Category: Crypto Compliance

Binance executive Tigran Gambaryan in a wheelchairB
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October 12, 2024

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.
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PayRate42 rated stablecoin issuer with green compliance and green riskC
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October 3, 2024

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.
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FCA prosecution against investment scheme operatorsU
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October 1, 2024

UK’s First Crypto ATM Conviction: Nigerian Operator Pleads Guilty in £2.6 Million Unregistered Scheme!

In the UK, Olumide Osunkoya pleaded guilty to 5 offenses, becoming the first UK conviction for offenses relating to the operation of crypto ATMs. He is due to be sentenced for running multiple crypto ATMs without FCA registration, creating and using false documents, and possessing criminal property. Osunkoya illegally operated a network of at least 11 crypto ATMs, which processed more than £2.6m in crypto transactions.
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Tornado Cash challenges the US authoritiesC
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September 30, 2024

Crypto Compliance: DeFi Scheme Mango Markets to Destroy All MNGO Tokens Following SEC Settlement!

The U.S. SEC has charged the Solana-based decentralized finance (DeFi) platform Mango Markets with securities violations. As part of the settlement, the scheme will collectively pay nearly $700,000 in penalties. The scheme operators have also agreed to destroy all MNGO tokens, remove MNGO from trading platforms, and cease any attempts to promote or offer MNGO for trading.
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SEC charges Mango DAO and Blockworks FoundationS
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September 28, 2024

SEC Charges Crypto Asset Trading Platform Mango Markets for Unregistered Offers and Sales of the Platform’s “MNGO” Governance Tokens!

Labeling an entity as a ‘DAO’ doesn’t exempt it from U.S. securities laws. The SEC’s crackdown on Mango DAO and Blockworks Foundation highlights that all intermediaries of securities—whether automated or decentralized—must comply with registration requirements. The crypto industry must heed this warning, as the enforcement heat continues to rise.
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Kraken announced closing of bcm acquisitionU
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September 25, 2024

U.S. Crypto Exchange Kraken Strengthens European Position with Dutch Acquisition Ahead of MiCA!

Kraken, one of the world's leading cryptocurrency exchanges based in the U.S., has recently completed its acquisition of Coin Meester B.V., a prominent Dutch cryptocurrency broker d/b/a BCM. This strategic move marks another milestone in Kraken's European expansion strategy and strengthens its position in the evolving cryptocurrency market landscape under the MiCA regime.
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SEC charges stablecoin issuer TrueCoin and TrustTokenS
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September 25, 2024

SEC Charges Stablecoin Issuers TrustToken and TrueCoin With Investor Fraud Over Stablecoin TUSD

The U.S. Securities and Exchange Commission (SEC) has charged TrustToken and TrueCoin with defrauding investors over their stablecoin, TUSD, which they falsely claimed was fully backed by U.S. dollars. The companies secretly invested over half a billion dollars in risky offshore funds, exposing investors to hidden risks. This case highlights the urgent need for regulatory scrutiny in crypto-asset markets.
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Coinbase launches regulated crypto futures in the USC
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September 24, 2024

Coinbase and its Fight Against the SEC Continues with A Small Win!

The U.S. SEC filed a lawsuit against Coinbase, one of the largest crypto exchanges in the U.S., in June 2023. The core issue of this lawsuit revolves around whether certain crypto assets traded on Coinbase's platform should be classified as securities. On Monday, members of a Third Circuit panel pressed the regulator on its brief denial of crypto exchange Coinbase's request for rulemaking around digital assets.
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September 15, 2024

China Targets Crypto Money Laundering with New Law Revision

The adoption of crypto is evident, not least from the use of cryptocurrencies for illegal activities and money laundering. This is increasingly becoming a problem for the authorities. China's new law revision aims to tackle cryptocurrency-enabled money laundering by introducing stricter provisions and predicate offenses, aligning with global AML standards.
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SEC announces settlement with eToroe
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September 12, 2024

eToro Settles with SEC, Restricts Crypto Trading

Under its chair, Gary Gensler, the SEC is taking massive action against crypto companies in the U.S. The regulator believes that most coins and tokens qualify as securities, and therefore, the issuers and exchanges need appropriate registration. The U.S. subsidiary of the Israeli eToro broker scheme has also been sued for this reason. eToro settled with the SEC with a $1.5 million payment.
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Garantex founder Sergey MeneleevC
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September 8, 2024

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.
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Russian CBR and the new crypto regulationR
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September 8, 2024

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.
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