NEW YORK — A Manhattan jury will soon begin their deliberations in Roman Storm’s trial, deciding whether the Tornado Cash developer is guilty of helping hackers and other cyber criminals launder more than $1 billion in dirty money. Earlier in the day, the jurors heard closing arguments from both prosecutors and Storm’s defense team, who each … Read more
The co-founders of Samourai Wallet are expected to plead guilty to charges that, via their bitcoin mixing service, they helped hackers and other cyber criminals launder over $100 million in dirty money, according to Tuesday court filings. Both Keonne Rodriguez and William Lonergan Hill initially pleaded not guilty after they were arrested and charged with … Read more
Binance’s new CEO, Richard Teng, joined the company in November 2023 after its founder and former CEO Changpeng Zhao pleaded guilty in the US for violating money laundering laws. As the waters were seeming to settle around Binance’s internal turmoil, it’s new CEO also may have found himself in a similar situation. Nigeria’s House of … Read more
US prosecutors charged KuCoin, one of the world’s largest cryptocurrency exchanges, and two of its founders for failing to comply with American anti-money laundering rules. Since KuCoin’s inception in September 2017, the exchange “willfully failed” to establish and maintain a program to keep the platform from being used for illicit activity, including terrorist financing, federal … Read more
Binance has been fined by Canada’s anti-money laundering agency for violating the country’s anti money laundering laws. The largest crypto exchange in the world was previously probed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for flouting regulations last year. The action against the firm comes shortly after CEO Changpeng Zhao was … Read more
India’s crypto industry body, the Bharat Web3 Association (BWA) recently met with the stakeholders of India’s Web3 industry. The aim of this meeting was to open dialogues on the steps that could prevent the misuse of cryptocurrencies for unlawful activities like money laundering and terror financing. The BWA has called for a collaborative effort from … Read more
The cryptocurrency sector and crypto entrepreneurs have often come under legal scrutiny in recent years. Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison in March over charges of fraud, followed by Binance founder Changpeng getting a four-month sentence earlier this month over the exchange’s anti-money laundering activities. Now, Alexey Pertsev, the … Read more
India’s Financial Intelligence Unit (FIU) has imposed a fine of $2.25 million (roughly Rs. 18.8 crore) on Binance. The financial watchdog announced the development on Thursday, June 20. India has claimed that the crypto exchange, touted as the largest in the world, was not adhering to the Prevention of Money Laundering Act, 2002 (PMLA), which … Read more
The European Union (EU) is adding more layers to its crypto-related regulations to ensure that virtual digital assets (VDAs) are not misused by criminals to conduct or finance illicit activities. The European Banking Authority (EBA) has imposed a ‘travel rule’ on crypto firms that will require them to store details of transactions on their platforms, … Read more
As the UK aims to position itself as a leading hub for Web3 innovation, financial authorities are stepping up efforts to safeguard the crypto sector’s stability and security. A recent report from the UK’s Financial Conduct Authority (FCA) revealed that 90 percent of recent crypto firm registration applications have been rejected. Key reasons for these … Read more