Recently, crypto traders have shown a lot of enthusiasm for decentralized exchanges, or DEXs. The enthusiasm is warranted. We’re starting to see the fruits of many years of hard work pay off with DEX trading volume and use increasing every day. In spite of this growth, the vast majority of crypto trading still takes place on centralized exchanges. DEXs offer a clear set of benefits in terms of fund security, flexible custody and transparency, so why is it that the majority of the market still shuns them in favor of centralized alternatives? We think we know the answer, and we’ve …

There is no doubt that digital currencies provide benefits for an individual, a company and an institution by facilitating better access to financial products and services. Money laundering costs the global economy between $800 billion and $2 trillion annually, according to a United Nations report. This amounts to 2%–5% of the global gross domestic product. Today, more than 90% of money laundering still goes undetected. Developments in technology, however, have resulted in newer and faster tools. Criminals use these advancements to continue laundering money. At the same time, government authorities and fintech companies leverage technology to identify transaction attributes and …

LocalBitcoins has partnered with blockchain intelligence firm Elliptic — the latest move in the veteran peer-to-peer exchange’s fight against criminal activities on its platform. Speaking to Cointelegraph, chief operating officer at LocalBitcoins, Elena Tonoyan, said the partnership was a key step in tackling the complex challenge the platform faces. She explained: “LocalBitcoins handles only Bitcoins — we don’t touch traditional currencies — hence we don’t have the same visibility to the traditional financial side as for example the banks. Additionally LocalBitcoins is very diverse and operates in 150+ countries, which creates its own challenges when it comes to the practical …

Despite Russia recently passing its first major legislation devoted to cryptocurrencies, the country’s central bank continues to treat the industry as a criminal area. Sergei Shvetsov, the first deputy governor at the Bank of Russia, has voiced the bank’s negative stance towards crypto investment. He compared cryptocurrency with financial pyramid schemes and roulette games. The official provided his remarks on the crypto industry during a July 28 live YouTube stream regarding Russia’s new bill on categories of retail investors. During the live session, Shvetsov emphasized that the Bank of Russia does not recognize crypto purchases as an investment. He said: …

After delisting privacy-focused asset Zcash (ZEC) in pursuit of regulatory compliance, Japanese exchange Liquid is not against a future relisting, pending regulatory clarity. “Regarding ZEC and our decision to temporarily stop providing trading services, we are seeking further guidance from both industry working groups and the MAS before we resume trading on Liquid,” exchange COO Seth Melamed told Cointelegraph on July 25, referring to the Monetary Authority of Singapore. He added: “In speaking with other VASPs [Virtual Asset Service Providers], we are not aware of any other exchange applying to the PSA [Payment Services Act] license that will be listing …

Japanese exchange Liquid recently unveiled a mass asset removal from its platform, which COO Seth Melamed claimed necessary for legal compliance. “Liquid works closely with regulators in Japan and Singapore,” Melamed told Cointelegraph on July 25. Referring to Anti-Money Laundering, or AML, and Combating the Financing of Terrorism, or CFT, regulations, he added: “As part of risk management we have to take a conservative approach regarding maintaining listings in tokens that are potentially viewed by regulators as in conflict with rules around AML and CFT and the Funds Travel Rule.” Liquid provided a public statement The exchange’s asset removal list …

The very first Bitcoin (BTC) ATM came to the United States in 2014 to Austin, Texas. This historic event occurred quickly after Canada pioneered the idea in 2013, and the excitement and demand for such ATMs have soared across the globe ever since. There are currently over 8,000 BTC ATMs in more than 70 countries worldwide. In fact, the highest number of Bitcoin ATMs was recorded in the U.S. in 2020, and as of April 2020, approximately 81% of global ATMs were concentrated in North America. Two types of Bitcoin ATMs exist, with one being more complex than the other. …

The Ministry for Digital Transformation of Ukraine, a major government authority behind local crypto regulation, will be implementing Bitfury’s crypto analytics tool to track crypto transactions. As officially announced on July 23, the Ministry has signed an agreement with Birfury’s crypto compliance product known as Crystal. Bitfury’s Crystal to provide crypto analytics expertise to the Ukraininan government Launched by Bitfury in early 2018, Crystal is a software stack that is designed to fight crimes involving cryptocurrencies like Bitcoin (BTC). Crystal employees will now provide the Ministry with crypto analytics expertise, Crystal elaborated on its website. The executives at the Ministry …

Japanese cryptocurrency exchange Liquid is reportedly delisting privacy-focused coin Zcash (ZEC) in order to apply for a license to operate in Singapore. The Electric Coin Company, which develops the Zcash cryptocurrency, announced the news in a July 22 tweet. They elaborated that Zcash will be delisted from Liquid alongside 28 other tokens. Liquid, which recently ranked #6 among top tier exchanges on CryptoCompare, has not yet posted an official statement on whether they plan to delist Zcash. Cointelegraph reached out to the exchange with more queries and will update the article pending any new information. Zcash is entirely compatible with …

Elena Tonoyan, the COO at LocalBitcoins, explains how the oldest peer-to-peer Bitcoin exchange has been stepping up the fight against criminal activities on the platform. As of 2019, LocalBitcoins has been cited as the exchange receiving the most criminal funds for three years in a row, according to a report by CypherTrace. The results for 2020 will be much different, assures Tonoyan, referring to the stringent KYC/AML procedure adopted by the exchange in September last year. Results already appear to be visible. Citing recent data, Tonoyan claims that volumes sent to dark markets have already dropped by 70%. When asked …

FinTech company CoolBitX may have a solution for countries that have not yet complied with the Financial Action Task Force’s “travel rule”. According to a statement from CoolBitX shared with Cointelegraph on July 21, the blockchain security company announced it would be partnering with cryptocurrency forensics firm Elliptic to address anti-money laundering (AML) regulations for virtual asset service providers (VASPs) in accordance with the Financial Action Task Force (FATF) travel rule. VASPs will have access to both Sygna Bridge — the solution proffered by CoolBitX — and Elliptic’s crypto transaction and wallet screening tools to comply with the travel rule’s …

The European Union and the European Central Bank wanted to create a unitary legal framework that would limit the anonymity of cryptocurrency transactions, especially in the spectrum of money laundering, terrorist financing and tax evasion. The simplest method of control and probably the only one possible in the case of digital currency transactions is by checking the route of fiat currencies. Any purchase of digital currency with fiat money and vice versa is monitored through exchange providers. As there is no legal framework in the EU to provide a definition and regulation on digital currencies, digital foreign exchange services and …