Bittrex OFAC Violations: Hindsight is 20/20
Crypto exchange Bittrex settles for $24 million for OFAC violations, a stand out among OFAC settlements for various reasons.
Home »
crypto
Regulators Charge Crypto Lending Platform (Again)
In the latest sign of the escalating tension in the regulation of cryptocurrency products (and, according to many, regulation by enforcement), New York and seven other state regulators charged cryptocurrency lender Nexo Group for failing to register its crypto lending product as a security. According… Read More »Regulators Charge Crypto Lending Platform (Again)
White House Releases Framework for Digital Assets
The pieces of the puzzle are coming together on President Biden’s initiative to foster digital asset innovation yet mitigate risk.
OFAC Sanctioned Crypto Mixer for Laundering Stolen Crypto
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned crypto mixer, Tornado Cash, adding 38 Ethereum wallet addresses to the Specially Designated Nationals (SDN List). Crypto mixers are programs that mix various cryptocurrencies in private pools before transferring it to designated receivers. OFAC found… Read More »OFAC Sanctioned Crypto Mixer for Laundering Stolen Crypto
Robinhood’s Crypto Unit Fined for Major Compliance Issues
Last week, the New York State Department of Financial Services (“NYDFS”) fined Robinhood’s crypto trading unit $30 million. The crypto retail trading platform failed to implement controls reasonably designed to prevent cybersecurity and money-laundering violations. In addition to the penalty, Robinhood must retain an independent… Read More »Robinhood’s Crypto Unit Fined for Major Compliance Issues
NFT Platforms Subject to AML Laws in EU?
While originally excluded from the EU’s MiCA laws, subsequent amendments propose NFT trading platforms should also be subject to EU AML laws.
Global Crypto Regulation Coming
Global regulators are exploring creating a joint body to coordinate crypto rules, and meanwhile monitor associated FinTech-related trends.
DOJ Files Complaint Against US Citizen Transmitting Crypto to Sanctioned Country
US citizen accused of setting up payments platform to operate in an OFAC-sanctioned country.
SEC Doubles Size of Crypto Unit
SEC Chair Gary Gensler continues to turn up the heat on the crypto market. On May 3, 2022 the Securities and Exchange Commission announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed… Read More »SEC Doubles Size of Crypto Unit
NY State Setting Standards for Crypto Monitoring
The NYS Department of Financial Services (DFS) took an uncommon approach in encouraging cryptocurrency firms to enhance their risk management practices – in guidance issued in late April, they stated that firms “must” implement certain RegTech solutions. The DFS guidance focused on three areas: (1) augmented KYC… Read More »NY State Setting Standards for Crypto Monitoring
