Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Ireland’s financial watchdog just dropped a multimillion-dollar hammer on a major crypto exchange, alleging that coding errors left billions in transactions unmonitored and potentially exposed the platform to serious criminal activity ranging from drug trafficking to child exploitation. Coinbase Global (NASDAQ:COIN) saw its Irish subsidiary slapped with a 21.5 million euro ($25 million) fine on Oct. 6 after ...

Core Points - Brazil's central bank has released new regulations for trading virtual assets, including cryptocurrencies, aimed at extending existing anti-money laundering and counter-terrorism financing rules to virtual-asset service providers [1][5] - The regulations come in response to the surge in crypto use and concerns over stablecoins being linked to illicit activities [2][3] - The new rules will take effect in February and will cover authorization processes for various financial entities involved in virtual asset transactions [3][4] Regulation Details - Any purchase, sale, or exchange of virtual assets pegged to fiat currency will be classified as a foreign exchange operation, including international payments or transfers [4] - The framework includes governance and security requirements, internal controls, reporting duties, and compliance obligations for virtual-asset service providers [5] - The central bank aims to reduce scams, fraud, and the use of virtual asset markets for money laundering through these new regulations [2][5]

Central Bank of Ireland fines Coinbase Europe $25 million for breaching anti-money laundering monitoring obligations https://t.co/hLzyjhNKBJ ...

The Central Bank of Ireland (CBI) has imposed a $24.8 million (€21.5 million) fine on Coinbase Europe for breaching anti-money laundering (AML) and counter-terrorist financing obligations, marking Ireland's first enforcement action against a cryptocurrency company. "To be effective in combating financial crime, law enforcement agencies rely on regulated financial institutions to have systems in place to monitor transactions and report suspicions," said Colm Kincaid, CBI's deputy governor consumer and inve ...

France is widening its anti-money laundering checks on crypto exchanges, as regulators seek to determine which firms will be granted EU-wide permits https://t.co/qk8SGdJGQn ...

Core Insights - The Indian government is targeting offshore crypto platforms with significant assets, as the Financial Intelligence Unit India (FIU-IND) has issued notices to 25 exchanges for non-compliance with anti-money laundering regulations [1][2] Group 1: Regulatory Actions - The FIU-IND has issued notices to 25 crypto exchanges, including notable platforms such as BingX, LBank, CoinW, and ProBit Global, for failing to adhere to anti-money laundering rules [2] - The Indian finance ministry has mandated these platforms to withdraw their apps and websites from public access in India, although many remain accessible as of the latest update [2] - A total of 50 crypto exchanges have registered with India's anti-money laundering watchdog, with previous actions taken against major platforms like Binance, Coinbase, KuCoin, and OKX [5] Group 2: Market Impact - Among the 25 exchanges targeted, 14 collectively hold over $9 billion in assets and have recorded approximately $20 billion in trading volume within the last 24 hours [3] - Binance resumed its operations in India in August 2024, while Coinbase re-entered the market earlier this year, launching an early-access program for Indian users [6] Group 3: Regulatory Framework - India currently lacks a dedicated regulatory framework for cryptocurrencies; however, the finance ministry has indicated that virtual asset service providers are subject to the Prevention of Money Laundering Act of 2002 [4] - Compliance with the FIU-IND's reporting and compliance requirements has become mandatory for crypto exchanges serving Indian users [4]

Philippines’ anti-money laundering agency secures third court order, freezing nearly 1,600 accounts tied to corrupt flood control projects https://t.co/dt4BT4xL9c ...

A version of this story appeared in The Guidancenewsletter on September 22. Sign up here. Hey all, Liam here! Sanctions on crypto protocols work. Really well, in fact. That’s the conclusion from new research led by Professor John M. Griffin at the University of Texas at Austin. His 85-page report, shared exclusively with DL News, examined the impact of sanctions and anti-money laundering policies on the Tornado Cash crypto mixer. The findings are startling. Following the Office of Foreign Assets Contro ...

The Philippines’ anti-money laundering watchdog said it has secured a new court order to freeze 592 more bank accounts allegedly linked to graft-ridden flood control projects https://t.co/2v8wwatMbX ...

Canadian RCMP seized approximately CAD 56 million in crypto assets from TradeOgre exchange in a record anti-money laundering operation. The probe began in June 2024, triggered by Europol tips. TradeOgre had not registered with FINTRAC nor conducted user identity verification, allowing anonymous accounts that facilitated money laundering. The investigation is ongoing. https://t.co/hEJbf6Qvmo ...