The IRS has a strong interest in receiving information from informed whistleblowers about offshore crypto accounts and criminal crypto tax activity.
Know your customer or KYC is a process of identifying and verifying identities of customers by businesses. The term is commonly used to refer to governmental anti-money laundering regulations in banking, financial and stock market activities. KYC mostly incorporates four key elements: acceptance policy, identification procedures, transaction monitoring and risk management. The growing concern about the use of cryptocurrency for money laundering led authorities to apply KYC on the cryptocurrency market and services. Most of these platforms will have to adopt cryptocurrency KYC and require clients to get through verification procedure in order to operate within their platform. KYC has its advantages as it can help with fighting the funding of terrorism and money laundering. However, complications within the crypto-market may slow down its development.
Crypto wallet provider BRD partners with Ciphertrace, Chainalysis and others to boost its banking enterprise solution.6689
Binance’s lax KYC requirements are creating more legal problems for the exchange.6574
The FATF doesn’t seem to like frequent jurisdiction hoppers, notably Binance.6404
Widespread crypto adoption by enterprises has the potential to become a self-perpetuating mechanism for public blockchains, creating bigger, stronger networks.3872
New wire fraud charges against St. Petersburg trolls allege that they stole the identities of U.S. citizens to open crypto accounts.2573
A shift in the crypto ecosystem could result in a whitelist of coins and addresses according to Ari Paul.5712
Smartphone users in South Korea can open bank accounts remotely with KYC verification via an ICON-powered app.3887
Thailand’s central bank assesses the chances of bringing centralized and decentralized together.5939
Compliance with FATF’s travel rule presents major technical difficulties, but the blockchain industry is best-equipped to overcome them.5638
Basic recommendations for those who are considering incorporating crypto business in Estonia.2753
Despite the significant growth of decentralized crypto exchanges, their centralized counterparts still control the majority of industry trade volume.4707
Laundering money with Bitcoin is actually an ineffective strategy because of its complexity and high risk.5081
The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform.9186
LocalBitcoins has partnered with blockchain intelligence firm Elliptic to gain access to new blockchain monitoring tools that can help prevent the illicit use of its services.2791