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ChainUP: Compliance is How We Gain Market Confidence

According to CipherTrace’s Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report, criminals netted just under USD 1.4 Billion from various crypto-related thefts, hacks and frauds in the first five months of 2020. Key data on crypto crimes and trends from the report will have regulatory repercussions for VASPs (Virtual Asset Service Providers) and other financial institutions. Revealing that 74% of bitcoin payments between exchanges are cross border, the report has underscored the urgency for global AML (Anti-Money Laundering) standards. The abundance of cross-border transactions highlights the need for exchanges to adopt appropriate cross-border controls to ensure AML and CTF (Counter-Terrorism…

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