Crypto
Avoid Using Unregistered Cryptocurrency Transfer Services, FBI Warned
The FBI in a Thursday warning emphasized the financial risks associated with using unregistered cryptocurrency transfer services, especially considering potential law enforcement actions against these platforms.
The focus of this public service announcement is on crypto transfer platforms that operate without proper registration as Money Services Businesses (MSB) and fail to comply with anti-money laundering regulations mandated by the U.S. federal law.
Such platforms are frequent targets of law enforcement operations, particularly when criminals exploit them for transferring or laundering unlawfully acquired funds, like in the case of ransomware payments.
FBI’s PSA, released on its Internet Crime Complaint Center, cautioned Americans that,
Using a service that does not comply with its legal obligations may put you at risk of losing access to funds after law enforcement operations target those businesses.
The FBI said it had recently conducted law enforcement operations against unregistered cryptocurrency transfer services “that purposely break the law or knowingly facilitate illegal transactions.” It added that these services will continue to be investigated by law enforcement.
Steps to Avoid Using Unregistered Cryptocurrency Transfer Services
For individuals considering the use of cryptocurrency transfer services, “a few simple steps can prevent unintentional use of non-compliant services,” the FBI said. The agency advised the following security tips:
- Checking the registration status as an MSB with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
- Exercising caution with financial services that do not request KYC information (such as name, date of birth, address, and ID) before facilitating money or cryptocurrency transfers.
- Understanding that the presence of an app in an app store does not necessarily signify its legality or compliance with federal requirements.
- Refraining from using services that openly advertise themselves for illegal purposes.
- Exercising vigilance when using cryptocurrency services known to be utilized by criminals for money laundering.
Samourai Wallet’s Unlicensed Money Transmitting Business Busted
The FBI’s warning comes in the wake of the recent crackdown on Samourai, an illicit cryptocurrency transfer platform that offered a crypto mixer service facilitating the laundering of funds obtained through criminal activities.
The Icelandic law enforcement authorities seized Samourai’s domains (samourai[.]io and samouraiwallet[.]com) and web servers. The Google Play Store also removed the Samourai Wallet Android mobile app that was downloaded over 100,000 times, before the seizure was initiated.
The U.S. Department of Justice charged Keonne Rodriguez and William Lonergan Hill, the platform’s founders and operators, with laundering over $100 million from various criminal enterprises through Samourai’s crypto mixing services, accruing approximately $4.5 million in fees.
According to the superseding indictment, “Since the start of the Whirlpool service in or about 2019 and of the Ricochet service in or about 2017, over 80,000 BTC (worth over $2 billion applying the BTC-USD conversion rates at the time of each transaction) has passed through these two services operated by Samourai.”
The DOJ stated, “While offering Samourai as a ‘privacy‘ service, the defendants knew that it was a haven for criminals to engage in large-scale money laundering and sanctions evasion.
“Indeed, as the defendants intended and well knew, a substantial portion of the funds that Samourai processed were criminal proceeds passed through Samourai for purposes of concealment,” the unsealed indictment said.
Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.
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Russia's Crypto Clampdown: Tight Regulations Aim to Curb Cryptocurrency Activities – TokenPost
Russia is poised to enact stringent regulations on cryptocurrency trading, aiming to curb the mass trade of digital assets like Bitcoin within its borders. This move, driven by geopolitical tensions and sanctions, signals a significant shift in the country’s approach to digital finance.
Russia’s Cryptocurrency Policy Shift: Centralized Control and Regulatory Uncertainties
In a recent report by CryptoPotato, the government’s decision to control the bitcoin industry is a significant step. Only miners and projects sanctioned by the Central Bank will be permitted to operate. Importantly, any creation of cryptocurrency exchanges and over-the-counter (OTC) services outside the experimental legislative framework will be deemed illegal.
Anton Gorelkin, Chairman of the State Duma Committee on the Financial Market, has clarified that he does not support a complete ban on bitcoin circulation in Russia.
In a Telegram post, he clarified that the restriction is not intended to prohibit all Bitcoin use but rather to govern the formation of cryptocurrency exchange platforms within Russia’s legal framework.
Gorelkin further claims that geopolitical circumstances, including considerations of international relations impact the establishment of a legitimate Russian crypto infrastructure. He said that allowing such infrastructure would expose Russian enterprises to Western sanctions.
Gorelkin further stated that the limitation may be lifted and that customers can continue to use foreign crypto exchanges and OTC services as previously. However, the impact on several OTC crypto services in Moscow remains undetermined.
Anatoly Aksakov’s Agenda: Bolstering Ruble with Stricter Cryptocurrency Regulations
Gorelkin’s latest article needs to clarify Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, who stated that the controversial measure aims to limit non-Russian cryptocurrency operations to reinforce the ruble’s dominance.
Aksakov stated that the law would provide exemptions for crypto miners and Central Bank-backed pilot projects under a trial legal framework, citing that crypto mining contributes significantly to Russia’s tax revenue.
Meanwhile, Russia’s Finance Minister, Anton Siluanov, has urged for a more balanced approach, arguing for regulation permitting the use of cryptocurrencies in local and foreign transactions.
Photo: Microsoft Bing
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Crypto
May 2024’s Essential Cryptocurrency Picks: Investors Buzzing Over BlockDAG X1 Mobile Mining App Amid Forecasts for Ondo, Optimism, and Aptos – NullTX
Investors are keenly looking for the next ample opportunity as the cryptocurrency market witnesses a surge in 2024. Amongst the frontrunners, BlockDAG steals the spotlight with its innovative mining technology, outpacing other popular options like Ondo, Optimism (OP), and Aptos. BlockDAG’s user-oriented mining solutions have positioned it as a top choice in May 2024’s cryptocurrency forecasts. The anticipation builds around the upcoming June 1 launch of BlockDAG’s X1 Mobile Mining beta app.
1. BlockDAG: Pioneering Simplified Mining Solutions
BlockDAG is reshaping the crypto-mining landscape with its easy-to-use mining options and robust technological backbone. The X1 mobile mining app from BlockDAG allows individuals to mine up to 20 BDAG coins daily using just their smartphones, offering a perfect start for novices and a convenient tool for tech enthusiasts. Moreover, BlockDAG’s range of home mining devices, including the X10, X30, and X100 miners, provides various power levels and efficiency, catering to different mining scales. These devices are built with advanced ASIC technology to ensure high performance and profitability.
This approach simplifies the mining process and focuses on energy efficiency and accessibility, promoting a more inclusive cryptocurrency environment. With impressive sales of over 5200 miners and revenues nearing $2.5 million, BlockDAG is committed to making crypto mining accessible and lucrative. The forthcoming release of the BlockDAG X1 Mobile Mining app is set to enhance its market presence further.
Ondo’s value has soared by 2846.67% in the past six months, bolstered by a recent 7.44% weekly gain. With its price currently oscillating between $0.64 and $1.03, Ondo is on a trajectory towards potentially hitting $1.24 and possibly $1.63. While the outlook is promising, market shifts could temper this ascent, and investors are advised to remain vigilant. Nonetheless, Ondo is attractive for those looking to leverage its bullish trend.
3. Aptos: Experiencing Fluctuations with Growth Potential
Aptos has shown a 7% increase in the last week, despite a 40% fall over the previous month. Prices fluctuating between $8.97 and $10.65 suggest a possible climb to $11.31 or even $12.99 if the upward trend continues. However, the medium-term downturn poses risks, demanding cautious investment strategies. Aptos presents a compelling choice for those prepared to manage its price volatility.
4. Optimism (OP): Facing Challenges with Promising Growth
Optimism has demonstrated volatile yet promising market dynamics, with a 14% rise over the last week counterbalanced by a 31% decrease in the past month. Prices ranging from $2.14 to $2.64 indicate potential recovery targets at $2.83 and $3.33. Despite mixed market signals, OP’s resilience suggests it might be poised for near-term recovery and growth.
BlockDAG: Leading May 2024’s Crypto Innovations
While Ondo, Optimism, and Aptos offer notable opportunities, BlockDAG emerges as the clear leader in the May 2024 cryptocurrency market. Its groundbreaking technology of the X1 app and comprehensive product suite equip new and experienced investors with the tools to succeed in the evolving digital currency arena. BlockDAG not only leads the top four expert crypto picks but also sets a high standard for innovation and profitability in the crypto industry.
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Website: https://blockdag.network
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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
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