Crypto exchange Binance published a lengthy response to an article published by Reuters that claims that the exchange has been a “hub for hackers, fraudsters and drug traffickers,” saying that there’s at least “$2.35 billion in illicit funds” laundered within the exchange. In a
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MiCA should “appropriately integrate AML/CFT issues in prudential supervision of entities”, said the report, which is looking at whether the anti-money laundering powers contained in rules for different financial sectors are up to scratch. MiCA introduces requirements for stablecoin issuers to hold sufficient
The rapidly evolving technology, which often spreads across multiple jurisdictions, poses a challenge for regulators, the report said, calling for enhanced regulation and supervision and better coordination among national agencies. A study due later this year will examine cryptocurrency laundering trends, it said.
“It’s very resource intensive,” said Neto, who is an anti-money laundering data specialist. “Who’s going to handle this? … If it’s going to be the competent authority, what are they going to do with that information?” A requirement to report missing data to
The letter, seen by CoinDesk and signed by academics, lobby groups and senior executives from companies such as Ledger, Aave and Blockchain.com, says current proposals to identify crypto users, known as the travel rule, endanger privacy and innovation in the EU.
NFT wash trading is a problem for investors, the global community, collectors and traders because these participants use less liquid nonfungible tokens to manipulate the price of an asset. Due diligence has become more difficult as investors have been forced to rely on
CoinDesk has not been able to confirm when the oracle integration went live. Either way, it only affects Tornado Cash’s front-end, meaning savvy users can still interact with the smart contracts powering the decentralized service. The primary wallet hasn’t attempted to move funds
She says she “admires” the innovative mindset of people active in the market – and even cites members of her own family who follow it. But equally, she said, some misuse anonymous payments to finance crimes, citing drugs, prostitution, child pornography and terrorism.
Modern know-your-customer, anti-money laundering regulations are ineffective; crypto represents a better option to address this problem. Source link
