Bitcoin (BTC) exchange PrimeXBT announced that it partnered with blockchain development firm Bitfury in order to ensure regulatory compliance. According to a press release published on Sept. 9, PrimeXBT will be using Bitfury’s blockchain analytics and cryptocurrency compliance software Crystal. The exchange hopes that the implementation will heighten its Anti-Money Laundering and Combating the Financing of Terrorism policies, as well as improve client security. A PrimeXBT official said: “As a responsible member of the global financial community we are faced with the important yet challenging task of eliminating money laundering, without sacrificing the privacy of our clients.” PrimeXBT claims that …

From speculation about its inherent value to theories about it being the payment method of choice for criminals, cryptocurrency is having a tough time keeping a clean name. One of the most common accusations is that cryptocurrencies perpetuate the sale of illicit drugs, a view recently expressed by United States Treasury Secretary Steven Mnuchin. Cointelegraph takes a look at the impact of cryptocurrency on illegal drug sales and whether it should shoulder more of the blame than cash. U.S. government clamps down The watershed moment for the U.S. taking decisive action against illicit drugs being purchased with cryptocurrency happened in …

Neil Wals, chief of the United Nations Office on Drugs and Crime Global Cybercrime Program, warned that cryptocurrencies have made combating money laundering significantly harder. Australian news outlet ABC reported on Aug. 29 that Wals said cryptocurrencies make fighting cybercrime, money laundering and financing of terrorism harder. Wals expressed the idea that criminals using crypto assets include global child sexual exploitation networks, which he says are more widespread than much of the public understands. Crypto adds a layer of secrecy He believes that cryptocurrencies add a layer of secrecy, which can facilitate crime. The news comes after Treasury Secretary Steven …

When we hear about holders of crypto being tracked down by the Internal Revenue Service, or that imprisonment is being considered for anyone using crypto in India, it conjures up a disconcerting image of what regulation might entail. It’s part of crypto’s DNA to be unregulated, some might say. It falls outside the scope of government and should remain so for all the reasons it was created in the first place. But if crypto is the future and there are valid concerns, then surely these should be addressed. If we want crypto to be accepted and become part of our …

Jesse Spiro, global head of policy at blockchain analytics firm Chainalysis, has said that he believes that transparency builds trust in crypto. Speaking with Cointelegraph, Spiro addressed widespread concerns that blockchain analytics negatively affect Bitcoin’s (BTC) fungibility and explained why he believes that transparency builds trust in crypto. When he was asked what he believes would be the impact of blacklisting Bitcoin addresses on the coin’s price, he explained: “Active financial integrity in the ecosystem could also help counter that concern that crypto is a wild west with no way of telling if you’re dealing with someone profiting off of …

Switzerland’s Financial Market Supervisory Authority (FINMA) has released guidance on regulatory requirements for payments on the blockchain under FINMA supervision. The new guidance for virtual asset service providers, published on Aug. 26, applies to blockchain service providers including exchanges, wallet providers and trading platforms. In its preface to the guidance, FINMA notes its adherence to the framework for digital asset regulation issued this June by the intergovernmental Financial Action Task Force (FATF). More stringent than the FATF FINMA underscores that blockchain sector businesses cannot be exempted from the country’s existing regulatory standards, such as the Anti Money Laundering (AML) Act. …

Blockchain analytics firm Chainalysis has launched alerts for suspicious transactions across 15 major cryptocurrencies. In a post published on the firm’s blog on Aug. 22, the company said its Know Your Transaction (KYT) tool works in real time to provide compliance with Anti-Money Laundering measures — and claimed this is the first solution to offer compatibility with such a broad range of crypto assets. Compliance risk mitigation The tool is meant to help cryptocurrency exchanges and other financial institutions mitigate their regulatory and reputational risks. Michael Breu, chief compliance officer at major crypto exchange Gemini, said: “As a New York …

A Los Angeles man has pleaded guilty to running a $25 million Bitcoin (BTC) money laundering scheme and selling methamphetamine. Possible life sentence News outlet U.S. News reported on Aug. 23 that Kunal Kalra has pleaded guilty to charges including money laundering and distributing methamphetamines. The 25-year-old is facing life in prison. The authorities say that, from 2015 to 2017, Kalra exchanged BTC and dollars, ran a Bitcoin ATM, and admitted to making deals with drug dealers and other criminals. Sold meth to an undercover agent Kalra also sold two pounds of meth to an undercover law enforcement agent. According …

More than 7,000 people have signed a new petition against drafted cash restrictions in Australia, different drafts of which include and exclude digital currencies from proposed limits. Earlier this week, Robert Barwick, director at the Citizens Electoral Council of Australia, initiated a petition against the proposed "Currency (Restrictions on the Use of Cash) Bill 2019" recently introduced as an explanatory draft by Australia’s parliament. The drafted bill specifically proposes banning cash transactions over 10,000 AUD ($6,900), including transactions involving digital currencies. Preventing cash usage in illicit activities? The impetus for the bill purportedly lies in the government’s desire to prevent …

Binance is expected to launch its upcoming exchange platform in the United States by the end of the year, with the company’s executive estimating that the platform will launch within “a month or two.” In the interview, Changpeng Zhao (aka CZ), the CEO of Binance, predicted the launch despite acknowledging that many things are still “in flux” regarding the platform’s planned operations in the U.S. CZ noted that the U.S. has historically enacted “very clear regulations” regarding financial technology, adding his expectation that despite current “uncertainties in the regulatory space,” early adopters in the industry will likely be better rewarded. …

Binance.US, an upcoming subsidiary of one of the world’s leading cryptocurrency exchanges that will be compliant to operate within the United States, has recently gotten investors excited with an announcement that the platform was reviewing 30 new assets for listing. Importantly, the news also shed some light on the Digital Asset Risk Assessment Framework — a novel set of criteria to determine blockchain projects that Binance deems worthy of adding to the platform. In the realm of digital finance, one of the biggest imaginable accomplishments for a blockchain startup is to get its coin listed on a major cryptocurrency exchange. …

A Supreme Court judge in British Columbia (BC), Canada, has denied a motion to set aside an asset freeze, which was requested by the defendants in a multimillion dollar cryptocurrency fraud case. The defendants had filed to set aside an interim preservation order that was issued by the British Columbia Civil Forfeiture Office in order to prevent case-related assets from being sold or accumulating debt. Vancouver news daily The Province reported the ruling on Aug. 19. According to the report, the defendants, Lisa Angela Cheng and Kevin Patrick Hobbs, stand accused of committing fraud, tax evasion and money laundering. Alleged …