Cryptocurrency 

Swiss Crypto Finance App Gains Nationally Recognized AML License

Cryptocurrency-focused personal finance app Aximetria has gained a financial standards license recognized by Swiss regulators. In a press release provided to Cointelegraph July 29, Aximetria, which is based in the country, said the Swiss Financial Services Standards Association (VQF) license would allow it to function as a crypto intermediary and streamline its onboarding process. The VQF license is approved by Switzerland’s overarching finance regulator, the Financial Market Supervisory Authority (FINMA). An award means the holder carries out activities in compliance with the organization’s anti-money laundering (AML) and Know-your-Customer (KYC) rules. …

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Cryptocurrency 

Regtech Startup Coinfirm to Investigate XRP’s Compliance With AML Provisions

Regulation technology startup Coinfirm will investigate how cryptocurrency Ripple (XRP) is being used, Forbes reported on June 26. San Francisco-based tech startup Ripple, which is largely behind XRP, has signed an agreement with Coinfirm, wherein the latter will explore XRP’s compliance with anti-money laundering (AML) provisions. Within the investigation, Coinfirm will reveal information such as whether XRP has been processed by a “mixer” — a technology developed to make transactions more difficult to trace and therefore easier to launder crypto — clustering, which enables a user to send small amounts…

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Bitcoin 

Crypto Advocacy Center Says Proposed UK AML Regulations Violate Privacy Rights

Coin Center — a nonprofit research and advocacy center focused on crypto-related public policy issues — has urged Her Majesty’s Treasury not to over-broaden the scope of the United Kingdom’s anti-money laundering/counter terrorism financing (AML/CFT) regulations. The development was revealed in an official Coin Center news release published on June 10. Coin Center’s central concern regards HM Treasury’s plans to ostensibly “impose data collection and reporting requirements on not only cryptocurrency developers, but all open-source software developers and others who facilitate the peer-to-peer exchange of cryptoassets,” as the news release…

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Bitcoin 

What Crypto Exchanges Do to Comply With KYC, AML and CFT Regulations

While it’s possible to buy top cryptocurrencies like bitcoin (BTC) and ether (ETH) in the over-the-counter (OTC) market, most people will need an exchange in order to buy other altcoins. Exchanges are simply an important component of the system that makes the crypto market tick. Regulators around the world have identified this, which is why regulatory moves have primarily targeted exchanges. Regulators want to be sure that exchanges employ the best security practices as well as measures — Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of…

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Bitcoin 

Binance Partners With Blockchain Analytics Company CipherTrace to Enhance AML

The world’s third-top cryptocurrency exchange by adjusted volume, Binance, announced that it has partnered with blockchain analytics company CipherTrace. The partnership was announced in a blog post published on April 11. Per the announcement, the partnership is meant to strengthen the company’s regulatory compliance by enhancing its Anti-Money Laundering (AML) measures. The post claims that CipherTrace also serves regulators, financial institutions and auditors. Cointelegraph reported in March that the Malta Financial Services Authority has appointed the company to monitor activity by crypto businesses in Malta. CEO of CipherTrace Dave Jevans is…

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Bitcoin 

California Sentences Bitcoin Trader to 2 Years in Prison Over AML Compliance Failures

A LocalBitcoins trader who sold Bitcoin (BTC) to more than 1,000 people in the United States will serve two years in federal jail, a press release from the U.S. Attorney’s Office of the Southern District of California confirmed on April 8. Jacob Burrell Campos, a Mexican citizen, amassed more than $820,000 from Bitcoin sales on the P2P platform between 2015 and 2018. Through a combination of cash meetups, ATM transfers and MoneyGram, Burrell served traders on the site without performing anti-money laundering (AML) checks and due diligence on the source…

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Bitcoin 

G20 to Establish Crypto AML and Counter-Terrorism Financing Regulations in June: Report

G20 member countries will meet to discuss international cryptocurrency Anti-Money Laundering (AML) regulation on June 8 and 9 in Fukuoka, Japan. The news was revealed in a report from local news outlet Kyodo on April 4. Per the report, and in accordance with official plans, G20 central bank governors and finance ministers will take part in the meeting. The event will be focused on establishing a framework to combat crypto-enabled money laundering and terrorism financing. Further, according to the Kyodo, it is expected that “it was revealed” on April 4…

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Bitcoin 

Binance Partners With Risk Management Firm IdentityMind for KYC and AML Compliance

The world’s largest crypto exchange, Binance, has partnered with risk management and compliance firm IdentityMind, Binance announced in a blog post on March 26. The companies have teamed up to address data security and compliance measures for Binance’s global operations by enabling IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Samuel Lim, chief compliance officer at Binance, said that the ultimate mission of the partnership is to foster greater trust among financial institutions worldwide, while also to evolve security systems in accordance with regulatory policies in…

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