India’s 2025 crypto crackdown saw 49 exchanges register with regulators and $3.1M in fines issued to non-compliant platforms. | Credit: Getty Images. Key Takeaways In 2025, 49 crypto exchanges registered with India’s FIU, including 45 local and four offshore platforms. The FIU imposed fines totaling approximately $3.1 million on non-compliant exchanges, with major penalties levied against platforms like Bybit. The overhaul cracked down on illicit activities, blocked unregistered offshore sites, and pav ...

Korbit, the South Korean crypto exchange in talks to be bought by Mirae Asset, was fined 2.73 billion won ($1.9 million) by the country's regulator for multiple anti money-laundering and customer verification breaches. The Financial Intelligence Unit said the exchange violated key provisions of the country’s Special Financial Transactions Act, including lapses in customer due-diligence and transaction restrictions. In addition to the fine, it imposed an institutional warning and issued personal disciplina ...

Core Viewpoint - The article discusses the new regulatory framework issued by the People's Bank of China, emphasizing a risk-based approach to customer due diligence in financial institutions, balancing anti-money laundering measures with the need for efficient financial services [1][3]. Group 1: Regulatory Changes - The new regulation cancels the previous requirement for customers to register the source of funds for cash withdrawals exceeding 50,000 yuan, maintaining consistency with the earlier draft [1]. - Financial institutions are now required to conduct customer due diligence based on the risk profile of clients and the nature of transactions, avoiding mismatched measures against money laundering risks [3][5]. Group 2: Balancing Security and Convenience - The regulation aims to address the tension between the public's desire for convenient financial services and the necessity for security against financial crimes such as telecom fraud and online gambling [3][5]. - There is a recognition of the complaints from customers regarding excessive inquiries during banking processes, while also acknowledging the need for thorough due diligence to prevent financial losses [5]. Group 3: Risk-Based Approach - Financial institutions must implement simplified measures for low money laundering risk scenarios while enhancing due diligence for high-risk situations [7][8]. - Examples illustrate that if a customer's transaction history is consistent and within reasonable limits, minimal additional verification is required. Conversely, unusual transaction patterns necessitate further investigation [8]. Group 4: Privacy and Compliance - The article clarifies that conducting customer due diligence does not conflict with personal privacy rights, as it is a standard practice in anti-money laundering efforts globally [10][11]. - Financial institutions are legally obligated to maintain confidentiality regarding customer information obtained during due diligence processes, with strict penalties for violations [11].

Core Insights - Ireland's financial watchdog has imposed a €21.5 million ($25 million) fine on Coinbase Global's Irish subsidiary due to significant failures in transaction monitoring systems, which left over 30 million transactions worth more than €176 billion unmonitored for a year [2][3][4] Group 1: Regulatory Actions - The fine is a result of breaches in anti-money laundering and counter-terrorist financing obligations, which allowed potential criminal activities to go undetected [3][4] - The Central Bank of Ireland identified three coding errors in Coinbase Europe's transaction monitoring system that caused five out of 21 red-flag scenarios to fail during 2021 and 2022 [4][5] Group 2: Impact on Operations - Coinbase took nearly three years to complete the monitoring of the affected transactions, leading to the reporting of 2,708 suspicious transactions to authorities for further investigation [5][6] - The monitoring failures have implications beyond Europe, as Coinbase Europe provides services globally, potentially affecting transactions worldwide [6]

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 ...

Core Points - The Central Bank of Ireland has fined Coinbase Europe $24.8 million for failing to meet anti-money laundering and counter-terrorist financing obligations, marking the first enforcement action against a cryptocurrency company in Ireland [1] - The fine was imposed due to breaches in transaction monitoring obligations between 2021 and 2022, where over 30 million transactions valued at more than €176 billion were not properly monitored, representing around 31% of all Coinbase Europe transactions [2] Company Actions - Coinbase Europe took nearly three years to complete retrospective monitoring, resulting in 2,708 Suspicious Transaction Reports submitted for potential investigation, which included various serious allegations such as money laundering and fraud [3] - The company identified coding errors in its Transaction Monitoring System that led to overlooked transactions, and has since corrected these errors, leading to the detection of 185,000 transactions requiring further compliance investigation [4] - Coinbase has enhanced its transaction monitoring oversight and strengthened internal testing to prevent future breaches [4] Regulatory Context - The settlement reduced the total sanction from nearly €31 million under the CBI's 30% discount scheme, pending confirmation from the High Court for the sanctions to take effect [5] - The CBI emphasized the importance of regulated financial institutions having effective systems to monitor transactions to combat financial crime [2]

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 ...