Major Bitcoin (BTC) ATM operators in the United States are joining forces to fight illicit activity related to Bitcoin ATMs. Bitcoin ATM operators DigitalMint and Coinsource have launched the Cryptocurrency Compliance Cooperative (CCC), a new association that aims to establish compliance standards for the Bitcoin ATM industry. The new compliance effort has launched with support from major blockchain analytics firms, such as Chainalysis and Elliptic, among its 15 initial members. The CCC is now encouraging participation from cash-based crypto money services businesses, regulators, financial institutions, as well as non-state and law enforcement agencies. The association specifically targets Bitcoin ATMs to …

Security Service of Ukraine (SBU) has shut down several crypto exchanges reportedly involved in illegal financial transactions since the start of 2021. According to a statement by the SBU on Wednesday, the network of “clandestine cryptocurrency exchanges” were based in the country’s capital Kyiv and collectively processed a monthly turnover of $1.1 million in funds linked to criminal activity. The SBU’s announcement claimed that the illegal crypto exchanges provided anonymous transaction services, which made them a money laundering risk. Indeed, Ukraine’s state security service stated that some individuals funneled funds through these platforms to organize protests across the country. According …

A new report from Chainalysis has found that while China’s share of global criminal crypto flows has been falling since the third quarter of 2019, the country still represents a disproportionate amount of money laundering and scam activity. In its Aug. 3 “Cryptocurrency and China” report, Chainalysis stated that more than $2.2 billion worth of crypto had been sent from Chinese wallets to addresses associated with illicit activity between April 2019 and June 2021. Chinese addresses also received more than $2 billion worth of digital assets tied to nefarious activity such as scams and darknet marketplaces. Despite this, the report …

The European Commission has submitted a new proposal that would require crypto-asset service providers to collect additional Anti-Money Laundering information from those who utilize cryptocurrency for money transfers. The stated purpose of this proposal is to prevent the further propagation of money laundering activity within the European Union. Under this proposal, service providers conducting transfers must have the name of the originator of the transfer, the account number, where the account exists and where it is used to process the transaction. The originator’s address, official personal document number, customer ID number, or date and place of birth would also be …

OK Group, a blockchain technology firm formerly behind cryptocurrency exchange OKEx, will start working with Chinese authorities to combat money laundering, using blockchain technology. The company’s settlement-focused subsidiary, OKLink, has reached a partnership with Nanjing Public Security Research Institute to collaborate on applying blockchain tech for Anti-Money Laundering purposes. The institute announced that the partnership will include in-depth cooperation with OKLink to promote the integration of blockchain technology for improving public security and social governance. As part of the agreement, the parties will set up a research laboratory for exploring compliance strategies and systems implementing on-chain data analysis to combat …

Eun Sung-soo, chairman of South Korea’s Financial Services Commission (FSC), said that foreign crypto exchanges that deal in the Korean won must comply with the country’s Anti-Money Laundering (AML) standards. According to The Korea Herald on Tuesday, Eun made these comments while fielding questions from lawmakers about the FSC’s plans to regulate crypto exchange giant Binance. Eun reiterated the need for overseas exchanges offering won-denominated crypto trading pairs to comply with the same Anti-Money Laundering standards as platforms based in the country. As part of this compliance, these foreign exchanges will have to register with the Korea Financial Intelligence Unit …

The Economic Commission for Latin America and the Caribbean, or ECLAC, a United Nations’ regional commission to encourage economic cooperation, is the latest regulator to raise concerns about El Salvador’s decision to accept Bitcoin (BTC) as legal tender. ECLAC executive secretary Alicia Bárcena has warned that El Salvador’s Bitcoin move poses a number of systemic risks as well as risks related to money laundering, local news agency Diario El Mundo reported Friday. Bárcena emphasized that there is no study yet that would have investigated potential risks or benefits of El Salvador accepting BTC as legal tender. She expressed confidence that …

The United States’ Financial Crimes Enforcement Network will continue to closely follow the cryptocurrency industry as one of its top priorities for combating crimes like money laundering. FinCEN officially announced Thursday that “virtual currency considerations,” or operations involving cryptocurrencies like Bitcoin (BTC), will be among its top national priorities for countering terrorism financing and ensuring proper Anti-Money Laundering policies. “The establishment of these priorities is intended to assist all covered institutions in their efforts to meet their obligations” under related laws and regulations, the regulator said. FinCEN elaborated that it will soon issue regulations to specify how financial institutions should …

Mode Global Holdings, a London Stock Exchange-listed fintech group, has secured major regulatory approvals for cryptocurrency and fintech operations in the United Kingdom. The company announced Thursday that Mode has secured its Electronic Money Institution license and AMLD5 registration from the U.K. Financial Conduct Authority. The AMLD5 registration has been granted to Mode’s crypto arm Fibermode Limited, establishing it as an official crypto asset firm in the United Kingdom, pursuant to the amended regulations on money laundering, terrorist financing and transfer of funds. The AMLD5 registration is a requirement for crypto-related businesses in the country that fall within the scope …

The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA) has warned consumers against 111 crypto companies that are yet to register with the FCA. Since Jan. 10, all U.K.-based crypto firms have had to comply with Anti-Money Laundering and Counter-Terrorist Financing laws, as well as to register with the FCA in order to operate legally. Many are yet to do so. Mark Steward, FCA’s head of enforcement asserted at the “City & Financial’s City Week” event on June 22, that the unregulated crypto entities pose a threat to consumers, banks, and payments firms who do business with them, noting …

Amid Bitcoin's (BTC) drop to six-month lows below $30,000 on Tuesday, a Norwegian financial regulator warned investors that the cryptocurrency industry is largely unregulated in the country. The Financial Supervisory Authority of Norway, or Finanstilsynet, published June 22 a statement on consumer protection of crypto investors, emphasizing that the authority currently does not supervise local crypto companies in terms of anything but money laundering: “These platforms must notify Finanstilsynet in accordance with the money laundering regulations, but apart from money laundering supervision, Finanstilsynet does not supervise these actors.” Finanstilsynet further pointed out major crypto trading-associated risks like extreme price volatility …

Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime. Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies has passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs say the nation's anti-money laundering regime may have lacked proper protocols. The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta …