Money Laundering | FinTelegram News

Category: Money Laundering

December 8, 2023

Binance Founder Ordered To Stay In The U.S. After His Plea Deal, A Court Ordered!

In the latest twist in the ongoing legal drama surrounding the crypto world, a federal judge in Seattle has put the brakes on Changpeng Zhao's travel plans. The former Binance CEO, widely known as "CZ" in the crypto community, wanted to return to the United Arab Emirates after his guilty plea in a super-high profile money laundering case. However, he has been ordered to remain within U.S. borders, awaiting his sentencing in Feb 24.

December 3, 2023

Worthwhile Reading: The Binance Scandal: A Turning Point in Crypto’s Battle Against Money Laundering!

This article is based on the insights of Casey Michel, the author of “American Kleptocracy.” It reflects on the broader implications of the Binance scandal..

December 1, 2023

Virtual Currency Mixer Sindbad Sanctioned by OFAC for Laundering Activities Linked to DPRK’s Lazarus Group

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken decisive action against Sinbad.io, a virtual currency mixer, for its role in laundering millions of dollars from cyber heists conducted by the notorious Lazarus Group, a cyber hacking group backed by the Democratic People’s Republic of Korea (DPRK). Sinbad has been a crucial tool for laundering proceeds from high-profile heists such as those on Horizon Bridge and Axie Infinity.

November 29, 2023

FinCEN Exposes Binance’s Deep Ties with Sanctioned Russian Exchange, Implications for Ex-CEO Zhao’s Sentencing!

FinCEN's recent investigations into Binance have unearthed troubling revelations about the cryptocurrency exchange's longstanding collaboration with the Russian exchange Garantex, which has been embroiled in money laundering controversies. This partnership persisted even after Garantex Europe, based in Estonia, had its license revoked in February 2022 due to AML concerns and was subsequently placed on the OFAC sanctions list in April 2022.

November 22, 2023

Legal Analysis: Could Former Binance CEO Changpeng Zhao Follow Sam Bankman-Fried Into Jail?

Changpeng Zhao (CZ), the Binance founder and now-former CEO, pleaded guilty to failing to maintain an effective anti-money laundering (AML) program in violation of the Bank Secrecy Act (BSA). For this, Zhao faces 18 months in prison. He has been released on a $175 million personal recognizance bond secured by $15 million in cash and has a sentencing hearing scheduled for Feb. 23, 2024. Zhao already resigned as CEO of Binance.

November 22, 2023

Binance Founder Released On Bail, Steps Down As CEO, And Names Successor After Guilty Plea!

In the wake of his recent guilty plea, Changpeng Zhao (CZ), the now-former CEO of Binance, has announced Richard Teng as his successor. Teng, a seasoned professional with a wealth of experience in financial regulation, is set to steer the cryptocurrency exchange into a new era. Zhao acknowledged the emotional difficulty of relinquishing control but emphasized the need for responsibility.

November 21, 2023

Whistleblowers: Let Us Learn More About Online Casino Operator Rabidi, Bankruptcy Procedures, And Its Payment Agents!

Rabidi N.V. is a Curacao-registered company implicated in operating numerous online casinos and gambling sites. Until a few months ago, Rabidi operated with a Curacao license that is no longer valid. Payments are processed via various payment agents, including Tilaros in Cyprus. Bankruptcy procedures have been initiated against the company in Curacao. We would like to know more from our whistleblowers.

November 20, 2023

Following Investigations Of The U.S. DOJ, Tether Voluntarily Freezes 225M in Stolen USDT!

Tether, the operator behind the stablecoin USDT, and OKX, a major crypto exchange, have recently cooperated with the U.S. Department of Justice (DOJ). The collaboration led to Tether voluntarily freezing approximately 225 million USDT tokens found in external self-custodied wallets connected to a Southeast Asian human trafficking ring involved in a widespread “pig butchering” romance scam.

November 17, 2023

Breaking: MEXC Estonia Lost Crypto License Over Money-Laundering Issues!

We have reported on the MEXC crypto scheme several times in recent weeks. In particular, we have pointed out the situation that the unregulated crypto exchange MEXC processes the FIAT transaction via MEXC Estonia OÜ, which is licensed in Estonia. We recently downgraded MEXC to Red Compliance. Today, MEXC Estonia's license has been revoked in Estonia due to money laundering issues.

November 15, 2023

Cyprus Confidential: ICIJ Exposes Cyprus as a Hub for Russian Wealth Protection, Confirming FinTelegram’s Previous Reports!

The recent "Cyprus Confidential" investigation, spearheaded by the International Consortium of Investigative Journalists (ICIJ) and Paper Trail Media, has cast a spotlight on Cyprus's role in assisting Russian oligarchs and billionaires to shield their wealth, including from financial sanctions. This extensive investigation echoes FinTelegram's earlier reports that have repeatedly exposed Russian ventures operating through entities and trustees in Cyprus.

November 13, 2023

UK Metro Bank Put On the Financial Crime Compliance Watchlist!

City M.A. and other UK media outlet reported that Metro Bank has been placed on the Financial Conduct Authority's (FCA) watchlist for financial crime compliance, a development that adds to the bank's challenges as it seeks to recover after a major refinancing deal. The bank confirmed its inclusion on the list in June, with the FCA scrutinizing its management of financial crime risks and the effectiveness of its online account controls.

November 8, 2023

U.S. Authorities Sanction Russian Businesswoman Over Providing Money Laundering Services Via Garantex!

The U.S. is sanctioning Ekaterina Zhdanova, a Russian national, for her role in laundering hundreds of millions of dollars using virtual currency on behalf of sanctioned Russian elites. She has provided a range of crypto and cash-based services to Russian clients seeking to launder funds or obscure the sources of their wealth. She also has provided such services to individuals connected with a ransomware group that U.S. law enforcement identified as a cybercrime threat.