Money Laundering

Better Regulation Could Curb Crypto Scams, Chainalysis Report Says

Greater regulations and enforcement can deter some crypto crimes, blockchain forensics provider Chainalysis said in a new report. Chainalysis’ 2019 Crime Report, published Wednesday, details its analysis of illicit activities last year, contrasting 2019 actions with previous years. It found that while the amount of bitcoin sent from criminal entities doubled between 2018 and the …

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LocalBitcoins Quietly Suspends Accounts in Multiple Regions Without Notice

Popular Bitcoin (BTC) exchange platform LocalBitcoins is allegedly suspending user accounts with little fanfare, citing an “enhanced due diligence process.” Finland-based LocalBitcoins, one of major global peer-to-peer (P2P) crypto exchanges, has reportedly suspended user accounts in some countries in Africa, the Middle East and Asia without warning, with some users being unable to withdraw their …

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Ukraine to Oversee Crypto Transactions Above $1,200, Sees Opportunities in Legalization Not Risks

</header> <strong>Cryptocurrency transactions in Ukraine will be strictly monitored by the state, although the country’s finance minister admits that it’s not digital coins but fiat cash that criminals and corrupt officials are more likely to use. The legalization of cryptocurrencies remains a priority in Kiev as the government has indicated its clear understanding that the …

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The Fallout From Onecoin’s Ponzi Scheme Continues to Impact Investors

</header> <strong>In late 2019, the remnants of multi-level Ponzi scheme Onecoin crumbled. However, Onecoin’s founder, dubbed the ‘crypto queen,’ Ruja Ignatova, remains on the run and law enforcement haven’t caught up with her yet. Moreover, police are investigating two churches in New Zealand that allegedly have links to the Onecoin operation and founders.</strong> Also read: …

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Alexander Vinnik Accused of Laundering Billions Through BTC-e Extradited to France

</header> <strong>Alexander Vinnik, the Russian-born IT specialist who spent over two years in detention in Greece, where he was arrested on a U.S. warrant, is now in Paris. The alleged BTC-e operator, suspected of laundering at least $4 billion through the now defunct crypto exchange, has been handed over to France after the Greek judiciary …

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Crypto Fights for Freedom in India’s Supreme Court, Critics Cite Risk

Following the session that took place last August, a three-judge panel from India’s Supreme Court reconvened once again this week to discuss the much-hyped Crypto v. RBI case. During the last hearing, the Supreme Court had asked the Reserve Bank of India (RBI) to clarify its position as to why exactly it enforced a nationwide …

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Unnecessary Evil: How Government Regulations Kill Crypto Startups and Encourage Crime

</header> <strong>Thanks to the EU’s most recent money laundering directive, a small business called Post-a-coin, which sold cute postcards pre-loaded with tiny amounts of bitcoin, is being forced to shut down. Meanwhile, the most heinous criminals in history are continuing to facilitate violence, trafficking and laundering of cash with impunity. </strong> Also Read: Why the …

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Greek Court Suspends Decision to Extradite Alexander Vinnik

</header> <strong>The Supreme Administrative Court of Greece has suspended a decision to extradite the alleged BTC-e operator Alexander Vinnik. The temporary measure has been imposed to allow the review of an appeal against the extradition. The Russian national, accused of laundering billions of dollars through the now defunct cryptocurrency exchange, started a new hunger strike …

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Russian Opposition Leader Navalny Raises $700,000 in Crypto Donations

</header> <strong>Alexei Navalny, Russia’s leading critic of the current Kremlin administration, has attracted a serious amount of cryptocurrency in the form of anonymous donations for his corruption-combatting NGO. The digital coins collected since the beginning of this year have amounted to well over $700,000 at current prices. </strong> Also read: Russian Tax Authority Registers Crypto …

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Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches

</header> <strong>With stricter new regulations on the horizon for the crypto space around the world, Australians have found that it’s actually their traditional financial institutions that have been breaching well-established anti-money laundering rules and other industry standards this year. Westpac, one of the country’s largest banks, is now under investigation for millions of purported violations …

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