anti-money laundering requirements – Devstyler.io https://devstyler.io News for developers from tech to lifestyle Tue, 13 Jul 2021 15:25:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 UK Authorities Make Record-Breaking Crypto Seizure Worth Approximately $250 Million https://devstyler.io/blog/2021/07/13/uk-authorities-make-record-breaking-crypto-seizure-worth-approximately-250-million/ Tue, 13 Jul 2021 15:25:00 +0000 https://devstyler.io/?p=59109 ...]]> UK detectives have seized cryptocurrencies worth nearly £180million, approximately $250 million. A 39-year-old woman was released on bail after under arrested. This seizure becomes the largest on British soil because it tops the £114 million, roughly $160 million, confiscation by the Metropolitan Police in June.

A 39-year-old woman suspected on suspicion of money laundering offences and was arrested on June 24. The woman later was interviewed under caution about the recent seizure. The police said the investigations are ongoing.

Graham McNulty, a deputy assistant commissioner, said:

“Proceeds of crime are laundered in many different ways. While cash remains king in the criminal world, as digital platforms develop, we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”

Organised criminals are eyeing cryptocurrencies

Relevant authorities across the globe are keeping a keen on the illegal use of cryptocurrencies. For instance, earlier this month, a former employee of New-Zealand based crypto exchange Cryptopia pleaded guilty to stealing over $171K in cryptocurrencies.

The defendant was accused of owning an unauthorised copy of private keys from Cryptopia’s numerous digital wallets, enabling him to hack various digital wallets and access over $100 million New Zealand dollars in Crypto.

Cryptopia was liquidated in 2019 after over $165K worth of crypto was hacked and stolen, representing 15% of its clients’ digital currency stock.

]]> Britain’s Crackdown on Binance Boosts The Cryptocurrency Exchange’s Rivals https://devstyler.io/blog/2021/07/08/britain-s-crackdown-on-binance-boosts-the-cryptocurrency-exchange-s-rivals/ Thu, 08 Jul 2021 14:34:04 +0000 https://devstyler.io/?p=58350 ...]]> Britain’s move to block Binance is boosting rival cryptocurrency exchanges, which have reported a surge in new users in the country recently.

The Financial Conduct Authority recently announced a crackdown on Binance, the world’s top crypto exchange by trading volume, restricting the company from carrying out regulated activities in the U.K.

Binance withdrew its application to register as a licensed crypto asset firm in the U.K. in May due to not meeting anti-money laundering requirements, the markets watchdog said.

While Binance is technically allowed to continue offering crypto trading to Brits, it was ordered by regulators to add a notice to its website saying it is not authorized to operate in the U.K.

For its part, Binance said the measures only targeted its U.K. entity, Binance Markets Limited, and would have no impact on services provided in the country by Binance.com.

But following the FCA’s restrictions, Binance has suffered subsequent setbacks in Britain. Customers were temporarily unable to make card withdrawals due to an issue with the U.K.’s Faster Payments system. Meanwhile, the bank Barclays has blocked customers from sending payments to the crypto exchange.

Binance’s woes in the U.K. have been a boon to its rivals, though, some of which have seen user numbers double since the FCA restrictions were announced.

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