AML

Russia’s New Crypto Analytics System to Track Dash and Monero

A major financial watchdog in Russia is developing a new cryptocurrency analytics tool to trace major cryptos like Bitcoin (BTC) and privacy coins. Russia’s Federal Financial Monitoring Service, a federal service combating money laundering and terrorist financing, is reportedly planning to build a new analytics platform for tracking cryptocurrency transactions via artificial intelligence, or AI. …

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Slow But Steady: FATF Review Highlights Crypto Exchanges’ Struggle to Meet AML Standards

In June 2019, the intergovernmental Financial Action Task Force (FATF) introduced its revised set of standards for virtual asset service providers. The document establishes the anti-money laundering and counter-terrorism (AML/CFT) requirements that regulated VASPs —  the term mainly referring to cryptocurrency trading platforms — must eventually implement in their day-to-day operations. The guidelines are framed …

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Decentralized Exchanges Are Building a Life Raft but Need a Bridge

Recently, crypto traders have shown a lot of enthusiasm for decentralized exchanges, or DEXs. The enthusiasm is warranted. We’re starting to see the fruits of many years of hard work pay off with DEX trading volume and use increasing every day.  In spite of this growth, the vast majority of crypto trading still takes place …

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US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace

News.Bitcoin.com Lead Writer Jamie Redman Named One of the Best Crypto Bloggers Lead Writer at News.Bitcoin.com, Jamie Redman has made Redeeem.com’s list of twelve influential go-to crypto bloggers. Redeeem says the list comprises names behind some of the most informative crypto news articles. In its citation, Redeeem says Jamie Redman, who is … read more. …

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The Future for Unregulated Bitcoin Exchanges

To KYC or not to KYC? In this episode, CoinDesk’s Anna Baydakova talks to Hodl Hodl and Bisq, two non-custodial, no-KYC bitcoin exchanges. One year ago, the Financial Action Task Force, the global anti-money laundering watchdog, ruled that crypto transactions data should be controllable, and ever since the question has been not if you KYC …

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Liquid Exchange Confirms Asset Delistings Due to Regulatory Requirements

Japanese exchange Liquid recently unveiled a mass asset removal from its platform, which COO Seth Melamed claimed necessary for legal compliance. “Liquid works closely with regulators in Japan and Singapore,” Melamed told Cointelegraph on July 25. Referring to Anti-Money Laundering, or AML, and Combating the Financing of Terrorism, or CFT, regulations, he added: “As part …

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Coinbase CEO Defends Licensing of Analytics Platform to Gov’t Agencies

Coinbase defended the licensing of its analytics software saying if people really wanted privacy, privacy coins were around. Coinbase CEO Brian Armstrong took to Twitter to talk about Coinbase Analytics and the company’s practice of licensing out the platform, explaining why crypto exchanges must have some sort of analytics software to comply with banking regulations. …

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The Great Estonian Exodus — Crypto Firms Are Leaving Estonia

Back in 2017, the Estonian government rocked the legislative side of the crypto world when they introduced a raft of new laws designed to support crypto projects. These licenses split into two different categories: those looking to operate a crypto exchange and those looking to undertake an initial coin offering. Both company types stood to …

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Spain’s Crypto Firms to Face New Registration Requirements Under EU-Driven Bill

Lawmakers in Spain are working on amending the nation’s anti-money laundering and terrorist financing laws to be in compliance with European Union law, six months after the EU’s deadline.   A proposed amendment  published over a week ago will require virtual currency service providers to register with the Bank of Spain. If enacted, the law will …

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How Bitcoin of America’s Compliance Program Made Possible the Restitution of Half a Million Dollars to Fraud Victims

Robust and effective compliance programs for virtual asset exchanges such as Bitcoin of America, which owns and operates a crypto exchange platform as well as a nationwide network of bitcoin ATM locations, isn’t simply a matter of operating a system for CIP, KYC, and AML procedures. An interview with Bitcoin of America’s attorney William Suriano …

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