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Bitcoin ATMs Undermine EU Anti-Money Laundering Efforts, Says Spanish Police

Spanish law enforcement says Bitcoin ATMs enable criminals to circumvent anti-money laundering (AML) regulations according to a report by Bloomberg. This statement comes following calls from officials in Canada for crypto cash machines to be banned over money-laundering concerns. Meanwhile, the number of crypto kiosks worldwide has crossed 5,000 and continues to increase. Bitcoin ATMsRead MoreRead More. The post by Osato Avan-Nomayo appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Spanish Police: Bitcoin ATMs Highlight Flaws in EU Money Laundering Rules

Following a Spanish investigation into a gang’s recently-busted money laundering operation, the nation’s police force claim to have exposed gaps in the European Union’s regulations designed to prevent money laundering. The group reportedly exploited the lack of  rules regarding Bitcoin trading terminals, popularly referred to as Bitcoin ATMs. Authorities believe the criminal group used the machines to “clean” more than $10 million. Eight suspects have now been arrested from Spain and South America. Bitcoin ATM Money Laundering Gang Invites Scrutiny into EU AML Regulations According to a report in American Banker, La Guardia de Civil, a division of the Spanish police force, claim the EU’s money-laundering regulations are not adequate. They argue that since the rules aimed at preventing money service providers from trading with non-verified clients don’t apply to operators of Bitcoin ATMs, the machines provide an easy way for criminals to launder money. The claims come in the aftermath of a bust involving Spanish nationals and South American drug dealers. Authorities first announced that they had taken down a money laundering scheme involving Bitcoin ATMs in May of this year. Eight suspects have been arrested, hailing from Spain and South America. According to an anonymous official from La Guardia de Civil, the gang had hired Bitcoin ATMs from unnamed (and unassociated) trading companies. They had them installed in a Madrid office that was fronting as an international remittance and cryptocurrency trading centre. Bitcoin ATMs are springing up around the world. The gang allegedly used the business to clean some $10 million for South American drug dealers. The nature of the company used provided the perfect justification for large amounts of money being sent between Spain and other nations without arousing suspicion. As part of the investigation, the two Bitcoin ATMs, four cold wallets, and 20 online wallets were seized. The authorities are now working on proving a link between the wallets and the suspects. The last few years has seen the number of Bitcoin ATMs around the world multiply rapidly. According to monitoring website, CoinATMradar, there are now more than 5,400. Most of these machines are located in the US. Earlier this year, NewsBTC reported on the city of Chicago receiving 30 new terminals. For their proponents, and fans of Bitcoin in general, the ATMs are a great way to drive adoption and to familiarise the public with the technology. However, for regulators, the machines are clearly proving to be something of a headache as they represent an entirely new way for criminal networks to clean money.  For now, most jurisdictions do not enforce as strict anti-money laundering regulations on Bitcoin ATM operators. However, this seems likely to change given the scale of the Spanish operation recently taken down.   Related Reading: Short The Bankers: Another Major Bank Ordered Closed for Money Laundering Featured Images from Shutterstock. Spanish Police: Bitcoin ATMs Highlight Flaws in EU Money Laundering Rules was last modified: July 11th, 2019 by Rick D.The post Spanish Police: Bitcoin ATMs Highlight Flaws in EU Money Laundering Rules appeared first on NewsBTC.

Bitcoin ATMs being used for drug-money laundering in Spain, as dealers exploit loophole in existing EU law

Spanish police believe bitcoin ATMs are being widely used for illicit drug payments, Bloomberg writes. The authorities have now highlighted a gap in anti-money laundering controls within the European Union (EU) which do not cover cryptocurrency ATMs, meaning users at Spain's 89 bitcoin cash machines do not need to be properly ID'ed. In May, police in Spain shut down a drug operation where bitcoin ATMs were "crucial." It arrested eight people who reportedly transferred more than 9 million euros ($10 million) in bitcoin to drug traffickers in Colombia and other countries, purchasing the cryptocurrency in cash from the ATMs. The group allegedly hired two bitcoin cash machines and set them up in their Madrid office. They claimed to be running a remittance and cryptocurrency trading centre, meaning large money transfers used to top up the machines with bitcoin went unnoticed. While cryptocurrency exchanges and custodians will be monitored by new EU regulation coming into force next year, these do not extend to cryptocurrency ATMs. Authorities fear this will allow sophisticated dealers to continue exploiting bitcoin ATM and to slip under the radar.
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Fan tokens draw new users to crypto with the latest club addition, AS Roma

Blockchain is stepping further into the sports arena, as cryptocurrency company Socios partners with soccer team AS Roma to offer a fan token, according to a statement from the club.  The token will find its way to fans through the Socios app. There, it'll be tradeable against the Socios native token, $CHZ, currently listed on BitMax and KuCoin, as well as Binance DEX - Binance's decentralized exchange. The tokens are accessed on, but housed on a separate permissioned side chain, where each club becomes a Node with Proof Of Authority (POA) from $CHZ. In order to access the club token through a Fan Token Offering, fans must first hold $CHZ. The move could open crypto to a wider user base, since the tokens allow fans to have a voice in their club. The tokens five supporters the right to vote on certain club decisions. They'll be set at a price of two euros, but fans can also earn them by interacting with AS Roma on the Socios app. Fans can also "hunt" tokens for free through the app's augmented-reality geo-location feature Token Hunt. However, AS Roma isn't the only club interacting with fans through crypto. Indeed, clubs from different leagues including Paris Saint-Germain, Juventus and West Ham United have all created fan tokens for supporters. Alexandre Dreyfus, chief executive & founder of, said AS Roma's fan base along with other participating clubs draw hundreds of millions of users.
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