crypto

Bittrex OFAC Violations: Hindsight is 20/20

by stacy-admin
October 14, 2022October 15, 2022

Crypto exchange Bittrex settles for $24 million for OFAC violations, a stand out among OFAC settlements for various reasons.

Regulators Charge Crypto Lending Platform (Again)

by jeff-admin
September 28, 2022September 28, 2022

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)

Framework for Responsible Development of Digital Assets

White House Releases Framework for Digital Assets

by stacy-admin
September 16, 2022September 27, 2022

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

by stacy-admin
August 18, 2022August 23, 2022

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

by stacy-admin
August 8, 2022August 16, 2022

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?

by firoz_rambee
July 14, 2022September 24, 2022

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

by firoz_rambee
July 11, 2022September 24, 2022

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

by firoz_rambee
May 21, 2022September 24, 2022

US citizen accused of setting up payments platform to operate in an OFAC-sanctioned country.

SEC Doubles Size of Crypto Unit

by firoz_rambee
May 9, 2022July 14, 2022

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

by firoz_rambee
May 6, 2022July 14, 2022

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

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