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Bitcoin Depot Enhances Leading Compliance Program with ID Verification and Senior Protections
Globenewswire· 2025-10-06 12:00
ATLANTA, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the recent roll out of new compliance standards that make it one of the only operators in the industry to require customers to provide identification before transacting for any amount of money. The initiative applies to all new and existing customers, ensuring they benefit from the highest level of protection, well b ...
Canada Fines KuCoin Record $14 Million for AML Failures
Yahoo Finance· 2025-09-26 13:57
Core Points - Canada's financial intelligence unit, FINTRAC, has imposed a record fine of C$19.6 million ($14 million) on Peken Global Limited, the operator of crypto exchange KuCoin, for non-compliance with anti-money laundering (AML) regulations [1][2] - KuCoin failed to register as a foreign money services business and did not report nearly 3,000 large virtual currency transactions exceeding C$10,000 from 2021 to 2024, along with neglecting to file 33 suspicious transaction reports [2] - The breaches were classified by FINTRAC as "serious" to "very serious," indicating a significant risk to the integrity of financial systems against money laundering and terrorist financing [2][4] Regulatory Context - Canada has tightened oversight of payment providers, with the Retail Payment Activities Act coming into effect on September 8, placing wallet and stablecoin operators under the supervision of the Bank of Canada [3] - The Bank of Canada has outlined implementation milestones and a registration framework to enhance safeguards for funds and risk controls [3] Company Response - KuCoin has appealed the fine to Canada's Federal Court, labeling it as "excessive and punitive" and disputing its classification as a foreign money services business [5][6] - The company emphasizes its commitment to transparent operations and compliance with applicable laws, despite previous regulatory issues, including a nearly $300 million settlement in the United States for operating an unlicensed money-transmitting business [6] Industry Trends - Canadian enforcement actions have intensified, with the Royal Canadian Mounted Police dismantling TradeOgre and confiscating C$56 million from another unregistered exchange [7] - Japan has also taken action against KuCoin, banning it along with four other platforms for operating without proper registration [7]
Block Fined $40 Million for Cash App's Anti-Money Laundering Failures
PYMNTS.com· 2025-04-10 17:38
Block will pay a $40 million penalty over anti-money laundering deficiencies in its Cash App.The New York Department of Financial Services (NYDFS) announced the penalty Thursday (April 10), saying it came after the regulator found “significant failures” in Block’s Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.“All financial institutions, whether traditional financial services companies or emerging cryptocurrency platforms, must adhere to rigorous standards that protect consumers and th ...