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Money laundering scandals involving some of the world’s largest banks have grown this week. Switzerland’s largest bank, UBS, has been fined 3.7 billion euros (~$4.2 billion) for money laundering. Amid a $226 billion scandal, Estonian authorities have ordered Denmark’s largest bank to terminate its operations in the country. Danske Bank is also shutting down in … Read more
A U.S. federal court has fined a New York firm and its chief executive officer over $2.5 million in the first anti-fraud action involving bitcoin filed by the Commodity Futures Trading Commission. The Ponzi scheme involved a fake pooled investment strategy and a “fake computer ‘hack’ that supposedly caused the loss of nearly all customer funds,” … Read more
When societies discuss cryptocurrencies, the argument that the decentralized and unregulated nature of the crypto space leaves the door open to abuse, like money laundering and financial fraud, is often put forward by officials and authorities. However, a string of cases involving precisely these sins, and many, many banks, show that regulations are largely ineffective … Read more
This week Dutch authorities revealed to the public that the Netherlands’ largest financial services provider, ING, had violated numerous money laundering laws because they didn’t scrutinize unusual transactions and certain accounts. Also Read: Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair Netherlands’ Largest Bank Admits: “ING Clients Used Their Bank Accounts for … Read more
The U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it has taken action against two cryptocurrency firms. Both mark the “first-ever” action of their kind by the Commission. One is against the “first regulated crypto asset fund in the United States” and the other is against an “ICO Superstore.” Also read: 160 Crypto Exchanges … Read more
The Satoshi Revolution: A Revolution of Rising Expectations Section 4: State Versus Society Chapter 9, Part 5 Crypto: Other Than The Black Market, A Last Stand For Economic Freedom? Money…is the economic area most encrusted and entangled with centuries of government meddling. Many people, many economists, usually devoted to the free market stop short at … Read more
According to regional reports Vietnam’s oldest Bitcoin Exchange, Bitcoin.vn, is about to lose its domain per order of the Vietnamese Government. The website that has been operating since 2014 has been accused of operating a blog without permission from the Minister of Information & Communications of Vietnam. Also read: Crypto-to-Cash Lending is Growing Quite Popular These Days … Read more
Last week officials from the small town of Plattsburgh New York filed a moratorium request against bitcoin mining operations that currently reside in the town and future mining endeavors. The proposal was issued by the Mayor’s office and cites concerned over electricity use and energy consumption. Also Read: From ‘Attack’ to ‘Optimization’ — Slush Pool Reveals … Read more
The South Korean Communications Commission has conducted a survey of major cryptocurrency exchanges in the country and found them to have insufficient customer data protection. Eight exchanges have been sanctioned, with 30 days to resolve their issues and safeguard their systems. Also read: Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March … Read more
The South Korean government has announced that cryptocurrency traders will be fined if they do not convert from existing virtual accounts, which allows for anonymous trading, to real-name accounts. Regardless of their service levels to crypto exchanges, banks have been ordered to implement the new system this month as planned. Also read: South Korea Urges 23 … Read more
