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FATF: UK Crypto Exchanges Pose ‘Low’ Money Laundering, Terrorist Financing Risk

The Financial Action Task Force (FATF) revealed that crypto exchanges operating in the United Kingdom pose low money laundering (ML) and terrorist financing (TF) risks. The global standard setter for ML/TF published a report to evaluate the overall efforts that the UK has put in combating the money-related illegal activities. As the study touched on The post FATF: UK Crypto Exchanges Pose ‘Low’ Money Laundering, Terrorist Financing Risk appeared first on CCN
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Dec 11th Crypto News Recap – Stablecoins, Roubini, UNICEF, Justin Sun, FATF, Gemini App & more [VIDEO]

The Story of Boaz Manor and the $31 Million Blockchain Scam in Blockchain Terminal ICO The Story of Boaz Manor and the $31 Million Blockchain Scam in Blockchain Terminal ICO Stablecoins Continue to Grow Amid Bitcoin Uncertainty and Crypto Market Death Spiral Stablecoins Continue to Grow Amid Bitcoin Uncertainty and Crypto Market Death Spiral Notorious Nocoiner Nouriel Roubini is Having a “I Told You So” Crypto Moment Notorious Nocoiner Nouriel Roubini is Having a “I Told You So” Crypto Moment UNICEF Plans to Invest $100,000 into Six Different Crypto Companies to Progress Blockchain Tech UNICEF Plans to Invest $100,000 into Six Different Crypto Companies to Progress Blockchain Tech Vitalik Buterin on Twitter: “Non-Financial Blockchain Apps Have a Leg up on Financial Applications” Vitalik Buterin on Twitter: “Non-Financial Blockchain Apps Have a Leg up on Financial Applications” Stablecoins aka ‘Fiat Tokens' Offer a Bright Future for Global Cryptocurrency Adoption Stablecoins aka ‘Fiat Tokens' Offer a Bright Future for Global Cryptocurrency Adoption Justin Sun Claims New Project Atlas Tron dApp Will Help Usher in Next Crypto Bull Run Justin Sun Claims New Project Atlas Tron dApp Will Help Usher in Next Crypto Bull Run Universities Look to Update Crypto Curriculum as Blockchain in College Courses Gains Momentum Universities Look To Update Crypto Curriculum As Blockchain In College Courses Gains Momentum Despite Sluggish Market Conditions, Korea's ICON Blockchain Crypto Project Continues to Prosper Despite Sluggish Market Conditions, Korea's ICON Blockchain Crypto Project Continues to Prosper Tron Reports New Multi-Signature Wallet in Development and Accelerator Picks Up Steam Tron Reports New Multi-Signature Wallet in Development and Accelerator Picks Up Steam Bitcoin (BTC) Trading Volume Dominance is Declining on Binance Crypto Exchange Bitcoin (BTC) Trading Volume Dominance Is Declining On Binance Crypto Exchange New IronX Crypto Exchange Adds Tal Cohen and Paolo Tasca to its Advisory Board New IronX Crypto Exchange Adds Tal Cohen And Paolo Tasca To Its Advisory Board Roger Ver Talks About the Crypto Market and the Latest Developments on Bitcoin Cash Roger Ver Talks About the Crypto Market and the Latest Developments on Bitcoin Cash Ex-IMF Chief and Current Harvard University Economist Thinks Bitcoin is Just a ‘Lottery Ticket' Ex-IMF Chief And Current Harvard University Economist Thinks Bitcoin Is Just A ‘Lottery Ticket' Bitcoin (BTC) and Ethereum (ETH) Are Currently Oversold According to Placeholder VC Investor Bitcoin (BTC) and Ethereum (ETH) Are Currently Oversold According to Placeholder VC Investor Tether Stablecoin (USDT) Inserts Itself into Top 5 Coin Market Cap Despite the Crypto Winter Tether Stablecoin (USDT) Inserts Itself into Top 5 Coin Market Cap Despite the Crypto Winter FATF Global Watchdog Affirms UK Crypto Exchanges Pose Low Money Laundering Risks FATF Global Watchdog Affirms UK Crypto Exchanges Pose Low Money Laundering Risks New Gemini Exchange Mobile App Launches to Buy and Sell Cryptocurrencies New Gemini Exchange Mobile App Launches to Buy and Sell Cryptocurrencies Newly Released Crypto Mining Data Shows Lowering BTC Mining Profitability, Only 5 Rigs Remain Viable Newly Released Crypto Mining Data Shows Lowering BTC Mining Profitability, Only 5 Rigs Remain Viable Crypto Bear Market Analyst Cautions Investors Against Excessive Bitcoin Optimism for Rising Value Crypto Bear Market Analyst Cautions Investors Against Excessive Bitcoin Optimism for Rising Value
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FATF Global Watchdog Affirms UK Crypto Exchanges Pose Low Money Laundering Risks

The Financial Action Task Force (FATF), an international financial watchdog, has reported last week that the crypto exchanges from the United Kindom represent what can be considered a low risk for money laundering. The report affirms that there are emerging risks of money laundering but simply not evidence enough to actually affirm that anything of the sort is happening. Regulators from the UK are planning to create extensive anti-money laundering measures and ways to counter financing of terrorism using the crypto industry and these exchanges. The FATF asked the regulators of the UK to continue to increase their understanding of the risks that virtual currencies possess and to take appropriate actions against money laundering. While the UK has acknowledged that there are some vulnerabilities which are inherent of the crypto system, the nation is focused on implementing changes that can help these vulnerabilities to be destroyed and the problems caused by them to be fixed. FATF Issues Global Crypto Regulation Guide Recently, the Financial Action Task Force has issued a guide for global crypto regulation to be followed by several nations of the world. The guide is supposed to govern how crypto exchanges and companies that offer Initial Coin Offerings (ICOs) will work. This is part of a larger effort from the G20 nations in order to improve their international coordination on these issues and make the crypto market better and safer for all the ones who are involved with it. The FATF has affirmed that the agency will regulate crypto assets and that they will have the highest standards for Anti-money laundering and counter of financing of terrorism. The work is still being done, but the experts believe that crypto regulation will blossom and become more important during 2019.
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FATF Says Crypto Industry Needs To Improve Money Laundering Prevention Protocols In UK

Cryptocurrency Needs To Improve Protocols To Prevent Money Laundering In UK, Says FATF The Financial Action Task Force (FATF) is the financial security body that handles regulatory measures surrounding cryptocurrency. In a recent demand, they’ve set their sights on the United Kingdom and their need to improve the monitoring of cryptocurrency. Based on the December 7th report, their main focus needs to be on preventing money laundering, while protecting the country against terrorist financing. Based on the evaluation of the current AML and CFT efforts in the UK, the FATF specifically noted that there’s a need to give their protocols a “significant overhaul.” It also focused on other sectors of the economy, like real estate agents and high value dealers, that lack “understanding of their risks” involving money laundering with cryptocurrency, and they don’t know “how to effectively mitigate them. The report notes, “Virtual currency exchange providers are not yet covered by AML/CFT requirements. This is an emerging risk and there is not yet evidence to suggest that broad scale ML/TF is occurring in the UK through this relatively small sector.” Presently, there’s a major regulatory shift happening in the UK, as the country debates on the best way to deal with the domestic crypto industry. There’s been plenty of work done in these areas, though the results have elicited mixed reviews. The public has been incredibly unhappy with the possibility of Bitcoin futures being blacklisted. So far, the FATF has examined the way that local authorities have “identified and assessed the risks associated with new payment methods,” and are now “preparing regulations to extend AML/CFT requirements to this sector.” Part of the recommendations that they made were for the U.K. to “progress plans to extend AML/CFT requirements and related supervision to virtual currency exchange providers.” The FATF has been in effect since 1989, after being created by the G7 for research on money laundering. It wasn’t until September 11th, 2001 that they started to examine terrorism financing as well. Presently, the group includes 37 countries as members, though there’s also outlaw countries listed.
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DIGEST

India thinks whether to ban or not BTC, Upbit states the importance of crypto regulation, Dutch central bank to regulate crypto companies, Spain is preparing a draft regulation bill, South Korea convenes for debate with seven crypto exchanges, Chile declares that crypto regulation is in progress & other news on regulation

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DIGEST

Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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