Tether hates terrorism, less concerned about human slavery
Tether's claim to fight terrorism financing tied to digital assets contradicts the current state of its USDT stablecoin, which remains a popular funding option for terror groups.
Tether's claim to fight terrorism financing tied to digital assets contradicts the current state of its USDT stablecoin, which remains a popular funding option for terror groups.
As terror ensues in Israel following the deadly attacks of the Palestinian group Hamas, a report sheds light on Binance's role in financing terrorism, prompting calls for a crackdown.
Recognizing the threat of "cryptocurrencies," U.S. lawmakers released a bill fortifying existing AML/CFT rules governing the financial system to help transform the sector into a safer space.
To strengthen its AML/CTF regulations, EU lawmakers approved three new draft legislations that would ensure to uphold transparency, heighten authorities' supervision, and set up an AMLA unit.
Investigators allege that the wallets are linked to Hamas, a group which Israeli authorities, the European Union, the U.K., and the U.S. have classified as a terrorist group.
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.
In its report, Moneyval acknowledged that the emerging virtual assets sector and the increasing use of digital currencies is becoming a significant challenge to combat money laundering.
Lenders and money service businesses, including digital asset exchanges, had the poorest understanding among financial institutions, according to the Financial Action Task Force report.
Binance founder Changpeng Zhao tweeted that while the exchange is being linked to the bad guys, the bank is not, even though they use the “same or stronger” AML tools as banks.
The head of the Mexican Financial Intelligence Unit, Santiago Nieto Castillo, stated that the 12 exchanges were operating illegally during a recent event focused on financial intelligence and risk management.
Documents published by the European Union show plans are already at a developed stage for the body, which would seek to enforce new rules on the transparency of digital currency asset transfers.