Cryptocurrency Money Laundering
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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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Binance Executive Denied Bail in Nigeria Money Laundering Case
Tigran Gambaryan, an American citizen, has been in detention in Nigeria since the end of February. He and Binance deny the charges against him. He had asked the Federal High Court in Abuja to free him on medical grounds, arguing that he needed to undergo surgery outside prison and that his health was deteriorating.
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UNODC Proposes Penalties for Unlicensed Crypto Firms in Southeast Asia to Combat Growing Cyber Fraud
In response to the surge in cyber fraud across Southeast Asia, the UNODC has recommended penalizing unlicensed crypto firms, which are being exploited by money launderers to enable illegal transactions. The report emphasizes the need for authorities to "identify and prevent" unregulated and unlicensed Virtual Asset Service Providers (VASPs), partic...
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Sweden Classifies Some Crypto Exchanges as ‘Professional Money Launderers’
Sweden has classified some crypto exchange service providers as professional money launderers claiming that crypto exchanges are often used by criminals to launder proceedings from all types of crimes via cryptocurrency. Sweden blames crypto exchanges for playing a crucial role in maintaining the criminal economy while also harbouring underground b...
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UK Says 90 Percent Crypto Firms Applying for Licence Lacks Money Laundering, Fraud Precautions
A recent report by the UK Financial Conduct Authority (FCA) has said that they have rejected 90 percent of the registration applications of crypto firms in recent times. Inconsistencies with security measures against frauds and money laundering activities have emerged among top reasons for licence rejection.
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India Restores Binance Access After Exchange Cleared $2.25 Million Fine for PMLA Violations
Binance has finally completed its registration with India’s Financial Intelligence Unit (FIU). The exchange has additionally cleared the penalty of $2.25 million (roughly Rs. 18.8 crore) that was levied on it in June this year, for not adhering to India’s Prevention of Money Laundering Act, 2002 (PMLA).
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Binance Served Notice for Rs. 772 Crore in GST Charges by DGGI in India
Binance has been issued a notice for the payment of Rs. 772 crore in GST charges in India. In conversation with Gadgets360, an official said the notice issued to Binance should be seen by the exchange as an opportunity to present their front of the case and bring their business operations in alignment with India’s legal framework.
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Probe Agency Raids In Ladakh In Case Linked To Cryptocurrency Fraud
In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate on Friday conducted searches as part of its money laundering probe linked to a fake cryptocurrency operator, officials said.
-
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'.
-
Binance Executive Denied Bail in Nigeria Money Laundering Case
Tigran Gambaryan, an American citizen, has been in detention in Nigeria since the end of February. He and Binance deny the charges against him. He had asked the Federal High Court in Abuja to free him on medical grounds, arguing that he needed to undergo surgery outside prison and that his health was deteriorating.
-
UNODC Proposes Penalties for Unlicensed Crypto Firms in Southeast Asia to Combat Growing Cyber Fraud
In response to the surge in cyber fraud across Southeast Asia, the UNODC has recommended penalizing unlicensed crypto firms, which are being exploited by money launderers to enable illegal transactions. The report emphasizes the need for authorities to "identify and prevent" unregulated and unlicensed Virtual Asset Service Providers (VASPs), partic...
-
Sweden Classifies Some Crypto Exchanges as ‘Professional Money Launderers’
Sweden has classified some crypto exchange service providers as professional money launderers claiming that crypto exchanges are often used by criminals to launder proceedings from all types of crimes via cryptocurrency. Sweden blames crypto exchanges for playing a crucial role in maintaining the criminal economy while also harbouring underground b...
-
UK Says 90 Percent Crypto Firms Applying for Licence Lacks Money Laundering, Fraud Precautions
A recent report by the UK Financial Conduct Authority (FCA) has said that they have rejected 90 percent of the registration applications of crypto firms in recent times. Inconsistencies with security measures against frauds and money laundering activities have emerged among top reasons for licence rejection.
-
India Restores Binance Access After Exchange Cleared $2.25 Million Fine for PMLA Violations
Binance has finally completed its registration with India’s Financial Intelligence Unit (FIU). The exchange has additionally cleared the penalty of $2.25 million (roughly Rs. 18.8 crore) that was levied on it in June this year, for not adhering to India’s Prevention of Money Laundering Act, 2002 (PMLA).
-
Binance Served Notice for Rs. 772 Crore in GST Charges by DGGI in India
Binance has been issued a notice for the payment of Rs. 772 crore in GST charges in India. In conversation with Gadgets360, an official said the notice issued to Binance should be seen by the exchange as an opportunity to present their front of the case and bring their business operations in alignment with India’s legal framework.
-
Probe Agency Raids In Ladakh In Case Linked To Cryptocurrency Fraud
In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate on Friday conducted searches as part of its money laundering probe linked to a fake cryptocurrency operator, officials said.
