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Caution Urged: Another Regulatory Warnings Against Crypto Exchange MEXC!
Recent months have witnessed a concerted effort by U.S. authorities, including the Department of Justice, the FinCEN, and regulatory bodies such as the SEC and the CFTC, to clamp down on crypto exchanges flouting financial laws and regulatory norms. However, the landscape in Europe presents a contrasting scenario where exchanges like MEXC continue their operations amidst allegations of illegal activities and regulatory infractions. Recently, the Hong Kong SFC warned against MEXC.
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The Wirecard Trial: A Turning Point for Former Chief Accountant Stephan von Erffa?
In the ongoing Wirecard trial in Munich, Stephan von Erffa, the company's former chief accountant, has maintained silence for over 15 months. However, recent developments suggest that the court is increasing pressure on him to confess, which could potentially influence the outcome of his case. Von Erffa, accused of balance sheet fraud, market manipulation, and fraud, now finds himself at a critical juncture.
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The CFTC Complaint Against Chinese Crypto Exchange KuCoin Completes Enforcement Actions!
As reported by FinTelegram, the U.S. Department of Justice (DOJ) has filed an indictment against the crypto exchange KuCoin and its Chinese founders, Chun Gan and Ke Tang. In a parallel action, the Commodity Futures Trading Commission (CFTC) has initiated a civil enforcement action against the crypto exchange and its operating entities Mek Global Limited, PhoenixFin PTE Ltd, Flashdot Limited, and Peken Global Limited.
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Crypto Regulation: SEC’s Legal Challenge Against Coinbase Proceeds, Federal Judge Decides
In a (sort of) pivotal development for the crypto industry, a federal judge in Manhattan has ruled that the lawsuit brought by the U.S. SEC against U.S. crypto exchange Coinbase will proceed, albeit with one of the SEC's claims being dismissed. The decision underscores the legal complexities surrounding the regulation of digital assets and marks a significant moment in the SEC's ongoing efforts to enforce securities laws within the crypto sector.
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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.
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 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.
Regulatory Updates
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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.
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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.