AML

In the past several years, the global crypto Anti-Money Laundering (AML) compliance solutions market has grown remarkably, reaching $686.89 million in 2023. As Verified Market Research reports, this sector is expected to surpass $1 billion by 2025, with a projected compound annual CAGR of 17.6% from 2024 to 2031. Such a swift expansion reflects the increasing mainstream adoption of crypto and the critical need for robust AML compliance solutions to combat illicit activities in the space. As cryptocurrencies integrate into…

The post BestChange Launches AML Analyzer for Checking Crypto Addresses appeared first on Coinpedia Fintech News BestChange, a trending crypto exchanger monitoring platform, introduces a new tool designed to help users check cryptocurrency addresses against Anti-Money Laundering (AML) standards.  AML analyzer is now available directly on the BestChange platform, making it easier to verify crypto addresses before sending or receiving funds, thus reducing risks when dealing with various digital assets. The tool supports a broad range of popular cryptocurrencies like…

The post Paxful Co-founder Pleads Guilty To AML Violations, Faces Jail Term appeared first on Coinpedia Fintech News The latest report from DoJ has stated that Artur Schaback operated the crypto trading platform Paxful for nearly four years between July 2015 to June 2019 where he allowed customers to open accounts without gathering sufficient KYC information. The authorities also accused Schaback of marketing Paxul as a platform that doesn’t require KYC and presented fake AML policies to third parties without…

Changpeng Zhao (aka “CZ”) – the founder and former CEO of crypto exchange giant Binance – has been sentenced to 4 months in prison after a hearing in a Seattle courthouse on Tuesday. The sentencing follows CZ’s guilty plea to running afoul of know-your-customer and anti-money laundering requirements at his exchange in November. During the hearing, Judge Richard Jones acknowledged tht CZ had “accepted responsibility” for his actions, and that his actions at Binance were of a “mitigating nature.” “There’s…

The European Parliament’s recent passage of stringent anti-money laundering regulations signifies a significant crackdown on financial crime within the cryptocurrency industry. The legislation introduces tighter oversight on non-custodial wallets, aiming to bolster transparency and combat illicit activities. However, concerns linger regarding the impact on user autonomy and the broader adoption of blockchain technologies. On Wednesday, April 24, the European Parliament passed a new rule in order to combat the violation of anti-money laundering (AML) rules while addressing incidents of terror…

The US federal prosecutors charge KuCoin with anti-money laundering law violations, questioning its customer vetting processes. Despite legal challenges facing KuCoin, Bitcoin maintains a steady value, holding firm at $70,000, indicating continued investor confidence. Recent developments reported by Reuters reveal that KuCoin, a prominent global cryptocurrency exchange, is now facing charges from US federal prosecutors. The charges allege that KuCoin violated U.S. anti-money laundering laws by not implementing effective customer identification procedures since its inception in 2017. This alleged oversight…

Major crypto exchange KuCoin, along with two of its founders, was alleged to have failed to implement anti-money laundering (AML) and know-your-customer (KYC) procedures. According to prosecutors, the absence of AML and KYC on KuCoin enabled the platform to be used to launder illicit funds from criminal proceeds. KuCoin and Founders Slammed With Charges In a press release on March 26, United States prosecutors accused KuCoin, with Chun Gan and Ke Tang – founders of the exchange, of operating an…

Following the recent court filings against BitMEX and its founders for rules violation, the cryptocurrency derivatives giant seems to take the necessary steps to make things right.  Announcing Monday, 100X Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX exchange, said it had appointed Malcolm Wright as the company’s new Chief Compliance Officer (COO).  Interestingly, Malcolm Wright is an expert in compliance and anti-money laundering (AML) with over 30 years of experience.  The new COO…

The invention of blockchain technology has led to smart contracts, which are machine-encoded self-executing contracts. The terms of the contract between the participating parties are written into code. And with the rapid growth of smart contracts, various smart contract languages have been launched in the crypto space. Digital Asset Modelling Language (DAML) is a smart contract language developed by Digital Asset Holdings (DA). It was explicitly designed for distributed ledgers to enable safe, real-time, definite, and high-level specific business environments. …