Generating

420+ related results were found.   
Subscribe Query
BeInCrypto
BeInCrypto
US Treasury Highlights Growing Concerns of Crypto in Illicit Finance Activities
14 days ago
Learn_With_Fullo
Learn_With_Fullo
followers

Amid concerns over the alarming depreciation of the Nigerian currency, the government is considering measures to restrict access to online platforms of major cryptocurrency firms like Binance. Officials reveal that this move is prompted by perceived manipulation of the forex market and illicit fund movements, which are exacerbating the currency’s decline.Reports indicate that platforms such as Binance are being exploited by currency speculators and money launderers. This is significantly contributing to the devaluation of the naira. The government is alarmed by this trend and is contemplating stringent actions against these crypto firms.Binance’s Compliance MeasuresIn response to regulatory pressures, Binance has taken steps to comply with local regulations in Nigeria. It has imposed a cap on the selling price of certain tokens to align with directives from local authorities and demonstrate cooperation with regulatory bodies.Despite Binance’s efforts, some traders are finding ways to circumvent these restrictions by turning to alternative exchanges. This poses challenges for regulatory authorities in their efforts to combat illicit financial activities facilitated by crypto platforms.Collaborative Efforts and ConcernsCollaborative efforts between Nigeria’s security agencies and the Central Bank underscore the seriousness of addressing forex speculation. It also addresses its impact on economic stability. A senior executive at the Central Bank expressed concerns over the role of platforms like Binance in misleadingly devaluing the naira in global markets, exacerbating inflation and economic instability.Furthermore, the proliferation of money laundering and terrorist financing through crypto exchanges underscores the urgency of regulatory intervention to safeguard Nigeria’s financial integrity and national security.Balancing Innovation and RegulationAdditionally, recognizing the role of crypto firms in driving innovation and financial inclusion is pertinent. The government emphasizes the importance of adherence to regulatory standards to mitigate risks and safeguard financial stability. Nigeria’s contemplation of a clampdown on crypto firms reflects a global trend of regulatory scrutiny. It primarly aims at ensuring accountability and transparency in the cryptocurrency ecosystem.As the debate over crypto regulation intensifies, Nigeria’s efforts to address challenges posed by these firms signal a proactive stance toward safeguarding financial sovereignty and promoting sustainable economic growth. #Nigeria #dyor

7 days ago
MarsNext
MarsNext
followers

👉👉👉 #tether CEO implies Circle director misled Congress in 'desperation' attack on #USDT #stablecoin issuer Tether has emphasized its proactive measures in preventing the misuse of stablecoin technology by collaborating closely with global law enforcement agencies, according to a statement provided to CryptoSlate on Feb. 16. The statement comes in response to comments made by Caroline Hill, Senior Director of Global Policy and Regulatory Strategy at Circle, during a House Financial Services Committee hearing titled ‘Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.’ Hill urged authorities to scrutinize Tether's alleged involvement in terror financing. Responding to inquiries regarding Tether during the hearing, Hill appeared to directly address the stablecoin competitor, highlighting concerns over its role. In reaction, Tether's representatives reiterated their commitment to combating illicit crypto activities, emphasizing their extensive efforts in this regard. #JPMorgan analysts have suggested that American regulatory bodies, notably the Office of Foreign Assets Control (OFAC), wield significant influence over Tether's offshore utilization. They pointed to OFAC's sanction on Tornado Cash, a crypto-mixer on the Ethereum blockchain, as evidence of regulatory control. Tether, in compliance with OFAC sanctions, has frozen assets associated with sanctioned wallets. Tether asserts compliance with Treasury OFAC sanctions and cooperation with law enforcement. Analysts foresee upcoming stablecoin regulations potentially eroding Tether's appeal due to transparency and compliance concerns with KYC/AML standards. DeFi platforms, relying on USDT as collateral and liquidity, may also face scrutiny. Analysts question Tether's transparency, citing concerns over its ability to maintain its dollar peg. Tether's dominance in the crypto sector has faced criticism from Wall Street, prompting strong rebuttals from Tether's representatives over perceived double standards in the banking sector. Source - cryptoslate.com #CryptoNews

10 days ago
Kri
Kri
followers

Representatives of Coinbase and Circle spoke at a United States Congressional hearing on February 15 and referenced concerns on Tether. First, Caroline Hill, Circle’s Senior Director of Global Policy and Regulatory Strategy, directly cited Tether, mentioning terrorism financing activities. Notably, Carolie Hill formerly worked for the U.S. Treasury Department as a Director of Terrorist Financing and Financial Crimes (TFFC) before joining Circle. In a video posted by Pledditor on X, Hill asks the Treasury Department to “use its authority” against companies with “U.S. touch points.” “I personally believe no company should be allowed to reference the U.S. Dollar without having those democratic values inside the company and inside their U.S. Dollar backed stablecoin. (…) I hope they [Treasury] are looking at this seriously given Tether’s reputation as well as the data we have seen that they are contributing to terrorist financing and other activities.”– Caroline Hill Coinbase accuses offshore entities of playing ‘jurisdictional wack-a-mole’ Moreover, Grant Rabenn, Coinbase’s Director of Financial Crimes Legal, celebrated the exchange’s compliance with OFAC due to “proactive investigations.” Rabenn then mentioned how Coinbase’s competitors are a safe haven for “criminals who seek offshore platforms.” “Those offshore entities often play jurisdictional wack-a-mole, attempting to avoid though anti-money laundering rules and expecting their regulators won’t care.”– Grant Rabenn Interestingly, Coinbase is a shareholder of Circle and an active partner in USDC management. This stablecoin is the second-largest in the cryptocurrency market and a direct competitor to Tether’s USDT. In this context, Rho Rider commented on X that this might be the first time these companies directly named Tether publicly. Tether responds to Circle’s and Coinbase’s accusations Following the Congressional hearing, CoinMarketCal reported a provocative comment from Paolo Ardoino, Tether’s CEO, on February 16. “Misleading Congress is a shocking act of desperation, and those who do so should be ashamed of themselves. Spouting lies and running in Circles never gets you anywhere.”– Paolo Ardoino According to CoinMarketCal: “Ardoino continued that his company has done more than anyone else to combat illicit crypto activities and remains fully committed to continuing the fight.” With these last events, the market awaits further rivalry between the leading stablecoins issuers and their partner exchanges. Now, possibly with a might ally on Circle’s and Coinbase’s side – the U.S. Treasury Department. #Write2Earn

11 days ago
COINCU
COINCU
followers

Key Points: SEC Chair Gary Gensler voiced concerns about Bitcoin's connection to illicit activities, despite the SEC's approval of 11 Spot Bitcoin ETFs. Despite Gensler's concerns, Bitcoin's value has shown signs of recovery, rising by 6% in the last 24 hours to surpass $52,000. SEC Chair calls Bitcoin ransomware due to illicit activities, despite ETF approvals. Bitcoin value rises 6%, exceeds $52,000. SEC Chair Calls Bitcoin Ransomware Despite Approving 11 ETFs US Securities and Exchange Commission (SEC) Chair, Gary Gensler, in an interview with CNBC, voiced his concerns about Bitcoin, labeling it as the leading market share of ransomware. SEC Chair Calls Bitcoin Ransomware Amid Market Rally Despite the SEC approving 11 Spot Bitcoin ETFs earlier this year, Gensler continues to express disapproval of the cryptocurrency due to its connection to illicit activities. He has established an enforcement-first approach to cryptocurrency regulation during his tenure, focusing on the industry’s illegal activities and maintaining concerns about Bitcoin's volatility and potential risks to investors. He further emphasized Bitcoin's roles in illicit activities such as ransomware, money laundering, sanction evasions, and terrorist financing. https://twitter.com/BitcoinMagazine/status/1757787345707827226 Readmore: Bitcoin Spot ETF Inflows Surge To Record $631 Million Bitcoin's Price Recovery Despite Regulatory Concerns Despite these concerns, the SEC approved several Spot Bitcoin ETFs, leading to renewed institutional interest in the asset. However, Gensler maintains his position, stating that the approval of the investment products does not endorse Bitcoin as an asset. Notwithstanding Gensler's concerns, Bitcoin has shown signs of recovery, with its value rising by 6% in the last 24 hours, surpassing the $52,000 mark. Additionally, some traders anticipate Bitcoin’s price to surge to $64,000 soon due to technical analysis and institutional buying demand. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

14 days ago
WISE CRYPTO NEWS
WISE CRYPTO NEWS
followers

#Write2Earn Belfort, once a skeptic who predicted Bitcoin's downfall, now sees the cryptocurrency's legitimacyFrom a skeptic to an enthusiast  S&P 500 over speculation Superstar journalist Piers Morgan, alongside his guest Jordan Belfort, famously known as the "Wolf of Wall Street," touched upon the volatile world of cryptocurrency trading in the recent episode of Piers Morgan Uncensored. Morgan labeled Bitcoin traders as "mugs" while questioning the viability of the cryptocurrency:  "Isn't it a case if there's enough mugs out there, they all trade it with each other, it will go up," the superstar journalist pondered.  Belfort tempered this notion by acknowledging that today's Bitcoin traders include "some really smart mugs." He implied that there has been a shift towards a more sophisticated investor demographic engaging with Bitcoin. This shift, according to Belfort, lends a degree of legitimacy to Bitcoin that was previously absent. From a skeptic to an enthusiast  As reported by @WISE CRYPTO NEWS , Belfort changed his mind on Bitcoin in 2021 after predicting the cryptocurrency's collapse back in 2017.  The notorious investor has noted that Bitcoin's inherent value is bolstered by its finite supply. He admitted that while Bitcoin's initial days were marred by associations with illicit activities, its narrative has shifted dramatically. Today, Bitcoin attracts sophisticated investors, including those through #ETFs , and this marks a significant evolution in its acceptance and legitimacy.However, he cautioned against the broader cryptocurrency market, likening many altcoins to the infamous penny stocks of the past, designed to "separate others from their money."S&P 500 over speculation Belfort shared his seasoned perspective on investment, cautioning viewers against the deceptive allure of speculation. Drawing an analogy to gambling in a casino, he described the market as an even more treacherous environment, dubbing it a "corrupt casino" with odds dramatically stacked against the individual #investor ."The playing field is dramatically tipped against you," Belfort explained, emphasizing the inherent risks and systemic corruption that plague the market. Insider trading, high-frequency trading, and preferential treatment for large investors create a landscape where the average trader is at a significant disadvantage.Despite these challenges, Belfort advocated for a more measured approach to investing, suggesting the S&P 500 as a safer and more reliable vehicle for wealth accumulation. "You extract the value by investing in the S&P 500," he advised, pointing to its strategy of constantly updating its roster of companies to include only the best performers. #TrendingTopic #PIXEL

20 days ago
davut1karabulut
davut1karabulut
followers

Chinese Authorities Crack Down on $280 Million Cryptocurrency Ponzi Scheme. 🇨🇳👮🏻‍♂️ In a significant breakthrough, the Yuanbao Branch of Chifeng City Domestic Security Bureau in Inner Mongolia, China, has successfully dismantled a major cryptocurrency Ponzi scheme. Operating from Beijing, the undisclosed platform employed sophisticated organizational structures and innovative marketing tactics, raising suspicions of criminal activities involving cryptocurrencies. With operations spanning 13 provinces and cities, the platform boasted over 18,000 registered members. The total transaction flow surpassed 2 billion yuan ($280 million), revealing the scale of the illicit activities. The primary focus of the scheme was a classic Ponzi structure. Chinese law enforcement swiftly responded, arresting 30 suspects associated with the cryptocurrency platform. Additionally, they froze nearly 10 million yuan linked to the case. Ongoing investigations are in progress, with two main suspects voluntarily surrendering to authorities. This case unfolds against the backdrop of China's existing ban on cryptocurrency assets. Despite the ban, the allure of virtual assets persists, leading many Chinese citizens to access crypto platforms through VPNs. The crackdown on this sizable Ponzi scheme highlights the authorities' commitment to combating illegal activities within the cryptocurrency space. As the investigation unfolds, it serves as a stark reminder of the challenges posed by the intersection of financial technology and criminal enterprises. #China #cryptocurrency #VPN #ponzischeme #Ponzi

24 days ago
深潮 TechFlow
深潮 TechFlow
followers

International Criminal Police Organization (INTERPOL) has published a report examining the metaverse from a law enforcement perspective. The report considers illicit activities in the metaverse, including metacrimes, metaverse forensics, governance, as well as the opportunities it presents for law enforcement agencies to harness it. “The rise of powerful technologies such as the metaverse is adding a new layer of complexity and transnational reach to the crime landscape, bringing fresh challenges for law enforcement,” said INTERPOL Secretary General Jürgen Stock.

about 1 month ago
DL News
DL News
followers

China’s Ministry of Public Security has been rounding up participants in crypto money laundering rings and scam compound operators across China and Southeast Asia. Now, the country’s anti-money laundering regulations, or AML, are starting to catch up. An executive meeting of the State Council late last month chaired by Prime Minister Li Qiang discussed including provisions for virtual assets to update its AML regulations. The updates are expected to go into effect in 2025. The regulations haven’t undergone significant changes since 2007. Still, revisions have been in the works since 2021, with one draft currently available to the public that doesn’t include crypto. The new draft expected later this year should cover crypto. It comes as one executive meeting participant, Peking University Law School professor Wang Xin, acknowledged that the use of virtual assets for money laundering had become a mainstream trend — despite the 2021 ban on crypto in the country. According to Chao Xi, professor and outstanding fellow of the Faculty of Law at the Chinese University of Hong Kong, reports from Chinese official media indicate that momentum is building for the revisions. While the scope of the legislation isn’t yet clear, he told DL News via email that “there is a pressing need for more clarity to ensure legal certainty and predictability.” Many other countries have already adopted crypto-focused AML regulations. The Financial Action Task Force virtual asset Travel Rule requires businesses that conduct crypto-related transactions to share certain details about transactions exceeding a certain amount to prevent money laundering and illicit activities. On a national level, FATF recommends that countries understand the money laundering and terrorist financing risks the sector faces, licence or register virtual asset service providers and supervise the sector in the same way governments supervise other financial institutions. “With the prevailing crypto ban, we can expect any new rules to focus on stamping out financial activities with a crypto nexus,” Angela Ang, senior policy adviser at TRM Labs, told DL News. China is in an unusual situation in that it is regulating something it has effectively banned. It’s a tacit acknowledgement that this ban has not been effective. A report from the UN last month highlighted the use of crypto, particularly stablecoins, in money laundering. They have been adopted by gambling and fraud syndicates in Southeast Asia, where schemes are run by Chinese citizens who moved operations to the region after a crackdown on gambling in China and Macau. In 2019, China launched Operation Chain Break to try and prevent the outflow of $157 billion in criminal proceeds from China generated by illegal gambling, pig butchering, and other activities. It launched large-scale raids on operations across the country and abroad, including in Cambodia and Myanmar. On January 30, the latter handed back 10 Chinese citizens, including six suspected leaders of telecom fraud gangs operating in the Kokang region. The Ministry of Public Security said that more than 44,000 suspects have been returned to China from Myanmar, including almost 3,000 people considered fugitives. The UN estimates about 220,000 people are working against their will at fraud compounds in Myanmar and Cambodia, many of whom were lured to the region by promises of legitimate jobs. As such, for many the prospect of legislation in China is a positive move, according to Desmond Yong, founder of Singapore-based compliance and regulation consulting firm Meta Alpha. “Given the borderless nature of cryptocurrency, it is a welcoming move to strengthen the AML regulations to combat any bad actors from leveraging the borderless nature of cryptocurrencies for illicit activities,” he told DL News.

26 days ago

Loading...