compliance, companies and financial institutions must vet their customers through due-diligence procedures and prove the legal source of a customer’s assets. Such due-diligence measures include requiring money movements larger than a certain threshold to be recorded and disclosed to applicable agencies. While they are not the same as AML, KYC laws — or Known Your Customer laws — are commonly grouped together with it.
It is the responsibility of companies to notify customers about Anti-Money Laundering practices and required procedures. AML is not only considered useful in fighting money laundering itself, but it also helps prevent illegal activities by discovering the source of this money and assists by following criminals through the tracking of financial flows. AML, however, can be a strain on companies.
Elizabeth Warren continues pressing for tighter regulation, and Vivek Ramaswamy promises to defend crypto from the government’s overreach if elected.2217
In a recent U.S. Senate hearing, a cybersecurity professional openly endorsed Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act.4444
Discussions around illicit activity, such as money laundering and terror financing, will take center stage at the upcoming House Financial Services Committee hearing.1865
The letter was signed by crypto opponents and many lawmakers who had been neutral on crypto until now.3155
The European Union’s anti-money laundering laws infringe upon personal privacy, and they come with costs that are simply too high.2513
The Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering and Terrorist Financing Law.3721
The Anti-Money Laundering registration will allow cryptocurrency exchange Coinbase to offer its services to retail and institutional investors in Spain.10784
The exchange operator is implementing new KYC requirements for users from September 2023 to comply with developing global regulatory guidelines.14323
The U.K. passed legislation in 2022 to make it one of the few countries in compliance with the extension of the Travel Rule to crypto.45884
The world’s leading crypto exchange by trading volume has reportedly applied to register in Taiwan under the new AML compliance.2861
The Australian government is addressing the risks of cutting banking services to crypto exchanges amid a flurry of banks restricting certain services over scams.6423
The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation.6817
The XC platform could operate domestically using tokenized assets, including deposits, with or without CBDCs.19518
The licensed financial institutions would be required to verify the identities of all customers.4862