The GENIUS Act faces a possible demise after nine Senate Democrats opposed the stablecoin. The group comprises several senators who initially supported the bill have voiced concerns about essential sections. The Senate bill requires stablecoin issuers to keep full reserves and maintain audits, but Democrats advocate for more robust national security and financial systems. The […]
Anti-Money Laundering
New York Regulators Impose $40 Million Fine on Block, Inc. for Cash App Violations
Block, Inc. settles a $40 million fine with New York regulators over Cash App’s anti-money laundering failures, addressing critical compliance gaps.
Tether Unveils Robust Anti-Illicit Measures In Letters To U.S. Congress
In a recent blog post, Tether, the leading player in the cryptocurrency industry, has publicly disclosed letters sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee. These letters underscore the company’s unwavering commitment to thwarting the illicit use of stablecoins, marking a significant move by […]
United States Army Intensifying Battle Against Illegal Crypto Transactions Using Cloud-based Solution
The U.S. Army Criminal Investigation Command (USACIDC) is looking to step up its efforts to effectively track illegal crypto transactions by using a cloud-based solution. The solution involves a Software-as-as-Service web application that has the capability to detect illicit crypto trades in order to combat money laundering and fraud. According to a recently published statement […]
A New Legislation to Regulate Digital Currency Payment Suggested by G20
A new digital currency payment bill proposed by the G20 is set to propel the adoption of cryptocurrencies to levels never seen before. The G20 countries announced on 11 July that they might introduce a regulatory framework to payment of digital currencies and allow “digital currency” instead of just cash payment methods. The Group of Twenty […]
European Union’s Latest AML Directives Means Banks Can No Longer Shut Down Crypto
The crypto company is faced with a lot of obstacles in the way forward. Anyone interested in the cryptocurrency sector is aware that it is not only regulations that pose the greatest threat to the viability of the venture, but also lack of access to very basic financial requirements, such as a bank account. This […]
Bad News for Bitcoin, DoJ Busts an Enormous Money Laundry Operation
The growth and adoption of Bitcoin and other cryptocurrencies have long been subdued by the notion that they are tied to the dark web and the criminal world. This perception is basically because the crypto technology started as a payment method on darknet marketplaces. Over the years, this narrative has been gradually disappearing. However, traces […]
FinCEN Warns Social Media Companies Eyeing on Cryptocurrency
FINCEN’s Jamal El-Hindi warns companies building cryptocurrencies about illegal transactions. FinCEN will have a close look at all the illicit transactions happening across Social Media. FinCEN sees Social Media, Messenger applications as the top infected platforms for money laundering and terrorist financing. Speaking during the Anti-Money Laundering conference, the deputy director of the Financial Crime […]