US Secretary of the Treasury Steven Mnuchin on Crypto: “VASPs will be required to implement the same AML/CFT requirements as traditional financial institutions”

June 24, 2019 @ 10:20 am By JD Alois |

Last week, FATF President Marshall Billingslea of the US, chaired the Plenary meeting under the U.S. Presidency in Orlando. US Secretary of Treasury Steven T. Mnuchin was on hand to provide remarks on the accomplishments of the group. As part of his speech at the… Read More

Bitbond CEO Says FATF is Going Too Far with Global Guidelines for Crypto Industry

June 24, 2019 @ 7:43 am By JD Alois |

Bitbond, a Germany-based global online lending platform that is in the process of issuing one of the first security tokens, says guidelines issued by FATF impacting “virtual asset service providers” or VASPs – has gone too far. Bitbond, licensed by BaFin, is in the midst… Read More

V20 to Discuss Challenges from FATF Guidance Impacting Virtual Asset Service Providers

June 21, 2019 @ 7:10 pm By JD Alois |

The Financial Action Task Force (FATF) is out with their “Guidance for a Risk-based Approach: Virtual Assets and Virtual Service Providers.” This guidance, which was widely expected to be released today, should be rubber-stamped at next week’s G20 meeting in Japan. The proposals included in… Read More

Report: Incoming FATF Rules for Crypto Will Be Costly and Better For the Sector’s Long Term Prospects

June 12, 2019 @ 5:06 pm By Cali Haan |

Last weekend in Japan, G20 Finance Ministers “…reaffirm(ed)” their support of incoming “amended” FATF Standards requiring strict KYC/AML compliance in the cryptocurrency sector. The rules are expected to impact cryptocurrency exchanges, crypto wallet providers, custodians, hedge funds and brokers. G20 ministers also stated that they… Read More

G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets” in Fukuoka, Say They’ll Be Adopted in Osaka

June 10, 2019 @ 2:57 pm By Cali Haan |

Finance Ministers from the world’s 20 most powerful economies have “…reaffirm(ed) (their) commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML (anti-money laundering) and CFT (anti-terrorist finance),” in a communique issued from a meeting they held this weekend… Read More

Chainalysis Partners with Lendingblock on AML/KYC in Advance of FATF Guidance

June 6, 2019 @ 10:58 am By JD Alois |

Crypto forensics firm Chainalysis has partnered with Lendingblock, the institutional lending exchange for digital assets. Chainalysis will provide AML/KYC technology to Lendingblock. Lendingblock allows hedge funds, exchanges, asset managers, etc. to find liquidity and facilitate strategies, in the digital asset sector. Lendingblock is regulated by… Read More

Killing VASPs: G8 Swatting VASPs Globally (Crypto Exchanges, Custody, Tokens)

May 14, 2019 @ 6:00 pm By Barry James |

G8’s AML Body FATF Seeks Killing Crackdown on Crypto Exchanges and Tokens of All Types Crypto exchanges of all types and similar services (virtual asset service providers or ‘VASPs’) should be absorbed by traditional banks or disappear altogether. This seems to be the view of… Read More

Discussion on Digital Assets at Financial Action Task Force Meeting said to be Disappointing as Requests are “Unworkable”

May 8, 2019 @ 10:25 pm By JD Alois |

This week, the Financial Action Task Force (FATF) held the annual meeting of its Private Sector Consultative Forum in Vienna, Austria. The event was hosted by the United Nations Office on Drugs and Crime (UNODC). Part of the discussion addressed the growing crypto market and… Read More

Crypto Valley Regulatory & Policy Working Group Task Force Publishes Recommendations Addressing FATF Virtual Asset Statement

May 3, 2019 @ 12:26 pm By JD Alois |

Last February, the Financial Action Task Force (FATF) issued a statement on “virtual assets” recognizing the need to mitigate risk associated with money laundering and terrorist financing when it comes to cryptocurrency. The “draft interpretive note” regarding a segment on pending recommendations was open for… Read More

Florida Granted Right to Appeal Previously Dismissed Case Against LocalBitcoins Trader

February 2, 2019 @ 7:12 am By Cali Haan |

The State of Florida has been granted the right to appeal Judge Theresa May Pooler’s dismissal of a case of alleged unlicensed money transmission brought against a LocalBitcoins trader called Michell Espinosa. In 2013, Espinosa became the focus of a sting operation for “operating an… Read More

Intergovernmental Financial Regulator Calls For Urgent Harmonized Action Against Misuse of Cryptocurrencies

October 23, 2018 @ 1:15 am By Cali Haan |

The Financial Action Task Force (FATF), a Paris-based inter-governmental body “representing most major financial centres in all parts of the globe” and tasked with establishing anti-money laundering (AML) and anti-terrorist financing (CFT) standards worldwide has stated in an October 19th release: “There is an urgent need for… Read More

Korean Cryptocurrency Exchange Bithumb Bans Transactions from Blacklisted “Non-Cooperative Territories”

May 28, 2018 @ 8:38 am By Cali Haan |

South Korea’s largest cryptocurrency exchange and the fifth largest exchange in the world has announced it will cut off new and existing users trading from 11 countries identified by the Financial Action Task Force (FATF) as lax on money laundering and terrorist financing. Effective May… Read More