From what started as something of a “technological experiment” with Bitcoin (BTC) over a decade ago, the crypto asset industry has become a significant driver for change in global financial markets. Cryptocurrency exchanges started as a means to enable crypto enthusiasts to trade digital coins outside the traditional financial system on a decentralized and largely autonomous basis. It is likely that combined with regulatory recognition and development of digital market infrastructures, acceptance of essential Anti-Money Laundering practices, investment in security protection systems, and recognition of investor protection measures will see these businesses continue to expand and potentially merge or compete …
Losses caused by cryptocurrency exchange hacks hit $927 million in the first nine months of 2018, already 250 percent higher than throughout all of 2017, Reuters India reports October 10. Reuters cites a Crypto Anti-Money-Laundering (AML) report for Q3 2018 from crypto intelligence firm CipherTrace, which pitted the $927 million figure against last year’s $266 million total. According to the report, “smaller” thefts of crypto worth between $20-60 million are also steadily rising, hitting $173 million in the third quarter. Reuters interviewed CipherTrace CEO Dave Jevans, who is also chairman of the global anti-cybercrime organization, the Anti-Phishing Working Group. Jevans …
A recent Wall Street Journal investigation has found that $88.6 million in ill-gotten funds have been funneled through 46 cryptocurrency exchanges, the WSJ reported September 28. $9 million of the suspect funds reportedly went through crypto exchange ShapeShift. ShapeShift is a Switzerland-based digital currency exchange that was formed in 2014 by Erik Voorhees. Unlike other trading platforms, ShapeShift allows users to anonymously trade Bitcoin (BTC), which police can track, but can not identify the individual behind the transaction. To conduct its investigation of crypto money laundering, WSJ reportedly developed a computer program that tracked funds from over 2,500 suspected investment …
South Korean watchdog the Financial Services Commission (FSC) has urged lawmakers to hasten their approval of the country’s first cryptocurrency bill, Bloomberg reports July 26. Hong Seong-ki, head of the FSC’s virtual currency response team, has reportedly warned of the security and money laundering risks courted by the country’s domestic crypto exchanges. Bloomberg cites Seong-ki as saying that: “While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention [AML] and investor protection. The bill should …
Bithumb cryptocurrency exchange will ban users from eleven countries starting May 28 as part of new anti money laundering (AML) practices, according to an official announcement. In a press release issued May 27, Bithumb confirmed that citizens of states comprising the Non-Cooperative Countries and Territories (NCCT) initiative will no longer be able to use its services. The exchange is currently the fifth largest in the world by trade volume, according to Coinmarketcap data. New account applications will be refused from Monday, while any extant accounts will disappear by June 21. Explaining its decision, Bithumb said it was acting as part …