Cryptocurrency Money Laundering
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FM Claims Access to WhatsApp Messages Led to Seizure of Crypto Worth Rs. 90 Crore
This week in Parliament, Finance Minister Nirmala Sitharaman stated that encrypted communication channels are being misused for financial crimes like money laundering and tax evasion. She revealed that authorities were able to seize over Rs. 90 crores in crypto assets from a syndicate thanks to access to WhatsApp messages.
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Tamil Nadu DGP Unveils ‘Handbook for Investigations into Virtual Digital Assets’: All Details
Tamil Nadu’s Director General of Police, Shankar Jiwal, has unveiled a guide for police officials on how to investigate crypto-related crimes. The handbook contains industry insights on crypto crimes like money laundering, ponzi schemes, and cyber fraud. It also covers key legal provisions around crypto and Web3.
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Artificial Intelligence 'Reshaping' Organised Crime, Warns Europol
Artificial intelligence is turbocharging organised crime, from creating child sexual abuse images to money laundering via cryptocurrency, Europol warned Tuesday.
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Man Wanted By US For Rs 83,00,00,00,00,000 Crypto Fraud Arrested In Kerala
Garantex facilitated money laundering to the tune of at least $96 billion in cryptocurrency transactions by transnational criminal organisations and violated sanctions.
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ED Seizes 'Biggest' Crypto Fund Worth Rs. 1,646 crore in PMLA Case
The ED has busted a mega money laundering scheme, seizing Rs. 1,646 crore of crypto assets. The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from an FIR of the Surat Police crime branch which said the alleged fraud that took place between November 2016 - January 2018 (after demonetisation).
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ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration
ByBit has announced that it has completed its registration with India’s Financial Intelligence Unit (FIU), and paid a Rs. 9.27 crore penalty, as part of its compliance obligations. Earlier this month, the FIU-IND revealed that the Dubai-based exchange was not in compliance with India’s the Prevention of Money Laundering Act (PMLA) because of wh...
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French Investigators Open Fraud Probe Against Crypto Platform Binance
French authorities have launched a judicial investigation into Binance for money laundering, tax fraud, and other charges. Binance, the world's largest cryptocurrency exchange, denies the allegations. The Paris public prosecutor's office's economic and financial crime section (JUNALCO) stated the probe involves money laundering related to drug traf...
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US Court Reverses OFAC’s Sanctions Against Crypto Mixer Tornado Cash
On January 21, the US District Court for the Western District of Texas reversed OFAC’s sanctions against Tornado Cash. The US Treasury’s Office of Foreign Assets Control (OFAC) levied sanctions against the platform in 2022 for allegedly becoming a solution for money launderers to move illegal funds around.
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Tron, Tether, and TRM Labs Unite via Financial Crime Unit T3, Freeze $126 Million in Illicit Funds
This week, Tron confirmed that the T3 unit successfully retrieved and froze $126 million (roughly Rs. 1,081 crore) in crime-related funds. Established by Tron, Tether, and TRM Labs, the T3 financial crime unit was created to combat the criminal misuse of USDT on the Tron network.
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Taiwan Aligns with India, Japan on AML Regulations for Crypto Businesses, Accelerates Registration Deadline
This week, Taiwan's Financial Supervisory Commission (FSC) announced that all cryptocurrency firms, whether already operating in the country or planning to establish operations, must register for anti-money laundering (AML) compliance. The FSC has advanced the registration deadline from January 1, 2025, to November 30, 2024, urging firms to expedit...
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FIU-Nepal Flags Rise in Crypto-Based Money Laundering; Plans to Increase Tracking, Awareness
FIU-Nepal has said that the laundering of illicit funding through cryptocurrencies has spiked in the country. In its report, the Nepal Rastra Bank noted conversion of proceeds of fraud to cryptocurrency or for online betting purpose has also been frequently observed.
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Cryptocurrency Mixer Bitcoin Fog Convicted of Crypto Money Laundering
Prosecutors said Bitcoin Fog processed more than $400 million in untraceable transactions, including $78 million involving known darknet markets. Defense lawyer Tor Ekeland called the verdict “disappointing” and said they will appeal.
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India, Qatar's Financial Intelligence Units Partner to Combat Money Laundering through Virtual Digital Assets
This week, the Financial Intelligence Units of India and the UAE met in New Delhi to finalise an agreement. The two nations committed to collaborating in efforts to prevent the misuse of crypto assets by unlawful entities for illicit financial transfers.
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Nigerian Court Orders Release of Binance Executive After Charges Dropped
Binance executive Tigran Gambaryan has been released after the government dropped money laundering charges against him. Gambaryan had been in detention in Nigeria since late February.
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Actor Tamannaah Bhatia Questioned Over Cryptocurrency Fraud Allegations
Bollywood actor Tamannaah Bhatia was questioned by probe agency Enforcement Directorate (ED) in Guwahati on Thursday night over alleged links to a digital platform named 'HPZ Token'.
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FM Claims Access to WhatsApp Messages Led to Seizure of Crypto Worth Rs. 90 Crore
This week in Parliament, Finance Minister Nirmala Sitharaman stated that encrypted communication channels are being misused for financial crimes like money laundering and tax evasion. She revealed that authorities were able to seize over Rs. 90 crores in crypto assets from a syndicate thanks to access to WhatsApp messages.
-
Tamil Nadu DGP Unveils ‘Handbook for Investigations into Virtual Digital Assets’: All Details
Tamil Nadu’s Director General of Police, Shankar Jiwal, has unveiled a guide for police officials on how to investigate crypto-related crimes. The handbook contains industry insights on crypto crimes like money laundering, ponzi schemes, and cyber fraud. It also covers key legal provisions around crypto and Web3.
-
Artificial Intelligence 'Reshaping' Organised Crime, Warns Europol
Artificial intelligence is turbocharging organised crime, from creating child sexual abuse images to money laundering via cryptocurrency, Europol warned Tuesday.
-
Man Wanted By US For Rs 83,00,00,00,00,000 Crypto Fraud Arrested In Kerala
Garantex facilitated money laundering to the tune of at least $96 billion in cryptocurrency transactions by transnational criminal organisations and violated sanctions.
-
ED Seizes 'Biggest' Crypto Fund Worth Rs. 1,646 crore in PMLA Case
The ED has busted a mega money laundering scheme, seizing Rs. 1,646 crore of crypto assets. The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from an FIR of the Surat Police crime branch which said the alleged fraud that took place between November 2016 - January 2018 (after demonetisation).
-
ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration
ByBit has announced that it has completed its registration with India’s Financial Intelligence Unit (FIU), and paid a Rs. 9.27 crore penalty, as part of its compliance obligations. Earlier this month, the FIU-IND revealed that the Dubai-based exchange was not in compliance with India’s the Prevention of Money Laundering Act (PMLA) because of wh...
-
French Investigators Open Fraud Probe Against Crypto Platform Binance
French authorities have launched a judicial investigation into Binance for money laundering, tax fraud, and other charges. Binance, the world's largest cryptocurrency exchange, denies the allegations. The Paris public prosecutor's office's economic and financial crime section (JUNALCO) stated the probe involves money laundering related to drug traf...
-
US Court Reverses OFAC’s Sanctions Against Crypto Mixer Tornado Cash
On January 21, the US District Court for the Western District of Texas reversed OFAC’s sanctions against Tornado Cash. The US Treasury’s Office of Foreign Assets Control (OFAC) levied sanctions against the platform in 2022 for allegedly becoming a solution for money launderers to move illegal funds around.
-
Tron, Tether, and TRM Labs Unite via Financial Crime Unit T3, Freeze $126 Million in Illicit Funds
This week, Tron confirmed that the T3 unit successfully retrieved and froze $126 million (roughly Rs. 1,081 crore) in crime-related funds. Established by Tron, Tether, and TRM Labs, the T3 financial crime unit was created to combat the criminal misuse of USDT on the Tron network.
-
Taiwan Aligns with India, Japan on AML Regulations for Crypto Businesses, Accelerates Registration Deadline
This week, Taiwan's Financial Supervisory Commission (FSC) announced that all cryptocurrency firms, whether already operating in the country or planning to establish operations, must register for anti-money laundering (AML) compliance. The FSC has advanced the registration deadline from January 1, 2025, to November 30, 2024, urging firms to expedit...
-
FIU-Nepal Flags Rise in Crypto-Based Money Laundering; Plans to Increase Tracking, Awareness
FIU-Nepal has said that the laundering of illicit funding through cryptocurrencies has spiked in the country. In its report, the Nepal Rastra Bank noted conversion of proceeds of fraud to cryptocurrency or for online betting purpose has also been frequently observed.
-
Cryptocurrency Mixer Bitcoin Fog Convicted of Crypto Money Laundering
Prosecutors said Bitcoin Fog processed more than $400 million in untraceable transactions, including $78 million involving known darknet markets. Defense lawyer Tor Ekeland called the verdict “disappointing” and said they will appeal.
-
India, Qatar's Financial Intelligence Units Partner to Combat Money Laundering through Virtual Digital Assets
This week, the Financial Intelligence Units of India and the UAE met in New Delhi to finalise an agreement. The two nations committed to collaborating in efforts to prevent the misuse of crypto assets by unlawful entities for illicit financial transfers.
-
Nigerian Court Orders Release of Binance Executive After Charges Dropped
Binance executive Tigran Gambaryan has been released after the government dropped money laundering charges against him. Gambaryan had been in detention in Nigeria since late February.
-
Actor Tamannaah Bhatia Questioned Over Cryptocurrency Fraud Allegations
Bollywood actor Tamannaah Bhatia was questioned by probe agency Enforcement Directorate (ED) in Guwahati on Thursday night over alleged links to a digital platform named 'HPZ Token'.
