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FinCEN penalizes peer-to-peer bitcoin trader for the first time

The Financial Crimes Enforcement Network (FinCEN) has penalized a “peer-to-peer exchanger” for the first time for violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements, FinCEN announced. According to the press release, Eric Powers never registered as a money services business, “had no…

Bloomberg maps out the most notable money-laundering crackdowns in recent history

Anti-money laundering measures keep evolving with every coming year, and despite numerous crackdowns on high-profile operations, law enforcement still hasn’t found a way to effectively prevent dirty money transactions. United Nations Office on Drugs and Crime estimates $2 trillion gets laundered every year on a…

Mastercard Fined $650M by EU for ‘Artificially’ Raising Fees

The European Union’s competition commission has handed Mastercard a €570 million ($648 million) fine for artificially raising payment processing fees in breach of antitrust laws, according to an online statement published on Jan. 22. Mastercard forced merchants to pay exchange fees in their countries of…

The Daily: Trustology Raises $8 million, SEC Fines Crypto Fund Coinalpha

U.K.-based startup Trustology, which develops storage solutions for digital assets, has raised $8 million in funding and we’ve got the news in this edition of The Daily. We also look at the SEC’s decision to fine another crypto company for breaching U.S. securities laws and…

CFTC With A Fine Of $1.1 Million To Crypto Fraudster

The US Commodity Futures Trading Commission (CFTC) has fined one Bitcoin trader and fined him with more than $1 million for running a fraudulent Bitcoin and Litecoin scheme. This report is everywhere in the bitcoin news today, mostly because of the high fine that CFTC…

Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange

The U.S. Securities and Exchange Commission has published details of a cease and desist order it has taken against Zachary Coburn, the operator of Etherdelta. The decentralized ER20 token exchange was the leading Ethereum DEX during its peak, executing more than 3.6 million orders. According…

Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair

Bank executives rarely get punished for their misdeeds, leading to many people distrusting the entire banking system as plagued with widespread corruption. But once in a while someone has to bite the bullet. Recently, public anger has forced a CFO of a major bank to…