🚨 ALERT: FATF says regulatory gaps around offshore crypto firms are enabling fraud, money laundering and terror financing. https://t.co/GpExctR5Hf ...

RT Laura Loomer (@LauraLoomer)NEW:A federal judge in Manhattan has dismissed a civil lawsuit that sought to hold @binance, the world's largest cryptocurrency exchange, and its founder, Changpeng Zhao @cz_binance, legally responsible for crypto transactions they say were allegedly used to fund terrorist groups. The plaintiffs who sued CZ accused him of facilitating 64 terrorist attacks around the world by arguing that his company Binance facilitated terror financing after plaintiffs alleged several Foreign T ...

Core Insights - India's Financial Intelligence Unit (FIU) has implemented stricter compliance requirements for cryptocurrency platforms, focusing on enhanced identity verification for users nationwide [1][2] Group 1: User Verification Enhancements - Regulated crypto exchanges must now verify users through live selfie authentication and geographic location data during the onboarding process [1] - The new rules require dynamic movement in live selfies, such as eye-blinking or head turns, to prevent static images or deepfake attacks from bypassing identity controls [2] - Platforms must collect detailed information at sign-up, including latitude, longitude, date, timestamp, and IP address to ensure the identity of the user [3] Group 2: Documentation and Verification Requirements - Users are required to submit a secondary form of identification in addition to a Permanent Account Number (PAN), which may include a passport, Aadhaar card, or voter ID [4] - Email addresses and mobile numbers will undergo one-time password (OTP) verification, and a small bank transaction of 1 rupee will be used to verify account ownership [5] Group 3: Compliance for High-Risk Users - Users flagged as high-risk will face more frequent compliance checks, with KYC details updated every six months compared to an annual refresh for standard users [6] - Enhanced due diligence is required for high-risk individuals, including those with ties to tax havens or politically exposed persons (PEPs) [6] Group 4: Stance on Anonymity and ICOs - The FIU has taken a strong stance against anonymity-enhancing tools, such as mixers and tumblers, which are used to conceal transaction trails [7] - The guidance also strongly discourages Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs), citing heightened risks related to money laundering and terror financing [7]