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Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees … Read more
The AMF is giving firms registered under its current DASP rules ample time to transition, too. Go to Source
The alert serves as a reminder of the critical role financial professionals play as gatekeepers in the fight against financial crime. Go to Source
While being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal licensing laws. Go to Source
Nigerian data and policy analyst Obinna Uzoije noted that a unified regulatory framework for all ECOWAS member states would offer potential crypto investors much-needed clarity. Go to Source
According to the Money Laundering Risk Assessment Report by Singapore’s central bank, the banking sector is identified as the highest money laundering risk to the country. The report also highlights risks related to digital assets and cryptocurrencies. To mitigate these risks, the Monetary Authority of Singapore (MAS) has implemented stringent regulatory measures under the Payment … Read more
India’s financial watchdog issued charges against Binance after reviewing written and oral submissions from the Binance Director and available company records. Go to Source
North Dakota’s Department of Financial Institutions Commissioner pointed to Binance’s money transmitter and AML convictions to make its case. Go to Source
The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX. Compliance Concerns Trigger Regulatory Action Against Evolve Bank Evolve Bank … Read more
Former CEO Changpeng Zhao cannot be Binance’s beneficiary if it wants to keep its French license. Go to Source
