ETH Staking Data Published, USDC Cross-Chain Transfer Protocol Launches -
New data reflects that the recent amount of staking withdrawals on Ethereum has been balanced by a roughly equal amount of deposits. According to...more
5/1/2023
/ Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Ethereum ,
IRS ,
Market Manipulation ,
Money Laundering ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
SDN List
European Bank Launches Stablecoin; Financial Firms Expand Crypto Products -
A subsidiary of a major European financial services firm recently launched EUR CoinVertible (EURCV), an Ethereum ERC20 stablecoin backed 1:1 by...more
4/24/2023
/ Bitcoin ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Wallets ,
Enforcement Actions ,
Ethereum ,
Hackers ,
Popular ,
SDN List ,
Stablecoins
Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings -
Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more
4/10/2023
/ Anti-Money Laundering ,
Commodities ,
Compliance ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Fraud ,
Money Laundering ,
National Futures Association ,
Ponzi Scheme ,
Popular ,
Scams ,
State Securities Regulators
“Z” Doors Are Open: Rival Zero Knowledge EVMs Launch -
Earlier this week, a technology innovation lab reportedly released a public Alpha version of its “zero-knowledge Ethereum Virtual Machine” (zkEVM), which has been...more
4/3/2023
/ Banks ,
CFTC ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Depository Institutions ,
Enforcement Actions ,
Ethereum ,
Federal Reserve ,
Securities and Exchange Commission (SEC)
NFT Integration Software Released; NFTs Used to Serve Complaint in Civil Action -
According to a recent press release, a major U.S. software company has launched a suite of tools that will allow users to “enter the Web3 and...more
3/20/2023
/ Compliance ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Financial Crimes ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Service of Process ,
Terrorist Financing Regulations ,
U.S. Treasury
Reserve Bank of Australia and BIS Commence Efforts to Advance CBDCs -
In a recent announcement, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC) released details on an ongoing...more
3/13/2023
/ Bitcoin ,
Bureau of Industry and Security (BIS) ,
Central Bank Digital Currency (CBDCs) ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
PCAOB ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
White House Addresses Crypto Risks; Blockchain Firm Wins Air Force Contract -
The White House issued a statement last week briefly outlining the Biden administration’s road map to mitigate the risks of cryptocurrencies,...more
2/6/2023
/ Biden Administration ,
Bitcoin ,
Blockchain ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Ethereum ,
Executive Orders ,
Fraud ,
Hong Kong ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
UK
On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more
1/17/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Coinbase ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Customer Due Diligence (CDD) ,
Cybersecurity ,
Enforcement Actions ,
Government Investigations ,
Know Your Customers ,
Money Transmitter ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Violations ,
Settlement ,
Statutory Violations ,
Virtual Currency
New Data Published on 2022 Crypto Exchange Trading Volume, NFT Royalties -
According to recent reports, Binance, currently the world’s largest cryptocurrency exchange by trading volume, controlled 92 percent of global...more
1/16/2023
/ CFTC ,
Criminal Investigations ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Data-Sharing ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Royalties
New Crypto Market Data Published, Blockchain Settlement Pilot Announced -
The Bank for International Settlements (BIS) recently published the results of a study “to investigate the drivers of crypto adoption” by assembling a...more
In a sudden and stunning collapse, FTX, the world’s second largest cryptocurrency exchange, run by 30-year-old Sam Bankman-Fried along with more than 130 entities affiliated with FTX, filed for Chapter 11 bankruptcy...more
New Crypto Products Launch; Singapore Completes DeFi Pilot with Major Banks -
In a press release published this week, a major U.S. cross-border payments and money transfer company announced a new service in its existing...more
11/7/2022
/ Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Ethereum ,
Hackers ,
IRS ,
New Guidance ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Risk Management ,
Royalties
On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a...more
10/25/2022
/ Bank Secrecy Act ,
BSA/AML ,
Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Enforcement Actions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Statutory Violations
New Crypto Products Launch in Custody, Cloud Collaborations and Stablecoins -
This week, a major U.S. financial institution announced that its Digital Asset Custody platform is now live in the United States. According to...more
10/17/2022
/ Bitcoin ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Stability Board ,
FinCEN ,
Fines ,
Government Investigations ,
Hackers ,
Non-Fungible Tokens (NFTs) ,
OECD ,
Office of Foreign Assets Control (OFAC) ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Statutory Violations
Firms Announce New Crypto Initiatives; Data Published on Crypto and NFT Use -
Late last week, a major U.S. cryptocurrency custodian announced “a groundbreaking, industry-first custody exchange network giving institutions...more
6/20/2022
/ Australia ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
FinTech ,
First Amendment ,
Fourth Amendment ,
Non-Fungible Tokens (NFTs) ,
Scams ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Fintech and Crypto Firms Announce Myriad New Crypto Product Launches -
This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more
6/10/2022
/ Bitcoin ,
Blockchain ,
Bureau of Industry and Security (BIS) ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Embezzlement ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FinTech ,
Fraud ,
Hackers ,
NYDFS ,
Popular ,
Scams ,
Stablecoins ,
Virtual Currency
Key Takeaways -
..SEC enforcement actions related to crypto and cyber are expected to significantly increase with the additional 20 staff assigned to the Division of Enforcement unit dedicated to these industries....more
Last week a fintech company reportedly teamed with a local digital asset exchange in the Philippines to develop a blockchain-based solution for cross-border remittances. According to reports, the partnership aims to increase...more
Key Takeaways -
..Banks and cryptocurrency exchanges need to update their BSA programs to account for the unique aspects of cryptocurrencies, detect and report related suspicious activity, and minimize the risk of...more
2/17/2022
/ BSA/AML ,
Compliance ,
Corporate Criminal Fines ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Cyber Crimes ,
Department of Justice (DOJ) ,
Digital Currency ,
FBI ,
Financial Institutions ,
FinCEN ,
Policies and Procedures ,
U.S. Treasury ,
White Collar Crimes