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Tag: Nest Services

February 26, 2024

Attention: Introducing the Binance Watchdog Initiative!

In Nov 2023, Binance and its founder, Changpeng Zhao, pleaded guilty to charges of money laundering in the U.S. and agreed to pay a $4.3 billion fine. Apparently, Binance has helped scammers and terrorists with money laundering and thus harmed the entire crypto industry. However, it's a fact that Binance is still doing business without effective supervision, resulting in questionable, if not illegal, business practices.The Binance Watchdog Initiative is here to fight this approach!

Crypto

February 2, 2024

Binance’s UK Operations Under Scrutiny for Lack of Regulatory Oversight!

It has come to light that Binance's operations for UK customers, among others, are managed through Nest Services Limited, a company based in the Seychelles. However, this entity is not registered with any regulatory authority in the UK, Europe, or even within the Seychelles. According to a December 2023 FSA statement, Nest Services is not included on the FSA list of crypto service providers.

February 2, 2024

Urgent Warning to Binance Users: Account Restrictions and Legal Hurdles Results in Red Compliance Listing!

FinTelegram urges caution for users of Binance, the crypto exchange that operates in the UK through the Seychelles-based Nest Services Limited. Our analysis of Binance's terms and conditions reveals significant powers vested in the company to modify, suspend, or terminate user accounts and access to services with little to no explanation required. This advisory seeks to highlight key concerns and potential legal challenges users may face. We have Red-listed Binance.

Crypto

October 25, 2023

Binance UK CEO Resigns Amid Regulatory Scrutiny

Binance UK CEO Jonathan Farnell has stepped down amidst increasing scrutiny from the UK's Financial Conduct Authority (FCA). Hired in 2021 for a compliance-centric role and later elevated to oversee Binance's UK operations, Farnell's exit leaves Ilir Ergis Laro as the sole representative of Binance in the UK. Before the FCA's recent regulatory changes, Farnell was instrumental in aligning Binance with the UK's regulatory framework.

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.

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.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.