FinCEN
FinCEN lists Binance among the top Bitcoin counterparties of Bitzlato
The United States Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, has argued that Binance is linked to the illegal cryptocurrency platform Bitzlato. In an order published on Jan. 18, FinCEN stated that Binance cryptocurrency exchange was among the “top three receiving counterparties” of Bitzlato in terms of Bitcoin (BTC) transactions. According to the authority, Binance was among the biggest counterparties that received Bitcoin from Bitzlato between May 2018 and September 2022. Other such counterparties included Russia-connected darknet market Hydra and the alleged Russia-based Ponzi scheme known as “TheFiniko,” FinCEN noted. On the other hand, FinCEN did not mention Binance as the top three sending counterparties in the order. According to the document,...
Gate.io closer to launching US services after receiving local licenses
Gate US, the United States arm of the fourth largest cryptocurrency exchange by trading volume, Gate.io says it has received operating licenses in “several” states, bringing it closer to launching services in the country. Founder and president of Gate.io and its U.S. entity, Dr. Lin Han, announced in a Dec. 19 statement that Gate US is now registered as a money services business with the Financial Crimes Enforcement Network (FinCEN) — the country’s money laundering and financial crimes watchdog. He added the exchange “obtained some money transmission licenses or similar to operate, and is currently working to obtain more.” Gate US did not disclose what states it had obtained licenses from but said it is yet to accept users from the country at this stage. Its terms of use however...
FinCEN includes crypto in alert on Russia potentially evading sanctions
The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to use to evade sanctions related to the country’s military action in Ukraine. In a Monday alert, FinCEN reminded U.S.-based financial institutions “with visibility into cryptocurrency” and convertible virtual currency, or CVC, to report any activity that could be considered a potential way for Russia to evade sanctions imposed by the U.S. and its allies. While the U.S. watchdog said that the Russian government using CVCs to evade large scale sanctions was “not necessarily practicable,” financial institutions were obligated to report such activities from Russian and Belarusian individuals named in...
Major banks moved vast sums of illicit money – investigation
Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations. “Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financi...
