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New York Makes First Money Laundering Conviction Involving Cryptocurrency

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New York

In what the Manhattan District Attorney calls the first crypto money laundering conviction in New York, two defendants have pleaded guilty to running a drug trafficking business that laundered millions of dollars in Western Union and crypto payments.

According to an official announcement shared by the District Attorney’s office on April 24, 2019, Mark Sanchez and Callaway Crain have pleaded guilty to charges of money laundering through the sale of controlled substances on their website and on the dark web.  Read more...

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Op Ed: Hanging Money Launderers Out to Dry: The Role of KYC/AML in Blockchain

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Crime isn’t supposed to pay, but sometimes the wages of sin are paid in bitcoin. Last week, Japanese police reported that 2018 saw a tenfold increase of cryptocurrency money laundering. In 2017, Japan’s National Police Agency discovered fewer than 700 instances of crypto money laundering. Last year, they found more than 7,000 cases. What is it about this new asset class, which is enabled by blockchain distributed ledger technology, that makes it so appealing to criminals? And what can be done to keep cryptocurrency clean?  Read more...

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1.3 Million Leaked Transactions Link Major Banks to $8.8 Billion Money Laundering Scheme

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1.3 Million Leaked Transactions Link Major Banks to $ 8.8 Billion Money Laundering Scheme

A new set of reports by the Organized Crime and Corruption Reporting Project, compiled from over 1.3 million leaked transactions from 238,000 companies, have linked many major banks to a scheme to channel billions of dollars out of Russia. The Troika Laundromat is unique in that “it was created by a prestigious financial institution.”

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

$ 8.8 Billion Money Laundering Scheme

The Organized Crime and Corruption Reporting Project (OCCRP), a non-profit media organization, published a set of reports this week detailing a complex money laundering scheme “to channel billions of dollars out of Russia” which it and Lithuanian news site 15min.it uncovered.  Read more...

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Cryptocurrency Accounts for Less Than 2% of All Japanese Money Laundering Cases

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Money Laundering Cases With Cryptocurrency Less Than 1.7% of All in Japan

Money laundering cases related to cryptocurrencies in Japan have increased significantly in 2018. Nevertheless, their number remains a fraction of the total. According to the Japanese press, the majority of reported money laundering instances actually involve banks and other traditional financial institutions.

Also read: Platform for Crypto Payments to Bank Accounts Launching in the UK

Most Instances Involve Banks and Credit Card Companies

The number of cases of suspected money laundering linked to cryptocurrencies reported in Japan surpassed 7,000 last year, the Japan Times reported, quoting the National Police Agency. The figure represents a 10-fold increase in comparison with the 669 cases registered between April and December of 2017, when crypto exchange operators were obliged to report suspicious transactions that may be linked to the movement of illicit funds.  Read more...

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How to Use Cryptocurrency to Send Money Abroad

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A Beginner's Guide To Getting Started With Sending Money Abroad Using Crypto

The global remittance industry is huge. World Bank data shows that over $ 148 billion was sent abroad from the U.S. alone in 2017. As people leave nations gripped by hyperinflation, or simply move to look for better opportunities abroad, sending cash back home becomes a necessity. As the people in Venezuela are discovering, this can be cheaper, faster and simpler with bitcoin and other cryptocurrencies. Here are four ways to send money abroad using crypto. 

Also read: Everything You Should Know About Bitcoin Address Formats   Read more...

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[Guest Post] Florida Appellate Decision Expands Scope of Money Transmission Laws When Using Bitcoin

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Florida Appellate Decision Expands Scope of Money Transmission Laws When Using Bitcoin
by Matthew Kohen and Justin Wales A recent Florida Third District Court of Appeal opinion may affect how individuals and businesses utilize bitcoin and other virtual currencies in the state of Florida. In Florida v. Espinoza, Case No. 3D16-1860, the State’s intermediary appellate court ruled that th…

The post [Guest Post] Florida Appellate Decision Expands Scope of Money Transmission Laws When Using Bitcoin appeared first on CoinReport.

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Wyoming Senate Passes Bill Recognizing Cryptocurrency as Money

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Wyoming Senate Passes Bill Defining Cryptocurrency as Property

The Senate of the U.S. state of Wyoming has passed a bill which defines cryptocurrency as property and establishes rules including for allowing banks to provide crypto custodial services. For secured transactions, however, the bill recognizes cryptocurrency as money subject to some of the same rules as money in the state.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Crypto Bill Passes Wyoming Senate

A bill defining digital assets as property passed the Wyoming Senate 28-1 with one excused Thursday. The bill classifies “digital assets, including cryptocurrency, as legal property,” the Wyoming Tribune Eagle reported. In addition, “It would subject cryptocurrency to some of the same rules as money by expanding existing laws,” the publication described.  Read more...

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Money Transmitter License Not Required for Crypto Businesses in Pennsylvania

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Money Transmitter License Not Required for Crypto Businesses in Pennsylvania

On Wednesday, Jan. 23, the Pennsylvania Department of Banking and Securities (DoBS) published guidance for virtual currency businesses operating in the state. The state’s financial agency has decided a money transmission license for cryptocurrency operations is not required.

Also Read: Former Mt Gox CEO Reflects on Incarceration in Japan While Facing More Prison Time  Read more...

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Asian Crypto Exchange Huobi is Tightening its Belt in the Bear Market, Plans to ‘Spend Money Carefully’

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From CCN.com: Have you ever heard the expression ‘hope for the best and prepare for the worst’? Chinese cryptocurrency giant Huobi, a former ‘big three’ exchange, is doing exactly that. Although the exchange is a profitable business that still makes money every month, they are laying off staff and preparing for the worst amidst this

The post Asian Crypto Exchange Huobi is Tightening its Belt in the Bear Market, Plans to ‘Spend Money Carefully’ appeared first on CCN

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Bitcoin Interview: Edge Wallet’s Paul Puey on the Future of Money

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CCN had a chance to speak with Paul Puey, founder of Edge Wallet and veteran crypto entrepreneur. Edge Wallet was previously called Airbitz. In the early days of crypto, Airbitz was a Bitcoin-only wallet that featured a directory of brick and mortar businesses which accepted Bitcoin. It was one of the only mobile wallets which

The post Bitcoin Interview: Edge Wallet’s Paul Puey on the Future of Money appeared first on CCN

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‘Nobody’s Going to Make Money’ on Pot Stocks: Hedge Funder Jeff Vinik

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Renowned hedge fund manager Jeffrey Vinik has dismissed the pot stock craze, describing cannabis investment as overrated and likely to suffer from squeezed margins. Speaking on CNBC’s Squawk Box on January 10, Vinik also revealed that bitcoin currently accounts for “zero percent” of his investment portfolio. Returning to the hedge fund scene after a five-year hiatus, the

The post ‘Nobody’s Going to Make Money’ on Pot Stocks: Hedge Funder Jeff Vinik appeared first on CCN

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How Mexican Cartels Use Chinese Crypto Brokers to Launder Drug Money

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Law enforcement agencies in the United States have expressed worries that Chinese crypto channels are increasingly being used to launder money by Mexican drug cartels and other transnational organized crime groups. This comes at a time when the size of Chinese exports such as chemicals and other ingredients used in making hard drugs to the

The post How Mexican Cartels Use Chinese Crypto Brokers to Launder Drug Money appeared first on CCN

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Litecoin Founder: “People Lose Money and They Want Someone to Blame”

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Charlie Lee, the founder of Litecoin (LTC), has been one of the most highly-polarizing figures in all of cryptocurrency in 2018 after famously “selling and donating” all of his LTC holdings before the bear market took hold. In a recent interview with Bloomberg, Lee discussed what he’s gone through with the crypto community after allegations of […]
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Romania: Bitcoin Exchange CEO Vlad Nistor Arrested for Money Laundering, May Face US Extradition

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According to a local Romanian news outlet Ziar de Cluj and others, Vlad Nistor — the CEO of Romania-based Bitcoin exchange CoinFlux — has been detained on behalf of the US government and is awaiting extradition. He was arrested in the city of Cluj-Napoca on Tuesday, according to another outlet. The crypto exchange has not disclosed

The post Romania: Bitcoin Exchange CEO Vlad Nistor Arrested for Money Laundering, May Face US Extradition appeared first on CCN

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FATF: UK Crypto Exchanges Pose ‘Low’ Money Laundering, Terrorist Financing Risk

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The Financial Action Task Force (FATF) revealed that crypto exchanges operating in the United Kingdom pose low money laundering (ML) and terrorist financing (TF) risks. The global standard setter for ML/TF published a report to evaluate the overall efforts that the UK has put in combating the money-related illegal activities. As the study touched on

The post FATF: UK Crypto Exchanges Pose ‘Low’ Money Laundering, Terrorist Financing Risk appeared first on CCN

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Dutch Central Bank Wants to Regulate Crypto Companies to Stem Money Laundering

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The Dutch Central Bank, De Nederlandsche Bank, wants to regulate crypto companies by requiring them to get licenses in order to operate. The bank claims the measure will deter money laundering and the use of cryptocurrencies to fund terrorism, according to a short brief in Dutch daily newspaper De Telegraaf. To qualify for a license, crypto

The post Dutch Central Bank Wants to Regulate Crypto Companies to Stem Money Laundering appeared first on CCN

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Analyst: Crypto ICOs in Crisis, Running Out of Money With No Products

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In the bull market of 2018, initial coin offering (ICO) projects in the crypto market raised tens of millions of dollars on average from investors in the public market to create decentralized applications (dApps) and systems. Fast forward 12 months, most of the ICO projects that currently exist in the sector have either have no

The post Analyst: Crypto ICOs in Crisis, Running Out of Money With No Products appeared first on CCN

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Crypto May Fulfill Nobel Winner F.A. Hayek’s Vision for Private Money: Economist

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F.A. Hayek was a Nobel-prize winning economist. In the 1970s, in the middle of a punishing recession and inflationary period that lasted into the beginning Ronald Reagan’s presidency, Hayek proposed that the solution to government-caused inflation and its associated problems was to allow the issuance of private, irredeemable money to compete with fiat issued by … Continued

The post Crypto May Fulfill Nobel Winner F.A. Hayek’s Vision for Private Money: Economist appeared first on CCN

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