Articles for tag: AML violations, cryptocurrency exchange, Cybersecurity, KuCoin, KYC requirements, legal settlement, money laundering

January 31, 2025

KuCoin to Pay $300 Million in Penalties Following Guilty Plea for Regulatory Violations in Cryptocurrency Operations

KuCoin, a major cryptocurrency exchange, has agreed to pay $297 million after admitting it operated without a required money-transmitting license in the U.S. The company failed to implement crucial anti-money laundering measures, which allowed cybercriminals to use the platform for laundering billions of dollars. U.S. authorities noted that KuCoin did not establish a “know your ...

January 29, 2025

Market News

Crypto

KuCoin Fined $297M for Violating BSA Regulations: Latest Crypto Penalty News

KuCoin, a cryptocurrency exchange based in Seychelles, will pay nearly $300 million in penalties and halt operations in the U.S. for two years. This settlement comes after charges claiming the exchange failed to properly monitor its network for criminal activity. Since 2019, Peken Global, the owner of KuCoin, did not register as a money transmitting ...

January 27, 2025

Market News

Crypto

Seized £5 Billion Bitcoin: A Potential Solution to Public Finance Gaps

A massive £5 billion worth of cryptocurrency seized from criminals may help address the UK’s public finance gap of £22 billion. This digital currency was confiscated during an investigation into Jian Wen, who was convicted for her role in laundering money from a £7 billion fraud scheme. The funds, once valued at £1.4 billion in ...

January 14, 2025

Market News

Crypto

Illicit HuiOne Telegram Market Surpasses Hydra with $24 Billion in Crypto Transactions

HuiOne Guarantee, a Telegram-based marketplace, has become the largest illegal online marketplace, raking in $24 billion in cryptocurrency. This surpasses the notorious Hydra marketplace, which earned $5.2 billion in six years. HuiOne, established in 2021, has connections to organized crime, providing services for money laundering, stolen data sales, and other illicit activities. Despite attempts to ...

January 14, 2025

Market News

Crypto

Illicit HuiOne Telegram Market Overtakes Hydra with $24 Billion in Crypto Transactions

HuiOne Guarantee, a Telegram-based online marketplace, has emerged as the largest illicit marketplace in history, amassing over $24 billion in cryptocurrency since its inception in 2021. Known for facilitating scams, money laundering, and even offering services for human trafficking, it eclipses the defunct Hydra marketplace’s total transactions. The marketplace has seen a 51% rise in ...

January 14, 2025

Market News

Crypto

Three Russian Nationals Indicted in Georgia for Operating Illegal Bitcoin Mixer Websites

Three men have been indicted for running Bitcoin mixing services that allegedly helped criminals launder stolen cryptocurrency. Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov operated two websites, Blender.io and Sinbad.io, which were designed to hide transaction details for users. These sites gained popularity among criminals for allowing them to obscure their transaction ...

January 13, 2025

Market News

Crypto

Three Russians Indicted for Cryptocurrency Mixing Scheme in Major Money Laundering Case

Three Russian men have been charged for running cryptocurrency mixing services, Blender.io and Sinbad.io, involved in money laundering linked to cybercrime. The indictment, revealed on January 7 in Georgia, follows a thorough investigation into how these platforms were used to hide the proceeds of illegal activities, threatening national security. Two of the men were arrested ...

January 13, 2025

Market News

Crypto

Three Russian Nationals Indicted for Money Laundering Scheme Using Cryptocurrency Mixers: A Major Legal Crackdown

Three Russian nationals have been charged with operating cryptocurrency mixing services, Blender.io and Sinbad.io, which allegedly helped launder criminal proceeds. Their charges, unveiled by a Georgia grand jury, stem from an investigation showing these platforms facilitated cybercrime and threatened national security. Arrested on December 1, Roman Ostapenko and Alexander Oleynik are facing serious charges, while ...

January 10, 2025

Market News

Crypto

US Government Charges Crypto Mixing Operators Connected to North Korea and Ransomware Gangs in Major Crackdown on Illegal Activities

On Friday, the U.S. Department of Justice indicted three Russian individuals—Roman Ostapenko, Alexander Oleynik, and Anton Tarasov—for allegedly running cryptocurrency services that assisted criminals in laundering money. They were linked to two mixers, Bender.io and Sinbad.io, which the Justice Department claims were used to hide funds from crimes such as ransomware and wire fraud. Bender.io ...

December 24, 2024

Market News

Crypto

Hyderabad Police Arrest 21 for Converting Stolen Money into Cryptocurrency in Major Money Laundering Crackdown

In Hyderabad, the Telangana Cyber Security Bureau has arrested 21 individuals involved in a major cybercrime scheme. These suspects are accused of withdrawing over 8.20 crore INR from victims and converting the stolen funds into cryptocurrency. Out of the 21 arrested, 13 used their bank accounts to facilitate the withdrawals, while the other eight acted ...