Tag Archives: Money Laundering

The authorities of Israel have reportedly seized around 190 cryptocurrency accounts at Binance since 2021, saying some of those were tied to the terrorist groups – Hamas and Islamic State. The exchange claimed that Reuters (the media outlet that informed about the confiscation) is “deliberately leaving out critical facts to fit their narrative.” It asserted that anti-money laundering and preventing terrorist activities remain a key focus for the company. The Reuters/Binance...

Federal agents have arrested Charles Riley Constant, an owner of digital currency ATMs under the Coindawg name. At the time of writing, he has been charged with money laundering, and he’s been accused of stealing COVID pandemic-based loans and converting them to BTC and other forms of crypto to hide them from prying eyes. Charles Constant Is Facing Money Laundering Charges Money laundering has long been a serious problem in the crypto space. As of late, we have received...

On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action. The Department arrested the founder of Bitzlato – a Chinese crypto exchange involved in servicing financial criminals The DOJ broke the news on Wednesday, alongside representatives from the FBI, OFAC, and the Financial Crimes Enforcement Network (FinCEN). OFAC administers the US sanctions regime, while FinCEN monitors suspicious activity among financial...

Hundreds of crypto-related cases are piling up at the Internal Revenue Service (IRS)’s Criminal Investigation division. According to division chief Jim Lee, many of these cases will be made public soon, of which are largely related to tax. Evading Taxes With Crypto As reported by Bloomberg Tax, some of his division’s most common cases are related to off-ramping (exchanging crypto for fiat currency) and non-reporting of crypto-based pay. “In the last three years I’ve really...

Mustafa Gokiu – a man living in the town of Sunnyside, New York – was convicted in mid-October by a federal jury in Brooklyn for allegedly running a crypto money laundering and drug scheme. It is stated in court documents that the man laundered BTC units through an unlicensed money-transmitting business. Mustafa Gokiu Guilty of Crypto Money Laundering At the age of 50, Gokiu was found guilty on several charges including money laundering, operating an unlawful money...

A billion-dollar crypto money laundering case in China has come to an end. Authorities say they busted an illicit group of money launderers who used a total of 40 billion yuan (roughly $5.6 billion in USD) to purchase digital currency funds. China Is the Center of a Major Crypto Money Laundering Case Arrests of over 90 individuals alleged to have been involved in the case recently occurred in the county of Hengyang, which is centered in China’s southern province of Huna....

The world’s largest cryptocurrency exchange – Binance – signed a Memorandum of Understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan. Over the course of the agreement, both parties expressed a mutual interest in creating a safe crypto environment in the Asian country and bringing down financial crime in the area. Binance’s Efforts in Kazakhstan The trading venue revealed its intentions to expand in the Central Asian nation at the beginning of...

Law enforcement agents from Hengyang (a city in the southern Chinese province Hunan) have reportedly busted a criminal group that employed cryptocurrencies to launder 40 billion yuan (approximately $5.6 billion). Over the past several months, China’s authorities halted numerous similar schemes, arresting thousands of people. The ‘Hundred-day Action’ According to a local coverage, the Chinese police arrested 93 individuals in the city of Hengyang on suspicion of laundering...

The blockchain intelligence firm Chainalysis announced on Thursday that it has successfully assisted law enforcement in seizing $30 million in crypto stolen by North Korean hackers of the Lazarus group.  The ill-gotten proceeds were connected to the infamous Axie Infinity hack in March – the largest hack in decentralized finance (DeFi) to date.  How the Funds Were Recovered According to the firm’s statement, the event marks the first time that stolen cryptocurrency has ever...

Wazir X – a large and popular digital currency exchange stationed in India – is currently the subject of a financial probe that executives say they’re cooperating with. At the time of writing, the company’s bank balances have been frozen by the Enforcement Directorate (ED). Wazir X Is Being Questioned A spokesperson for the exchange recently stated in an interview: We have been fully cooperating with the Enforcement Directorate (ED) for several days and have responded to...