Money laundering Financial News

VDA regulations in India VDA encompasses various kinds of digital assets. In India, VDA was formally recognised in March 2023, after the Ministry of Finance brought VDA under the Prevention of Money Laundering Act (PMLA). It mandates that all the VDA service providers operating in India should register with the Financial Intelligence Unit-India (FIU-IND) to combat money laundering and terrorist financing.

cryptocurrency exchange Coinbase Global has registered with India's Financial Intelligence Unit (FIU), allowing it to offer crypto trading services in the country, the company said on Tuesday. Coinbase said it plans to launch its initial retail services later this year and roll out additional investments and products thereafter, but did not disclose a specific timeline.

Financial Intelligence Unit has slapped a penalty of Rs 18.82 crore on one of the world's largest crypto exchange Binance for alleged contravention of the country's anti-money laundering law. The federal agency issued an order Thursday charging the exchange with «dereliction of duty» as a reporting entity, with its operations that of a Virtual Digital Asset Service Provider, under the Prevention of Money Laundering Act (PMLA). The summary order accessed by PTI said Binance was first issued a notice in December last year since it operated in India and provided services to Indian clients.

Canada's anti-money laundering agency on Thursday said it had imposed a nearly C$6 million ($4.38 million) fine on cryptocurrency exchange Binance for violating the money laundering and terrorist financing laws. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said Binance had failed to register as a foreign money services business with the intelligence body despite several deadlines.

Cryptocurrencies enable people to send money around the world without using the mainstream financial system. The underlying blockchain technology creates a record of transactions where senders and receivers are identified only by their wallet addresses, which are a string of letters and numbers. Chainalysis said the $24.2 billion number is almost certainly an underestimation and will rise as it identifies more illicit addresses. It also said it had doubled its 2022 estimate to $39.6 billion from $20.6 billion. Chainalysis' data only includes crypto-related crime. It said it was impossible to determine from blockchain data alone the volume of cryptocurrency that is the proceeds of non-crypto-related crime, for example when cryptocurrency is the means of payment in drug trafficking.

Mudrex, a leading global crypto investment platform, announced support for over 200+ tokens and introduced free and seamless crypto transfers from Binance, following the Financial Intelligence Unit’s showcase notice to Binance and eight other crypto exchanges for non-compliance with anti-money laundering standards in India. This strategic move aims to empower crypto users on these international exchanges, ensuring their security and the safety of their digital assets. «One of the standout features of this release is the introduction of free and seamless crypto transfers from Binance. Mudrex users can now transfer their crypto assets from Binance without incurring any gas fees, ensuring it doesn’t eat into your profits, on top of being a streamlined process,» Mudrex said in a release. To further enhance user confidence and accessibility, Mudrex has also introduced one-on-one expert support. This personalized assistance is designed to cater to users handling larger amounts or those who may not be entirely comfortable with crypto transfers. The expert support ensures that users have a dedicated resource to guide them through the process, addressing any concerns and providing valuable insights, the crypto platform said.

The Campaign for Accountability (CFA), a nonprofit ethics watchdog, renewed its accusations against Circle on December 14, alleging that the company’s Cross Chain Transfer Protocol (CCTP) is enabling money laundering and potentially funding terrorism.

Recent events surrounding the crypto exchange Binance sparked significant debate about the United States’ crackdown on crypto firms. According to Omid Malekan, adjunct professor at Columbia Business School and author, the Department of Justice’s approach in the case is very different from what is seen in traditional finance.

Financial services provider Mastercard revealed a new partnership with artificial intelligence (AI) firm Feedzai, according to reports from CNBC on Nov. 20. 

United States Senator Elizabeth Warren has emphasized the risks of cryptocurrency scams targeting senior citizens in the U.S., with the support of a cybersecurity expert endorsing her legislation on digital assets to prevent future scams.

Morgan Stanley's headquarters in New York.

An Oracle employee with a unique nighttime persona as a party entertainer is now under investigation for his alleged involvement in a $54 million crypto money laundering scheme.

The Tongliang Court in China handed down sentences to 21 individuals, including key figures in a $300 million USDT money laundering case.

Taiwan’s Criminal Bureau’s Electronic Investigation Team busted a major crypto money laundering operation, involving $320 million worth of USDT.

The Biden administration has designated crypto "mixers" as primary money-laundering hubs.

The United States Treasury Department's Financial Crimes Enforcement Network, or FinCEN, has proposed designating cryptocurrency mixing as an area of "primary money laundering concern" following Hamas’ attack on Israel.

United States-based crypto advocacy organizations are calling out Senator Elizabeth Warren and other lawmakers for some of the claims made regarding connections between the terrorist group Hamas and financing through cryptocurrency.

A new hook available on an open-source directory for Uniswap V4 hooks is sparking controversy within the crypto community. The hook enables users to be checked for Know Your Customer (KYC) before they can trade on a pool.

In 2020, Goldman Sachs agreed to pay the Malaysian government $2.5bn in settlement for its involvement in the multibillion-dollar embezzlement scheme.

Blockchain analytics investigators have uncovered an individual linked to a cryptocurrency laundering operation that is offering stolen tokens at discounted prices from recent high-profile exchange hacks.

Cybercriminals have accelerated their shift away from crypto mixers for cross-chain bridges over the past year, according to blockchain forensics firm Elliptic.