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 …

Thailand's Securities and Exchange Commission (SEC) held a focus group on cryptocurrency regulation today, May 21, streamed on Facebook Live. The hearing focused on the SEC’s approach to crypto-related businesses and fundraising through Initial Coin Offerings (ICO), local news outlet Siam Blockchain reports. Today’s focus group clarified that ICOs can only raise funds in the Thai baht and cryptocurrencies permitted by the SEC – those that “have enough liquidity and are not associated with money laundering.” Projects running ICOs, whose applications must be completed in 60 days, will also need to adhere to KYC and AML standards. Siam Blockchain also …

Japan’s financial watchdog, the Financial Services Agency (FSA), has laid out yet further regulatory stipulations for domestic crypto exchanges, Cointelegraph Japan reports today, May 6. The regulator is reportedly intensifying its efforts to prevent a repeat of January’s $532 mln hack of crypto exchange Coincheck, the biggest single exchange hack in the history of the crypto ecosystem. As Cointelegraph Japan reports, an FSA source told local news outlet Nikkei Asian Review that identifying potential risks in advance has been a challenge for the watchdog. The source reportedly told Nikkei that "without the necessary know-how, we've been feeling our way through …

Taiwanese Minister of Justice, Chiu Tai-san, said that the country will roll out new regulations for virtual currencies later this year, Taiwan Central News Agency reported April 20. Today, at a conference dedicated to anti-money laundering (AML) in the financial industry held by the Taiwan Financial Services Coalition, Chiu Tai-san said that the country will develop and launch new regulations on Bitcoin and other cryptocurrencies. The regulations will aim to prevent cryptocurrencies from becoming instruments for money laundering and reportedly will take effect in November. The Financial Supervisory Commission (FSC), with the consultation of the Ministry of Interior, the Central …

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering. The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states: “The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.” The report also indicates …

The United States' Financial Crimes Enforcement Network (FinCEN) has announced it is working to investigate a string of digital currency businesses, assessing whether they meet financial regulations for the sector. Announcing the bureau's latest activity was director Jennifer Calvery, speaking at the West Coast AML (Anti Money Laundering) Forum in San Francisco May 6. The three-day event is a chance for federal and state regulators to meet with the government's investigative agencies and other qualified consultants. In her opening speech to the forum Calvery gave top billing to her department’s efforts to investigate potential regulatory violations in the virtual currency …

Having filed its registration application in New York, ItBit is looking to become the first regulated Bitcoin bank in America. ItBit, a digital currency exchange operationally based in Singapore and with a head office in New York, looks to become the first officially regulated Bitcoin bank as they look to expand their service offering. The move would allow the company to legitimately take on a more traditional banking service role while meeting relevant legal requirements. According to Reuters, people privy to the matter expect that the application could be approved “in the next couple weeks.” The exchange appears ready to …

Perianne Boring is the president of the Digital Chamber of Commerce. The chamber will be hosting an Anti-Money Laundering Boot Camp at the North American Bitcoin Conference 2015 in Miami on January 16 and 17. Boring took time from her schedule to speak with Cointelegraph about the boot camp and the importance of compliance with AML regulations for companies in the Bitcoin industry. “[We want] to bring ... costs down and significantly accelerate a company’s understanding of AML compliance.” Cointelegraph: Please tell us where the idea came from to offer an anti-money laundering boot camp. What was your inspiration? Perianne …

Without a hint of irony, the central bank of Cyprus warned citizens against cryptocurrencies, noting that such money is not government-backed, volatile and ripe for money laundering. The bank does not go so far as to describe digital currencies — chiefly Bitcoin — as illegal, but “does not approve any activity that falls within its purview, unless it can ensure the legality of that activity.” To quickly sum up the last year in Cyprus: The country accepted an EU bailout of about 10 billion euro, closed its second-largest bank, froze everyone’s bank accounts, then skimmed money off the top of …