Leaked documents show that Binance has a comprehensive plan to undermine the ability of anti-money laundering and sanctioned enforcement agencies to detect illegal activity being committed.
The central bank detailed a recent case in which its Huizhou City branch uncovered a cross-border online gambling operation that relied on USDT for funds transfer.
The present case is focusing on Alexander Vinnik’s alleged involvement in ransomware fraud to the tune of $159 million.
The alleged scammers are reported to be part of QQAAZZ, reportedly involved in extensive money laundering efforts through BTC and other cryptocurrencies.
The FCA’s proposal will require digital currency service providers to make significant operational changes so that they can be compliant.
New proposals from the U.K.’s financial regulator could see more firms required to report on managing the risks of financial crimes.
The ban has been introduced to prevent the use of digital currency for money laundering, terrorism financing and the drugs trade.
The executive was allegedly involved in a sophisticated money laundering operation with links to disgraced payments firm Wirecard.
Dominic Lacroix, Sabrina Paradis-Royer and Yan Ouellet are charged with securities fraud, wire fraud and conspiracy to commit money laundering.