Malta’s Financial Intelligence Analysis Unit (FIAU) has imposed a $1.2 million fine on OKX’s local subsidiary for breaching the island nation’s anti-money laundering (AML) regulations. The penalty comes after an onsite compliance check held in April 2023, which revealed a number of breaches—some of which were considered serious and systemic,
Crypto community members have been watching the dispute between Justin Sun and Hong Kong financial institution, FDT. On the other hand, market prices have shown minimum movements in the last 24 hours. A recent report of surging crypto crimes have unsettled waves in the community. On turning to the regulatory
Cryptocurrency hacks have been far from reducing over the past months. Following a short dormancy during the end of 2024, the sector witnessed the huge Bybit hack in February. This hack occurred on February 22 and experienced a loss of $1.4 billion worth of funds. Particular investigators alleged that the
AUSTRAC, Australia’s anti-money laundering regulator, moved against 13 cryptocurrency companies under its overall operation of cracking down on non-adherence to money laundering laws. Over 50 more companies continue to be watched. The probe, which commenced more than a year ago, aims to confirm that cryptocurrency exchanges and digital currency providers
Brian Armstrong, CEO of Coinbase, discussed on financial regulations with his recent post on X. Armstrong criticized Anti-Money Laundering (AML) regulations, calling them a “failed policy.” He highlighted statistics, that AML efforts cost global agencies around $213 billion annually but prevent only 0.2% of illegal activities, as per a report
Taiwan’s Financial Supervisory Commission (FSC) has unveiled a comprehensive set of anti-money laundering (AML) rules. These rules specifically target cryptocurrency firms and are set to be enforced by 2025. The new regulations aim to bring order to the growing digital asset market. They require virtual asset service providers (VASPs) to
A joint assessment by regional bodies, including the Financial Action Task Force (FATF), has urged India to enhance its regulation of virtual assets. The FATF’s recent report on India’s efforts to combat money laundering and terrorist financing reveals significant risks associated with domestic illegal activities, primarily fraud, cyber fraud, corruption,
In an exciting development for the cryptocurrency community, Quppy, the innovative financial services platform, has made headlines once again. Alongside its already impressive array of services, Quppy is now introducing a groundbreaking Anti-Money Laundering (AML) Telegram Bot designed to enhance the security and transparency of crypto transactions and wallets. This
As the world of cryptocurrency and stablecoins continues to evolve and gain mainstream adoption, the importance of implementing effective anti-money laundering (AML) practices becomes increasingly crucial. By adhering to AML regulations and guidelines, the crypto industry can establish greater credibility and trust among investors and regulators, ultimately leading to a
UK regulatory warns 111 crypto firms for not registering with FCA. Millions of UK adults are holding crypto now. FCA also established the “Temporary Registration Regime” earlier. The Financial Conduct Authority (FCA) of the United Kingdom, which is in charge of regulating the crypto industry in terms of anti-money laundering
