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Binance Extends Blockade of Zimbabwean Crypto Users to Include Non-Resident Traders

Malta-based cryptocurrency exchange, Binance, has reportedly extended its blockade of Zimbabwean users to include non-resident citizens. As a result of the new measures, all Zimbabwean nationals are now precluded from using the Binance trading platform. Zimbabwean Nationals Blocked Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean nationals with non-Zimbabwean residential addresses to access its trading platform, while those residing in-country were blocked. Still, some Zimbabwe-based crypto users were able to circumvent this blockade by installing virtual private network (VPN) apps on their devices. The new measures appear to have plugged these loopholes. In a letter addressed…

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Trustless XMR-BTC Swaps Launch on Monero’s Mainnet

This allows users to create trustless atomic swaps between the two cryptocurrencies without having to route through a centralized exchange service. Monero’s Privacy Mechanisms Monero’s ring signature system draws anonymity from a minimum ring size. Receivers are protected via stealth addresses, and funds within the ring are indistinguishable from each other. The minimum ring size is 11: given no other information, an attacker can identify the source of a transaction with a 1/11 confidence level unless a larger ring size is used. Although Monero transactions are far more private than Bitcoin (the latter having no native transaction cloaking system), it’s…

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US Sends Bitcoin ATM Operator to Prison for Illegal Operation — 17 Machines Seized

A bitcoin ATM operator has been sent to federal prison for two years for running an illegal cryptocurrency exchange operation. U.S. authorities have seized 17 bitcoin ATMs, along with some cryptocurrencies, including bitcoin. Illegal Bitcoin ATM Operator Sent to Prison The U.S. Department of Justice (DOJ) announced Friday that a California man, Kais Mohammad, has been sentenced to two years in federal prison “for operating illegal ATM network that laundered bitcoin and cash for criminals.” The Justice Department said that the 37-year-old operated an illegal crypto business “that exchanged up to $25 million,” some of which were “on behalf of…

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Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in a recent report—which quotes Sydney Asubo the FIA executive director—the financial intelligence body explains why it wants the Ugandan government’s involvement in crafting the regulation. The report states: Virtual assets service providers are now in category 16 of the most vulnerable to terrorism financing and…

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Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

When billionaire Elon Musk announced that Tesla would no longer accept bitcoin as payment for its electric vehicles, the price of the crypto asset tanked. In justifying this decision, Musk cited bitcoin mining’s inefficient use of electricity as well as its impact on the environment. In fact, before Musk waded into this debate, many opponents of the crypto had repeatedly attacked bitcoin’s energy-consuming transaction confirmation process. The Bitcoin Mining Environment Argument As expected, bitcoin maximalists and crypto supporters have been pushing back against what they see as an unbalanced argument. To bitcoiners, the environmental impact claims or electricity costs argument…

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France Rejects Russian Request to Extradite BTC-e Operator Alexander Vinnik

Judicial authorities in France have refused to grant the extradition request filed by Russia for Alexander Vinnik. According to the Russian Ombudsman, Vinnik is now ready to start a new hunger strike despite his health deteriorating after spending almost four years in detention. Court Case Against Vinnik Continues in France The operator of the infamous BTC-e crypto exchange was recently sentenced to five years in prison and fined €100,000. Quoted by RIA Novosti, Russia’s Commissioner for Human Rights Tatyana Moskalkova said that Moscow’s request to extradite Alexander Vinnik has not been granted on Thursday and that the consideration of the…

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Six People Connected to a $36M Crypto Scam Arrested, Scheme Operated From Multiple Locations in Europe

Authorities in Germany launched a massive operation that cracked down on a sophisticated crypto scam, resulting in the arrest of six people in different European countries. Initial reports state that such a fraudulent scheme stole over $36.2 million worth in virtual currencies from individuals across Europe. Raids Conducted in Poland, North Macedonia, and Sweden According to The National News, the investigation from the German police was initiated after locals accused a gang of stealing over 7 million euros ($8.5 million) in the country through bogus online trading platforms, which promoted high yield returns from investing in cryptocurrencies. Five of the…

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Lawsuit Claims Onecoin’s ‘Cryptoqueen’ Ruja Ignatova Holds 230,000 Bitcoin

One of the ringleaders of the largest crypto Ponzi schemes, Onecoin’s Ruja Ignatova, otherwise known as the “Cryptoqueen,” allegedly owns 230,000 bitcoin worth over $11 billion today. Court documents filed by victims of the Onecoin scheme indicate that she received the bitcoins from a member of an Emirati royal family in Dubai. Onecoin’s Cryptoqueen May Have $11 Billion in Bitcoin Onecoin’s Ruja Ignatova is a mysterious woman who has been on the run for over three years now. Ignatova founded Onecoin in concert with Sebastian Greenwood and her brother, Konstantin Ignatov. The Onecoin Ponzi was a multi-level-marketing (MLM) venture that…

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Binance Faces DOJ Probe as Investigators Target Crypto Money Laundering and Tax Evasion

Binance, one of the largest cryptocurrency exchanges in the world, is now being probed by the Department of Justice (DOJ) under the assumption that it could be immersed in money laundering transactions. The investigation will also include inquiries from the Internal Revenue Service (IRS), which has been recently investigating a number of crypto trading platforms. Binance Probed by US Department of Justice Today, it was revealed that Binance, one of the most popular cryptocurrency exchanges in the world, is being the subject of an investigation related to transactions involving alleged money laundering, according to an article from Bloomberg. The U.S.…

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Irish crypto firm’s necessity obeys with money laundering laws for the 1st time

It is nowadays a criminal offense to function a crypto firm in Ireland deprived of registering with the Central Bank of Ireland. Ireland’s crypto businesses have developed subject to controlling oversight for the 1st time, with local digital asset firms currently detecting anti-money laundering rules established out by the European Union. The EU’s 5th Anti-Money Laundering Directive, or 5AMLD, was moved into Irish Law on April 23, thru the Criminal Justice Money Laundering & Terrorist Financing Amendment Act of 2021. The legislation needs firms that function with crypto assets & custodial wallet breadwinners — dubbed Virtual Asset Service Providers, or…

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Blockchain Association executive debunks rumored crypto crackdown by Treasury

A United States blockchain lobbying group executive says there is no danger of a crypto crackdown in the country. Kristin Smith, executive director of the Blockchain Association has dismissed fears that the United States Department of the Treasury was close to cracking down on Bitcoin (BTC) and cryptocurrencies. Indeed, rumors of the Treasury bringing money laundering charges against some financial institutions using cryptocurrencies began circulating on social media over the weekend. The report emerged during a period of massive selloffs in the crypto space, with the market capitalization dropping over $240 million as Bitcoin slid to $52,000. In an interview…

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Fiat, not Crypto and Bitcoin, Predominantly Used in Money Laundering

Crypto, including Bitcoin and Monero, have had some bad rap over the years for their alleged use as vehicles proliferating illegal activities like money laundering– A Big Fat Lie. From the onset–and perhaps because of the misunderstanding of the technology powering Bitcoin and the nature of BTC transactions, bad actors jumped in hoping to move Read More

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Money Laundering Could Plague NFTs Too, Tighter Control Could Be Next

With NFTs gaining popularity, money laundering could plague them too as we already see the first hacks and scams in this evolving industry so users wonder will see tighter control next? Let’s read more in our latest cryptocurrency news today. The non-fungible tokens are the new big thing in crypto at the moment and they aren’t coming without a problem. Aside from accusations of hypes, NFTs raise the familiar issue of money laundering as well. Without a lot in the way of quantitative proof, detractors linked the NFT market with money laundering and some people even described it as the…

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Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it. BNK Busan Is Visting Its Competitors to Conduct the Research According to the Busan.com news outlet, the bank researches how these financial institutions deal with the crypto exchanges amid the forthcoming regulation. As the banks provide fiat services to the crypto businesses, the legislation set to promulgate on Friday will force them to use the Information Security…

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Pro-crypto Colombian congressman highlights legalization challenges

He went so far as to call for the preconceptions surrounding crypto to be demystified. Mauricio Toro, Colombian congressman of the Alianza Verde party, has authored a draft bill meant to regulate the crypto industry within his country. During a recent interview with Confidential Colombia, Toro outlined some of the hurdles his proposed legislation may face. Toro, who believes Colombia is lagging behind other nations in terms of crypto regulation, said that one of the main challenges is to make certain that the crypto industry is compliant with AML procedures. His hope is that this will bypass negative perceptions of the…

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Chainalysis and Integra Win $1.25 Million IRS Contract to Break Monero

Crypto intelligence firm Chainalysis and data forensics company Integra Fec have won a combined $1.25 million contract to provide tools that break the privacy-focused coin, monero, for the U.S. Internal Revenue Service (IRS). Floated early September, the one-year contract specifically covers transactions involving monero (XMR) and second-layer payment solutions such as bitcoin’s lightning network (LN) – features considered by the IRS as conduits for criminal financial activity. Privacy coins are primarily built for the purpose of hiding financial transactions from unwanted attention, such as law enforcement. But the IRS is paying both Chainalysis and Integra up to $625,000 each –…

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DeFi could come under increased scrutiny, here’s why

October is off to an interesting start, as news of charges against BitMEX by the CFTC and DOJ come to light – with the arrest of Arthur Hayes and three co-owners of the BitMEX exchange. The exchange that handles over $1.5 billion of trades each day, has been charged by the CFTC for operating an […] The post DeFi could come under increased scrutiny, here’s why appeared first on AMBCrypto.

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FinCEN director warns banks about cryptocurrency risk exposure

FinCEN has warned U.S. banks that it is closely watching how they respond to crypto risk exposure with their AML programs. The U.S. Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco has warned banks to think seriously about their cryptocurrency risk exposure. During the virtual 2020 ACAMS anti-money laundering Conference in Las Vegas this week, Blanco discussed the obligations of banks in implementing effective anti-money laundering (AML) policies. Current FinCEN regulations (FIN-2019-A003) state that it is the responsibility of all financial institutions to identify and report suspicious activity concerning how criminals and other bad actors exploit card verification checks for…

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