• FinCEN wallet rule
    Cryptocurrencies,  Politics,  Regulation

    FinCEN drops ‘midnight rule’ regulating private crypto wallets

    U.S. Treasury Department’s Financial Crimes Enforcement Network issued a proposal requiring exchanges to collect personal data from self-hosted wallets

    Essentially, what FinCEN wants is to require banks, cryptocurrency exchanges, and other money services businesses (MSB) to collect identifying data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.

  • CipherTrace Bankers worried AML
    Cryptocurrencies,  Regulation

    CipherTrace: Bankers worried by inability to detect crypto payments

    With growing legal and regulatory attention on anti-money-laundering laws, the blockchain intelligence firm found 80% of bankers fear sanction violations

    The IRS, FBI and other U.S. law enforcement agencies may be trumpeting their success in breaking up everything from child porn rings to al-Qaeda funders, but bankers are not so confident in their ability to even detect crypto-related transactions.

  • BitMEX upgrades AML
    Regulation,  United States

    Following indictments, BitMEX upgrades anti-money laundering compliance

    After its three founders were indicted by the U.S. Department of Justice, the exchange announced plans to lead “the industry on best practice crypto-asset compliance.”

    The move follows last month’s indictment of now-former BitMEX CEO Arthur Hayes, along with co-founders Benjamin Delo and Samuel Reed (the only one arrested), on charges of violating the Bank Secrecy Act and conspiring to violate the Bank Secrecy Act by failing to put sufficient anti-money-laundering safeguards in place.

  • crypto money launderer's haven
    Cryptocurrencies,  Regulation

    Crypto still a money launderer’s haven: CipherTrace report

    According to the blockchain intelligence firm, 56% of all crypto firms ‘have weak or porous know-your customer processes, meaning money launderers can use’ their services

    More than half of all cryptocurrency exchanges are so lax about making customers prove their identity that they can be considered money-launderer friendly.