Signature’s decision to pull back from the digital asset space chaos won’t stop Binance from finding another bedfellow—the question is which disreputable company is next up to the plate.
The DoJ’s complaint against Anatoly Legkodymov, a senior executive and major shareholder of Bitzlato, notes that it was founded in 2016 and has processed nearly $4.6B in transactions since May 2018.
Former DoJ prosecutor John Ghose said Binance "did not have a reputation of being a responsible exchange" as authorities look into hedge funds tied to the controversial exchange.
The New York DFS announced that it had reached a $100m settlement with Coinbase after a probe identified failures in its AML program, including its KYC/customer due diligence (CDD).
Daugherty applauds the lawmakers for seeking solutions to stem illicit finance into ‘cryptocurrencies,’ but this bill also demonstrates the need for legislators to not over-regulate the space.
CertiK unearthed a fast-rising underground market with over 500,000 members where Know Your Customer verification is sold for as low as $8, concentrated in Southeast Asia.
Countries covered by the Financial Action Task Force are required to conduct anti-money laundering reviews annually instead of every 10 years or risk being added to the 'grey list,' or worse, be blacklisted.
Beginning January 2023, wallet providers and digital asset exchanges in Switzerland will be mandated to follow the new KYC regulations, including a CHF1,000 threshold on digital asset transactions.
Prime Minister Pham Minh Chinh is calling for action as he believes “it is necessary to study appropriate sanctions, and assign the government to make detailed regulations" targeting the industry.
Exchanges appear to be unfazed by Japan's heightened monitoring of virtual currency transactions, which include stiffer penalties on firms and individuals involved in laundering digital assets.
As a subset of Anti Money Laundering (AML) laws and regulations, Know Your Customer places a lot of burden on companies to secure client data.
A digital signature still requires an identity, and for high-end and high-value transactions, identity can be provided through certificate authorities and public key infrastructure.
