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Next in Line: U.S. Authorities Charge Chinese Crypto Exchange KuCoin and Founders with Financial Crimes
The U.S. Attorney’s Office for the Southern District of New York, in conjunction with Homeland Security Investigations (HSI), has unveiled charges against the global crypto exchange KuCoin and its founders Chun Gan and Ke Tang, both Chinese nationals. The indictment, unsealed on March 26, 2024, accuses them of conspiring to violate the Bank Secrecy Act and operating an unlicensed money-transmitting business.
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FTX’s Downfall: A Legal Examination of Bankman-Fried’s Spectacular Failure
Sam Bankman-Fried (SBF), once the CEO of FTX, is now embroiled in legal battles following the crypto exchange's bankruptcy, a situation marked by allegations of significant financial mismanagement and fraud. The company's downfall has led to SBF's legal woes and placed him in the center of a contentious bankruptcy proceeding, mirroring the drama of his ongoing fraud trial. His sentencing is scheduled to take place on March 28, 2024.
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The Impending Sentencing of Sam Bankman-Fried: A Harbinger for Crypto Legal Battles
His sentencing is scheduled for March 28, 2024. In the aftermath of FTX's collapse in late 2022, its founder, Sam Bankman-Fried (SBF), faces the possibility of decades in prison. Federal prosecutors have charged him with eight counts, including four of wire fraud, utilizing a law from the 1950s. This approach underscores the adaptability of wire fraud statutes in addressing modern financial crimes, especially within the nebulous crypti domain.
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Advcash’s Transformation into Volet: The Escape From a Damaged Reputation!
The notorious high-risk payment processor Advcash has undergone a significant rebranding, emerging as Volet. This revelation, initially reported by FinTelegram, came through an official announcement dated March 26, 2024. The Advcash.com domain now seamlessly redirects visitors to Volet.com, along with the transfer of customer data to the new entity. Such a step invites a closer look and a healthy dose of skepticism.
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Nigeria Intensifies Legal Pressure on Binance with Tax Evasion Charges Amid Global Scrutiny
Nigeria has initiated tax evasion charges against the Binance. This move comes as the crypto exchange faces global scrutiny over its operations, regulatory compliance, and adherence to financial laws. The charges laid by Nigeria's Federal Inland Revenue Service (FIRS) in Abuja accuse Binance of failing to meet its tax obligations on four counts, including non-payment of Value-Added Tax (VAT), company income tax, failure to file tax returns, and facilitating tax evasion for its customers.
Payment Processors
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European Financial Institutions and Illegal Casino Payments: A Call to Action for EU Regulators!
In the wake of recent revelations surrounding Cash App and the U.S. authorities' investigation into allegations of money laundering and the facilitation of illegal offshore gambling activities, a concerning pattern emerges—one that is not limited to the shores of the U.S. FinTelegram has revealed that numerous European financial institutions are acting as payment facilitators for illegal offshore casinos.
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Russian-Controlled High-Risk Payment Processor Payeer Facilitates Pocket Option and PO Trade Broker Schemes!
The Russian-controlled high-risk payment processor Payeer has been on our radar since 2021. Since then, the operating companies behind the payment facilitator have changed several times. We have also discovered Payeer to be a facilitator of scams during this time. Currently, Payeer is one of the payment facilitators for the (interconnected) offshore broker schemes Pocket Option and PO Trade, alongside Advcash and Perfect Money. Here is our latest update.
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Klarna’s Sofort Still Facilitates Bank Deposits to Unlicensed Offshore Casino Platforms!
FinTelegram already revealed that Klarna, a prominent Swedish fintech company operating under banking regulation through its subsidiary Sofort, is progressively facilitating online casinos and gambling..
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Urgent Warning Against TraderbrokerFX, Traderbroker X And Their Facilitators!
The Spanish regulator CNMV has issued a warning against the broker scam TraderbrokerFX a/k/a TraderbrokerX. It is allegedly operated by TraderbrokerFX Limited. We have not found this company. As payment processors we have found for crypto deposits Coinsdrom which is operated by Lithuanian Clearcrest Inc UAB. In addition, customers can also l
Cybercrime Court Cases
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The Ripple Effect: Sentencing of Crypto Titans and the Responsibility of Crypto Executives!
In a narrative that reads like a thriller, the founders and executives of some of the most prominent crypto exchanges are facing severe legal repercussions. The upcoming sentencings of Sam Bankman-Fried (SBF) of FTX and Changpeng Zhao (CZ) of Binance are pivotal moments that could set a precedent for the treatment of other crypto founders, including Chun Gan and Ke Tang of KuCoin. The authorities hold the executives of crypto exchanges accountable for their involvement in the illegal activities of these exchanges.
Regulatory Updates
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Another Regulatory Warning Against Nexus LLC And Its Bull Bear Invest Broker Scam!
FinTelegram has already issued several warnings against the scams allegedly operated by Nexus LLC, which is registered in St. Vincent & The Grenadines. Financial regulators also regularly issue warnings against these scams. We still do not know who is behind Nexus LLC. We are still waiting for whistleblower information in this regard. In any case, consumers should stay far away from all broker scams that are operated via Nexus. Protect your financial health.
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FINMA Takes Decisive Action Against Banque Audi for Money Laundering Violations in Lebanan Context!
In a bold move, the Swiss Financial Market Supervisory Authority (FINMA) has concluded its enforcement proceedings against Geneva-based private bank Banque Audi (Bank Audi), owned by a prominent Lebanese banking group. During an on-site inspection in 2021, FINMA discovered serious shortcomings in the prevention of money laundering and ordered the disgorgement of profits totaling CHF 3.9 million and a capital surcharge of CHF 19 million.
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Money Laundering: Investors Initiate Legal Action Against ING for Over Half a Billion Euros in Damages!
A group of over 130 institutional investors took legal steps against ING and certain former executives, issuing a writ of summons for damages exceeding €600 million. This action stems from accusations against ING for failing to disclose crucial information regarding alleged corrupt activities and breaches of anti-money laundering laws at ING Bank. This lawsuit follows a substantial €775 million fine paid by ING in 2018 for similar violations.