Crypto Exchange Kucoin and Founders Charged With Bank Secrecy Act and Money Laundering Violations

The Southern District of New York has announced charges against the global cryptocurrency exchange Kucoin and its founders for major violations of U.S. anti-money laundering laws. Kucoin Faces Legal Firestorm for Alleged Anti-Money Laundering Failures Damian Williams, the United States Attorney for the Southern District of New York, detailed the charges against Kucoin, accusing the […] Source

Dutch Prosecutors Reportedly Charge Tornado Cash Developer With Money Laundering

Alexey Pertsev, a developer for Tornado Cash, has reportedly been indicted by prosecutors in the Netherlands. They accuse him of laundering $1.2 billion. Pertsev’s attorney confirmed the prosecutors’ intent to charge his client. According to Dutch prosecutors, while a crypto-mixing service is not “inherently illegal,” using it to launder criminal assets is punishable. Dutch Prosecutors […] Source CryptoX Portal

Russia Introduces Bill to Apply Money Laundering Controls to Digital Ruble Transactions

A group of lawmakers in Russia introduced a bill that would extend money laundering controls to digital ruble transactions. The proposal, spearheaded by the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, establishes different responsibilities for platform participants and the Central Bank of Russia, which is appointed as the main AML […] Source CryptoX Portal

Prosecutors Demand 50 Years for Bankman-Fried, Citing FTX Founder’s Repeated Gambles ‘With Other People’s Money’

In a statement from U.S. Attorney Damian Williams and his team, the fallen FTX founder, Sam Bankman-Fried (SBF), faces a recommendation for up to half a century behind bars for his offenses. The prosecutors argue that SBF has a penchant for high-stake risk and “gambling repeatedly with other people’s money.” SBF’s Path From Finance Tycoon […] Source CryptoX Portal

Washington Court Convicts Bitcoin Fog Founder of Aiding Darknet Drug Trade Money Laundering

In a recent development, the founder of “Bitcoin Fog,” a cryptocurrency-mixing service, was found guilty by a federal jury in Washington of helping to launder tens of millions of dollars from darknet markets notorious for illegal drug sales. Multi-Million Dollar Crypto Money Laundering Case According to a Bloomberg report, Roman Sterlingov, a 35-year-old Russian-Swiss national, was convicted by a jury on multiple counts, including conspiring to money launder, money laundering, and failing to register a money transmitting service. The prosecution argued that Bitcoin Fog facilitated over $400 million in untraceable…

Bitcoin Fog Founder Convicted of Money Laundering

Two other crypto criminals, including Larry Harmon, the former CEO of bitcoin mixer Helix, and Ilya Lichtenstein, who, along with his wife Heather “Razzlekhan” Morgan, laundered $3.6 billion in bitcoins from the 2016 Bitfinex hack, testified against Sterlingov during his trial. Lichtenstein pleaded guilty last August and has not yet been sentenced while Harmon pleaded guilty in 2021, agreeing to forfeit over 4,400 bitcoins and pay a fine of $60 million. Original

NFT Providers May Need FCA Registration to Comply With UK Money Laundering Rules

The government has been refining its crypto regulation environment, and last year said it planned to bring crypto exchanges and custody providers into the new crypto authorization regime. Currently, the firms must be registered with the FCA, which covers money laundering and terrorism financing safeguards, to be able to operate in the country. Once the new regime is up and running, that won’t be necessary. Source

Cryptocurrency: Only a Scam When You Can’t Make Money Off of It

Donald Trump was no fan of Bitcoin or cryptocurrencies in 2019. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. — Donald J. Trump (@realDonaldTrump) July 12, 2019   In 2021, he called Bitcoin a scam. In 2024, he’s all for it. What changed? He figured out how to make money off of it. In this case, people paid for his…