US sanctions Russian crypto platforms for money laundering ties
Two crypto exchanges and two individuals have been sanctioned for ties to underground finance. Go to Source
FinCEN
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US mulls applying fiat reporting mandate on crypto transfers
The US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements. Go to Source
Crypto Exchange Bitmex Pleads Guilty to Violating Bank Secrecy Act, AML Failures
Crypto exchange Bitmex has pleaded guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an adequate anti-money laundering (AML) program, resulting in the company being a vehicle for large-scale money laundering. The DOJ announced this plea following previous legal actions and settlements. Bitmex says: “We have accepted the BSA charge, will seek … Read more
BitMEX expects ‘no further fines’ for ‘old’ AML violation in US
BitMEX addresses the DOJ’s BSA charge as a past issue, highlighting their compliance improvements and founders’ prior penalties. Go to Source
Hawaii crypto firms no longer need MT license, regulator rules
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
DOJ’s Unlawful Interpretation Threatens Bitcoin and Crypto Innovation, Lawmakers Warn
Two U.S. senators have criticized the Department of Justice (DOJ)’s new interpretation of “money transmission,” which extends requirements to non-custodial software, citing concerns over its impact on crypto networks and financial innovation. “I’m concerned the DOJ’s interpretation would treat software developers as criminals for merely writing and publishing code used by others,” one of the … Read more
Sens. Lummis, Wyden oppose Justice Dept. stance on Tornado Cash charges
If the Justice Dept. prevails in the case against the cryptocurrency mixer, internet service providers and the post office may also be liable to transmitter requirements, they said. Go to Source
Anti-Crypto Mixer Blockchain Integrity Act Introduced in US House of Representatives
The Blockchain Integrity Act, a piece of legislation that seeks to put a 2-year moratorium on using cryptocurrency mixers, was introduced by U.S. Congressman Sean Casten on March 7 in the U.S. House of Representatives. Co-sponsored by Reps. Bill Foster, Brad Sherman, and Emanuel Cleaver, the bill proposes to conduct a study on the issue … Read more
FBI Warns Against Using Unregistered Cryptocurrency Money Transmitting Services
The Federal Bureau of Investigation (FBI) has issued a warning about using unregistered cryptocurrency money transmitting services that fail to comply with U.S. anti-money laundering laws. The agency has provided tips for the public to protect themselves, advising them to avoid providers that do not require Know Your Customer (KYC) information. FBI’s Crypto Warning The … Read more
FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
The Financial Crimes Enforcement Network (FinCEN) has released an analysis that reports an alleged increase in the use of cryptocurrency in human trafficking cases. According to FinCEN, reports of cryptocurrency linked to these purposes grew from 336 in 2020 to 1,975 in 2021, an increase of almost 500%. FinCEN Alerts of Crypto Usage Linked to … Read more
