Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
AML
LocalBitcoins Claims 70% Reduction in Transactions Related To Darknet
The top peer-to-peer (P2P) crypto exchange LocalBitcoins has noted a 70 percent decrease in the number of transactions related to darknet since its adoption of AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations in September last year. LocalBitcoins noted its ability to remarkably decrease the number of transactions related to darknet carried out using its platform between September last year and May this year. In the words of the chief marketing officer at LocalBitcoins, Jukka Blomberg to Cointelegraph, the…
5 years ago
NZ Police Freezes Money Linked To Alleged Bitcoin Launderer Alexander Vinnik
Alexander Vinnik was arrested in Greece on an extradition order from the U.S. as prosecutors said he allegedly controlled a Bitcoin exchange that laundered billions of dollars for criminal networks. After his arrest in 2017, he was extradited to France where he is still in custody. He was said to have allegedly laundered 300,000 Bitcoin (about $4 billion) within six years through BTC-e, one of the largest cryptocurrency exchanges in the world at the time. Further, he was accused of facilitating money…
5 years ago
An Institute in Philippine Publishes a Report Regarding Cryptocurrency Use by Terrorists
One of the criticisms surrounding cryptocurrencies is the ability of people to use it to finance illegal and disastrous activities such as terrorism, kidnapping, and more. This has led to several researches by individuals, agencies, as well as organizations regarding the issue. The Philippines Institute for Peace, Violence and Terrorism Research (PIPVTR) published a report on May 20 which reveals recent transactions by terrorist groups related to Islamic State (IS) in Southeast Asia. The institute noted an increase in terrorism…
5 years ago
Digital Currency Messaging Standard for FATF Compliance
Digital currency companies are responding to anti-money laundering requirements of the Financial Action Task Force (FATF). The latest response to the requirements involved the development of a new messaging standard. The new messaging standard is known as IVSM101. Two months to the end of 2018, the FATF was able to adopt changes to its recommendations to explicitly clarify that they apply to financial activities involving virtual assets (VA). This led to the expansion of the scope of the recommendations to apply to…
5 years ago
How Is the 5AMLD Disrupting Crypto Service Providers
On January 10th, 2020, the European Union’s 5th Anti-Money laundering Directory (5AMLD) came into force. The new law gives sweeping powers to compliance organizations and law authorities to introduce a series of restrictive demands on crypto companies in a way never seen before. Organizations that deal with crypto-related activity have been under mounting pressure to implement compliance measures to register new clients. With the advent of the law, the compliance measures will only increase on an industry-wide scale, with regulations…
5 years ago
Solving the KYC/AML problem using Blockchain Technology
Know Your Customer (aka KYC) is the regulatory and compliance obligation for the conventional banking and financial system to capture customer information before onboarding and providing any financial services. In banks, KYC is embedded into the account opening forms, which mandate customers to provide accurate information and ideally update as soon as any change occurs in the KYC data. Similarly, other financial institutions, such as Stocks, Mutual Funds, Insurance companies, etc., also require KYC information from their prospective customers. Primarily…
5 years ago
Digital Payment Token (DPT) Updated to Singapore’s Regulatory Framework
Singapore passed the Payment Services Act 2019 (PSA) in January 2019, and an announcement on January 28th revealed an update to the Acts. This update is called the Digital Payment Token (DPT) and includes services that cover cryptocurrency and exchange based in Singapore. This update is under the already implemented anti-money laundering (AML) and the counter-terrorist financing (CTF) rules. In this case, crypto-related businesses have to register first and then apply for a license to operate. The Fifth European Anti-Money…
5 years ago
Brazilian Leading Commercial Bank May Withdraw Crypto Exchanges Services
A Brazilian bank, known as Banco Bradescohas, recently rejected an agreement hindering the closure of crypto exchanges accounts. Banco Bradescohas’s recent act could mean it is completely cutting ties with the cryptocurrency exchanges. The fact that Banco Bradescohas is a renowned bank in Brazil may negatively affect the country’s cryptocurrency domain after the bank shunned the agreement. In December 2019, the Administrative Council of Economic Defense of Brazil clarified that withdrawal of bank services offered to crypto exchanges is not…
5 years ago
Breakdown of Money Laundering in Traditional Banking and Digital Currency
Laundering money through traditional banking systems has become a common practice over the years. A report released by the United Nations office on drugs and crime gives an account of unlawful bank transactions valued in trillions being carried out through the networks of traditional banks in a year. However, when it comes to Bitcoin, there is a general belief that it is the preferred platform for criminals and con artists to carry out illicit transactions. Even so, the number…
5 years ago