Tagged: illicit activities

March 17, 2021 @ 10:25 pm By Omar Faridi  |  

Six New Hampshire residents are reportedly facing federal indictment because of an elaborate scheme that allowed people to exchange over $10 million for digital currencies like Bitcoin (BTC) and Ethereum (ETH). The US District Court indictment alleges that the co-conspirators had tricked or deceived financial… Read More

March 14, 2021 @ 6:56 pm By Omar Faridi  |  

Earlier this year, the team at Elliptic, which works to assist with categorizing financial crime typologies while protecting legitimate crypto-asset users from illicit activities, had explained how proper and effective compliance can prevent (potential) money laundering activities using Bitcoin (BTC) or other digital currencies. Elliptic… Read More

March 14, 2021 @ 10:18 am By Omar Faridi  |  

A digital artwork piece by Beeple recently set auction records (on Thursday / March 11, 2021)  when it sold at Christie’s for $69 million. Twitter CEO Jack Dorsey is auctioning the NFT or non-fungible token for the first tweet ever, “just setting up my twttr,”… Read More

February 7, 2021 @ 10:53 am By Omar Faridi  |  

European online lender October recently alerted consumers about the money muling fraud. The company explained what usually takes place when bad actors carry out these fraudulent activities and shares tips to avoid getting scammed. October notes that if you’re being offered “opportunities” to make easy… Read More

January 26, 2021 @ 9:02 pm By Omar Faridi  |  

Blockchain security firm CipherTrace notes that during her confirmation hearing on January 19, Dr. Janet Yellen, US President Joe Biden’s pick for Secretary of the Treasury, had said that “many” virtual currencies remain “a particular concern” when it comes to terrorism and criminal financing (and… Read More

September 21, 2020 @ 11:28 am By Omar Faridi  |  

Chainalysis, the leading blockchain analysis firm, has teamed up with the State of Wyoming’s Division of Banking, the banking regulator that’s tasked with the chartering and supervision of Wyoming state banks, trust companies, mortgage firms, money transmitters and other non-bank financial service providers. The State… Read More

September 15, 2020 @ 8:22 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… Read More

September 14, 2020 @ 9:02 am By Omar Faridi  |  

Current Financial Crimes Enforcement Network (FinCEN) regulations state that it’s the responsibility of all financial service providers to accurately and promptly identify and report any suspicious or potentially fraudulent activity. This activity may be related to how criminals or bad actors exploit convertible virtual currencies… Read More

May 18, 2020 @ 11:04 pm By Omar Faridi  |  

A lawsuit was filed on May 16, 2020, against HDR Global Trading Ltd, the parent company of the Hong Kong-operated Bitcoin Mercantile Exchange (BitMEX), a leading digital currency derivatives exchange that averages billions of dollars worth of daily trading volume. The 106-page lawsuit has also… Read More

January 16, 2020 @ 9:58 am By Omar Faridi  |  

Chainalysis, a leading blockchain analytics and cybersecurity firm, revealed on January 15, 2020 that it had managed to trace $2.8 billion in Bitcoin (BTC) being transferred to criminals via cryptocurrency exchanges in 2019, with the vast majority of these transactions going through Binance and Huobi,… Read More

December 8, 2019 @ 6:26 pm By Omar Faridi  |  

Ukraine’s government has reportedly approved the nation’s final draft of a new money laundering law that applies to virtual assets (or cryptocurrencies) and virtual asset service providers (VASPs), according to the Financial Action Task Force (FATF) guidelines. The Rada, the country’s legislative body, released a… Read More