Ethereum 

FATF’s Regulations to Push Criminals to Privacy Coins: CipherTrace CEO

Financial Action Task Force’s (FATF) crypto regulations will trigger a shift of criminal activity from Bitcoin (BTC) to privacy coins, CipherTrace’s CEO says. Criminals mostly use BTC and ETH to date David Jevans, CEO of major crypto transaction tracking firm CipherTrace, has shared his remarks about criminal use of cryptocurrencies at a panel held by blockchain advocacy group, the Chamber of Digital Commerce on Oct. 21. During the panel, Jevans claimed that well-known cryptocurrencies such as Bitcoin and Ether (ETH) are currently the most popular among criminal actors to date…

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Bitcoin 

Rakuten Wallet Partners With CipherTrace to Assure Safety of Its Upcoming Crypto Exchange

A subsidiary of Japanese e-commerce giant Rakuten, Rakuten Wallet, has partnered with blockchain security firm CipherTrace to assure Anti-Money Laundering (AML) compliance for the company’s upcoming crypto exchange. The development was announced in a press release shared with Cointelegraph on May 29. CipherTrace — which develops cryptocurrency AML, forensics and regulatory monitoring solutions — will work on improving the safety of Rakuten Wallet’s investors as well as the protection of the integrity and compliance of the exchange. Dave Jevans, CEO of CipherTrace, commented on the cooperation: “We have made significant…

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Bitcoin 

CipherTrace Detects Major Uptick in Cross-Border Payments to Offshore Crypto Exchanges

There has been a 47% increase in the number of cross-border payments from United States crypto exchanges to offshore exchanges since early 2017, posing an ostensible quandary for regulators. The data was reported in the latest cryptocurrency AML (Anti-Money Laundering) report from crypto intelligence firm CipherTrace, shared with Cointelegraph on April 29. According to CipherTrace, an analysis of 164 million bitcoin (BTC) transactions revealed that cross border payments from U.S.-based exchanges to offshore platforms rose from 45% in Q1 2017 to 66% in Q1 2019. As the report argues, the…

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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 

Maltese Financial Regulator Appoints CipherTrace to Monitor Compliance in Crypto Firms

The Malta Financial Services Authority (MFSA) has appointed blockchain security firm CipherTrace to monitor activity by crypto businesses in Malta, local news agency The Times of Malta reports on March 11. CipherTrace is now set to be responsible for overseeing regulatory processes and audit risk management of virtual asset businesses licensed in Malta, CipherTrace CEO Joseph Cuschier explained. The United States-based blockchain security company will assist the MFSA in combating money laundering and financing terrorism risks associated with entities involved in crypto businesses. As previously reported, the MFSA envisions coordinating…

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Bitcoin 

Galaxy Digital Joins $15 Million Investment Round in Crypto Security Firm CipherTrace

Mike Novogratz’s crypto investment bank Galaxy Digital has invested in blockchain security company CipherTrace, according to an official press release published on Feb. 19. CipherTrace has reportedly raised $15 million in venture capital in a new funding round led by major Silicon Valley venture capital firm Aspect Ventures, whose partner, Mark Kraynak, will join the firm’s board of directors. The round also saw investments from Neotribe Ventures and WestWave Capital. California-based CipherTrace will use the secured funds in order to improve tools for cryptocurrency intelligence, anti-money laundering (AML) solutions, blockchain…

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