🚨NEW: U.S. MOVES TO REGULATE STABLECOIN ISSUERS UNDER GENIUS ACTThe U.S. Treasury's FinCEN, and OFAC have proposed new AML and sanctions rules for stablecoin issuers.The move targets payment stablecoin providers under the GENIUS Act.Issuers would face compliance standards similar to banks. The proposal aims to close gaps in illicit finance oversight.Officials say innovation will continue alongside tighter controls. ...

Bithumb, South Korea’s second-largest crypto exchange, was fined ₩36.8 billion and received a six-month partial business suspension by the Financial Intelligence Unit for violations of the country’s AML law, involving about 6.65 million compliance breaches. ...

South Korea plans a major AML overhaul, expanding the Travel Rule to all crypto transfers, including those under 1 million KRW, to stop “smurfing” via small transactions. Regulators will also block high-risk overseas platforms, tighten financial requirements for local exchanges, and ban individuals with drug or tax-crime records from becoming major shareholders. The FIU will gain pre-freeze authority to stop illicit funds before they leave the system. https://t.co/BM5wnbAlMO ...

Australia moves to target crypto ATMs under new AML powers https://t.co/uUjsAh17Mn ...

Regulatory Compliance & AML - Crypto traders earning 7+ figures (millions) may face challenges cashing out to banks [1] - Banks may request AML (Anti-Money Laundering) documents and source of funds verification [1] - The process varies depending on the country [1]

Crypto Trading & Banking - The crypto industry is exploring the challenges of cashing out substantial crypto trading profits (7+ figures) to traditional banks [1] - The industry is concerned about potential AML (Anti-Money Laundering) scrutiny from banks when cashing out large crypto profits [1] - The industry is interested in understanding the specific documentation (source of funds etc) banks require for large crypto cash-outs [1] - The industry seeks to learn about the processes involved in cashing out crypto profits in different countries [1]