Crypto compliance provider and research firm Chainalysis announced it had partnered with exchange Binance in a press release Wednesday, Oct. 17, in order to improve its detection of suspicious transactions. Binance, currently the world’s largest cryptocurrency exchange by volume, continues to expand into various international markets, being required to comply with each jurisdiction’s anti-money laundering (AML) and know-your-customer (KYC) rules. Chainalysis eases this process, the firm claims, through the use of real-time monitoring to track the provenance of each transaction made on Binance’s platform. The solution, known as know-your-transaction (KYT), saw its initial release in April, the press release notes. …

The Foreign Ministry of Thailand has revoked the passport of an alleged crypto scammer, which has reportedly rendered him unable to return to his home country for prosecution, the Bangkok Post reports Wednesday, Oct. 10. According to the report, Prinya Jaravijit was in the U.S. after a cryptocurrency investment scheme surfaced in which he and several accomplices allegedly defrauded a Finnish investor of $24 million. The Crime Suppression Division’s (CSD) deputy commander Pol Col Chakrit Sawasdee claimed on Wednesday that the Foreign Ministry invalidated the passport of the prime suspect Jaravijit. Sawasdee reportedly ordered the suspect to turn himself in …

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 …

Much noise has been made about the untraceable qualities of Bitcoin and other cryptocurrencies. Bitcoin "can be used to buy merchandise anonymously" said early primers on crypto, it offers users the kind of financial privacy that was previously available only from a "Swiss bank account," say more recent commentators. And given its ability to provide people with a layer of anonymity and privacy, it has been smeared by politicians, experts and mainstream journalists alike as a hiding place for almost any hacker, drug dealer, gang member, terrorist or despot you could possibly name (even if cash is still the preferred …

A member of South Korea’s National Assembly has called on the state to “open up the road” to Initial Coin Offerings (ICO) by easing regulations, South Korean financial outlet Economy reports October 2. According to the article, Min Byung-doo, a Democratic Party lawmaker, will introduce a project of for ICO legislation at the next round of the National Assembly. He claimed that the purpose of the new legislation is to allow ICOs while enforcing strict regulation for the negative parts of the industry, noting: "We are looking at ways to open up the road to ICO[s] while strictly prohibiting negative …

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 …

The U.S. House of Representatives passed a bill on September 26 that would establish a crypto task force to combat terrorist use of cryptocurrencies, public records indicate. House Resolution (H.R.) 5036, which represents an amended version of the bill proposed by Rep. Ted Budd (R-NC) to the Committee on Financial Services in January, establishes an “Independent Financial Technology Task Force” to fight the illicit use of cryptocurrency. According to public records published on the official online database of the U.S. Congress, the new version of the bill has been passed by the whole House by voice vote. Similar to the …

New research into publicly available records shows that U.S. government agencies have tripled their investment in blockchain intelligence firms this year, according to a Diar report published September 24. As Diar outlines, blockchain analysis can be used by financial institutions or banks to track compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. The analysis can equally be used as a “digital trail” that provides law enforcement agencies with actionable intelligence, allowing them to potentially counter illicit activity that would otherwise remain concealed behind pseudonymous crypto wallet addresses. U.S. government agencies reportedly account for $5.7 million out a collective total …

Circle Internet Financial Ltd. is launching a USD-backed digital token dubbed the “USD Coin,” Circle’s blog reports Wednesday, September 26. A consortium called Centre — which includes Bitmain Technologies Ltd. among its members — will act as a platform for deposits and fiat conversions for the stablecoin. Bloomberg notes that although Centre is a “wholly owned subsidiary of Circle,” there are plans in plan to turn it into an independent organization. The USD Coin (USDC) will reportedly be available on Circle’s Poloniex exchange, as well as Huobi, OKCoin, KuCoin, and digital wallet and exchange Coinbase. As per Circle’s release, over …

North Korea is "increasingly" using cryptocurrencies to evade sanctions imposed by the U.S., according to two Washington-based experts cited by news site Asia Times on September 24. Lourdes Miranda and Ross Delston sent a joint response to an Asia Times' inquiry regarding the use of crypto by the government of North Korea (DPRK). Miranda is an independent financial analyst and a financial crimes investigator, and Delston is an independent attorney and expert witness in money laundering cases. Both experts have claimed that the country is successfully trading existing cryptocurrencies, and is attempting to create one of its own, despite current …

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week Japanese Cryptocurrency Exchange Zaif Hacked Of Reported 5,966 Bitcoins As a result of a security breach on September 14, hackers have managed to steal 4.5 billion yen from Japan’s Zaif cryptocurrency exchange, as well as 2.2 billion yen from the assets of the company, with total losses amounting to 6.7 billion yen or …

The Swiss Bankers Association (SBA) has issued basic guidelines for banks working with blockchain startups on Friday, September 21. As Reuters reports, the measure was taken to prevent a mass crypto exodus out of Switzerland. The document states that banks see blockchain as an opportunity for Switzerland to house financial and technology startups despite "risks," especially money laundering. Due to a significant increase of crypto-related companies based in the country, the SBA has decided to provide a road map for banks to open their corporate accounts. The guidelines divides blockchain companies into two large groups: those with and those without …