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.
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.
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.
Filed at the Southern District of Florida, the complaint accuses Digitex of operating a digital asset derivatives exchange from an office in Florida from May 2020 through to May 2022.
The U.S. regulator settled with bZx founders for $250,000 for illegal margined and leveraged commodity transactions, while also suing the Ooki DAO and its token holders.
Greg Dwyer pleaded innocent at first and vowed to fight the charges, but having seen that the three BitMEX founders only got a slap on the wrist, he changed his plea.
As the larger picture becomes clearer, we'll double down and repeat it: in the coming years, regulators will squeeze those who have flouted AML/KYC rules and other regulations to death.
The notice comes after users took to social media to decry the lack of explanation for the suspension of withdrawals on the digital currency exchange that had been noticed since May.
Benjamin Delo pleaded guilty to violating the Bank Secrecy Act alongside Hayes and Reed, but despite prosecutors pushing for a bigger sentence, he has avoided prison.
Critics dismiss blockchain as nothing but a speculative asset attached to a distributed spreadsheet, but the iGaming Business webinar shows that the technology could revolutionize other industries.
Samuel Reed, along with Arthur Hayes, Benjamin Delo, and Greg Dwyer, are accused of knowingly operating a BTC trading platform that had a lax anti-money laundering program and failed to conduct basic KYC checks.