Swar Kansagra (સ્વર કણસાગરા)’s Post

A recent report states that even though the total amount of illicit transactions has decreased from prior years, the percentage of funds linked to recipients who are sanctioned or have ties to terrorism has increased significantly. These entities accounted for over 61.5% of all unlawful transaction volume in 2023, highlighting the alarming trend. According to the research, banned organizations—such as North Korean hacker groups and US-designated terrorist groups like Hezbollah—remain to use virtual currency as a means of obtaining money. Andrew Fierman, head of sanctions strategy at Chainalysis added:“Actors subject to sanctions are often cut off from international traditional financial systems, and crypto can become an attempted alternative mechanism to store, send, and receive funds.” In spite of governmental penalties, companies such as the cryptocurrency "mixer" Tornado Cash and Garantex became important beneficiaries of money laundering in 2023. According to Fierman: "The transparent nature of cryptocurrency combined with blockchain analytics provides an invaluable forensic tool that empowers governments to identify, trace, and disrupt the flow of funds – something that isn’t possible with other forms of value transfer, especially cash." Still, terrorist groups continue to try and use virtual currency to raise money, using complex systems of exchanges and service providers to mask their operations. In the meanwhile, the report states that sanctions have proven effective in reducing the flow of funds in digital currencies, with significant decreases seen after they were implemented. The audit revealed that attempts to track down and confiscate funds associated with criminal digital currency operations have grown more complex and sophisticated. . . . . #cryptocurrency #crime #report #chainalysis #cryptomixers #trading #cryptostan #thecryptocountry

🚨 Breaking News: U.S. DOJ Allegedly Launches Investigation into Tether 🚨 Reports indicate that the U.S. Department of Justice (DOJ) has initiated an investigation into Tether, the issuer of the USDT stablecoin, over potential violations of anti-money laundering (AML) regulations. This development comes shortly after Tether’s CEO, Paolo Ardoino, emphasized the need for robust and stable crypto regulations in the U.S. With increased scrutiny on stablecoins, the investigation underscores a growing regulatory focus on ensuring compliance in the crypto market. As the crypto industry evolves, clear, balanced regulations are essential for fostering innovation while maintaining market integrity. #Crypto #Tether #USDT #AML #DOJ #Blockchain https://lnkd.in/gcWT87qy

🟢 #Russia's FATF Rating Downgraded: Crypto Regulation Woes 📉 In a blow to #Moscow, the Financial Action Task Force (FATF) has downgraded Russia's compliance rating. The reason? Insufficient regulation of virtual assets and cryptocurrencies. 🗞 The news was confirmed by German Neglyad, Deputy Head of anti-money-laundering regulator Rosfinmonitoring, at a plenary meeting on February 23, as reported by #Vedomosti. 🌐 The downgrade came after an analysis by the Eurasian Group on Combating Money Laundering and Terrorism Financing (EAG), an affiliate of Financial Action Task Force (FATF). Their assessments were approved internationally. 💼 It's not just about reputation; there are practical implications too. Russia's rating slipped from "compliant" to "partially compliant," highlighting a weakness in crypto regulation. 🚨 Neglyad agrees that action is needed, stating that cryptocurrency circulation must be regulated. He also emphasizes the importance of monitoring #crypto exchanges and aligning with domestic financial organizations.

Breaking: CZ on His Plans Post-Prison: No Return to Binance CEO Role: Read Full Article Here: https://lnkd.in/e6Zm4TXr Changpeng Zhao, founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has clarified that he does not intend to reclaim his role as the company's chief after serving a prison sentence. During his appearance at the ongoing Binance Blockchain Week in Dubai, CZ shared insights about his personal future and the evolving landscape of the crypto industry. #MemeTokens, #Altcoins, #CryptoMemes, #AltcoinSeason, #MemeCoin, #CryptoCommunity, #ShibaInu, #Dogecoin, #AltcoinHodl, #DeFi, #MemeTokenArmy, #AltcoinTrading, #MemeTokenHype, #CryptoInvesting, #AltcoinNews, #ShibaArmy, #CryptoTrends, #AltcoinGems, #Blockchain, #DogecoinCommunity, #CryptoMarket, #AltcoinBuzz, #CryptoMemeCommunity, #InvestInAltcoins, #HodlMemeCoins, #MemeTokenToTheMoon, #AltcoinInvesting, #MemeCoinCraze, #MemeTokenRise, #AltcoinMovement, #NewAltcoins, #CryptoFun, #DigitalAssets, #AltcoinFans, #MemeEconomy, #DeFiTokens, #CryptoHype, #AltcoinDiscovery, #CryptoTraders, #AltcoinExplorers, #MemeTokenNews, #AltcoinFam, #CryptoFuture, #MemeCoinJourney, #CryptoCollectibles, #AltcoinUpdates, #DigitalCurrency, #CryptoToTheMoon

BINANCE DISCONTINUE NIGERIAN NAIRA SERVICES AMIDST REGULATORY PRESSURE AND INVESTIGATIONS Binance 's recent decision to discontinue its Nigerian Naira (NGN) services stems from a series of events involving regulatory scrutiny and investigations in Nigeria. The exchange, not authorized to operate in the country, faced allegations of illegal activities, including currency manipulation, tax evasion, and fixing exchange rates. The House of Representatives' Committee on Financial Crimes summoned Binance's CEO, Richard Teng, to address concerns related to money laundering and terrorist financing. Prior to this, two Binance executives were detained following an investigation in February, although they were not charged at that time. In response to the regulatory pressure, Binance announced the delisting of all NGN trading pairs by March 7th. Users are advised to take action before the deadline by withdrawing NGN, trading their assets, or converting NGN into cryptocurrencies like USDT for a seamless transition. Keep an eye out for more in-depth analysis and updates from Blockchain In Africa

DEPUTY SECRETARY OF US TREASURY CLAIMS RUSSIA HAS 'TURNED TO' TETHER’S $USDT STABLECOIN - Deputy Secretary of the US Treasury, Wally Adeyemo, today issued a statement featuring some shocking claims around Russia and Tether.to’s $USDT stablecoin. - The statement’s purpose is to call for “additional tools to protect the American people”. However, a quick read suggests Adeyemo is more interested in slamming the crypto industry. - The statement begins by claiming that ‘malign actors’ such as… Al Quaeda Hamas Palestinian Islamic Jihad … have used cryptocurrency to circumvent sanctions in the traditional financial sector. - However, Adeyemo moves on to claim that… “we’ve seen Russia increasingly turning to alternative payment mechanisms - including the stablecoin tether - to try to circumvent our sanctions and continue to finance its war machine.” - Adeyemo closes by first admitting that many of the aforementioned parties only use cryptocurrency for a small fraction of their illicit activity… - … before pointing to malicious actors that “almost completely rely on virtual currencies”, including ransomware attackers. Image: Reuters

#Venezuela is reportedly expected to increase its use of cryptocurrency when the United States reimposes #oil sanctions on the country beginning June 1. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #digital #cryptocurrency #crypto #blockchain #virtualcurrency #btc #ethereum #bitcoin #digitalassets #virtualassets #stablecoin #nft #eth #ltc #token #us #usa #unitedstates

Crypto registration requirement introduced in Argentina Argentina has implemented new regulations mandating registration for cryptocurrency exchanges, with the goal of aligning with Financial Action Task Force guidelines as part of reforms to Anti-Money Laundering and Combatting the Financing of Terrorism laws.

KENYA EMBRACES DIGITAL CURRENCIES: AFRICA MULTI-AGENCY APPROACH TO REGULATION Kenya is moving towards regulating cryptocurrencies, with the government asking the Blockchain Association of Kenya to draft a Crypto Bill. This bill will cover licensing requirements, taxation guidelines, consumer protection measures, and anti-money laundering protocols for a well-functioning digital asset market. Kenya's approach aligns with global trends in digital finance and positions the nation as a forerunner in digital finance on the continent. The Central Bank of Kenya, however, has previously issued a cautionary notice against using virtual currencies due to their unregulated nature and potential risks, such as money laundering and terrorism financing. Kenya's financial landscape is undergoing a transformation as digital currencies offer innovative alternatives to traditional financial systems, with over 6 million Kenyans now owning cryptocurrencies. The country is working on new regulations to police trading in cryptocurrencies to improve the integrity of its financial system and avoid the risk of being put on the FATF grey list for increased monitoring of money laundering and terrorism financing risks. Stay tuned as Blockchain In Africa continues to bring you the latest developments in the world of digital currencies and blockchain technology.

Binance CEO called before Nigerian Committee amidst crime financing suspicions. The Nigerian House of Representatives Committee on Financial Crimes has escalated its scrutiny of cryptocurrency exchange Binance, summoning CEO Richard Teng to appear before them. This summons comes amidst growing suspicions of terrorism financing and money laundering linked to the platform. Chair of the committee, Ginger Onwusibe, has issued a stern ultimatum to Binance management, setting a deadline of March 4, 2024, for Teng’s appearance. The move follows concerns raised by the Central Bank of Nigeria (CBN) about alleged “suspicious flows” of funds through Binance in 2023. #Secret3 #cryptonews #blockchain #crypto #web3 Read more: https://lnkd.in/gtJbzpc7