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Singapore drops cryptocurrency use for gambling citing money laundering concerns

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Singapore drops cryptocurrency use for gambling citing money laundering concerns

Singaporean regulators have no plans to allow cryptocurrency use for gambling due to the risks of money laundering.

During a Sept. 10 parliamentary address, Ms Sun Xueling, Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development, clarified Singapore’s regulatory stance on using cryptocurrencies in casino gambling. The minister’s remarks were made during the wrap-up speech for the Second Reading of the Casino Control (Amendment) Bill.

Introduced on July 4, 2024, the bill aims to future-proof the framework governing casino gambling activities in Singapore, while giving the Gambling Regulatory Authority the power to prescribe any wagering instrument as chips for casino gambling. 

However, the minister has stressed that cryptocurrencies will not be part of this expanded scope.

While the amendments to Singapore’s Casino Control Act were promoted as a step toward “future-proofing the regime” and establishing a framework for “cashless gambling,” the Minister of State firmly ruled out the use of cryptocurrencies citing money laundering concerns.

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“GRA has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.“

Ms Sun Xueling, Minister of State for the Ministry of Home Affairs

Singapore’s exclusion of cryptocurrencies from its casino operations aligns with a growing recognition of the risks they pose in the realm of money laundering. 

According to a January 2024 report by the UN Office on Drugs and Crime, cryptocurrencies and casinos have increasingly become tools for laundering illicit funds, with criminal networks exploiting the anonymity and lack of regulation associated with digital currencies to obscure the origins of illicit funds, using online casinos as conduits.

“Organized crime groups have converged where they see vulnerabilities, and casinos and crypto have proven the point of least resistance.”

Jeremy Douglas, UNODC Regional Representative for Southeast Asia and the Pacific

A growing trend

Boycotting cryptocurrencies for gambling is part of a broader trend, as seen in Australia, where the government recently banned cryptocurrencies for online betting, including digital wallets and credit-linked cards, to help individuals maintain control over their gambling habits. 

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Similarly, Brazil has also banned the use of cryptocurrencies for gambling payments in April 2024, targeting digital assets like Bitcoin to enhance transparency and reduce the potential for money laundering. 

Nevertheless, the global crypto gambling market tells a different story altogether. As previously reported by crypto.news, the crypto gambling market almost doubled to over $70 billion in the first half of 2024, with projections pointing toward a staggering $150 billion by 2030.

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GDMining Unveils Revolutionary Cloud Mining Solution to Maximize Your Cryptocurrency Earnings

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GDMining Unveils Revolutionary Cloud Mining Solution to Maximize Your Cryptocurrency Earnings

New York, NY, Sept. 10, 2024 (GLOBE NEWSWIRE) —

GDMining, a leader in the cryptocurrency mining industry, has announced the launch of its groundbreaking cloud mining solution designed to maximize user earnings with ease. This innovative platform enables individuals to mine cryptocurrencies without the need for expensive hardware or technical expertise, making it accessible to both beginners and experienced crypto enthusiasts alike.

A New Era in Cloud Mining

GDMining’s new cloud mining solution offers users the ability to participate in cryptocurrency mining remotely. By renting mining power from GDMining’s state-of-the-art data centers, users can mine top cryptocurrencies such as Bitcoin without the need to manage or maintain physical equipment.

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“Our goal with GDMining is to revolutionize the mining industry by providing a simple, scalable, and cost-effective solution for everyone,” said a spokesperson for GDMining. “With this new platform, users can start mining immediately and focus on growing their earnings, without worrying about the complexities of hardware and maintenance.”

Key Features of GDMining’s Cloud Mining Platform

  1. Free and Paid Mining Plans: GDMining offers flexible options for users, including a free plan, and each user will receive a $50 welcome bonus upon successful registration, allowing them to start mining without any upfront costs. For those who want to increase their mining capabilities, the platform also offers scalable paid plans to meet all levels of investment needs.
  2. User-Friendly Interface: The platform is designed with simplicity in mind, allowing even those with no prior experience in cryptocurrency mining to navigate and begin mining within minutes.
  3. Daily Payouts: GDMining guarantees daily payouts, with earnings distributed every 24 hours from the moment the contract is purchased. At the end of the contract term, the user’s initial investment is refunded. For example, if you spend $1,500 on a mining contract with a 5-day term, you will receive $27 in earnings each day, totaling $135 over 5 days. After 5 days, your $1,500 principal will be returned to you.
  4. Referral Program: To further enhance earnings, GDMining offers a referral program where users can invite friends and earn additional bonuses. This program encourages community growth while rewarding active participants.
  5. Security and Reliability: GDMining uses advanced security protocols to protect user accounts and earnings. Additionally, the platform is built to provide reliable uptime, ensuring uninterrupted mining operations.

Maximizing Earnings with GDMining

GDMining is focused on helping users maximize their cryptocurrency earnings through a combination of efficient mining operations, flexible plans, and reinvestment opportunities. Users can start small with the free plan and gradually scale up by reinvesting their earnings into higher-tier mining contracts, potentially boosting returns over time.

“We’ve designed GDMining to empower users to reach their financial goals by providing them with the tools and resources they need to succeed in cryptocurrency mining,” the spokesperson added.

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Getting Started with GDMining

Joining GDMining is quick and straightforward. Users simply need to register on the platform, select a mining plan, and activate their contract to begin mining. With no upfront costs for the free plan, users can experience the benefits of cloud mining without any financial risk.

Conclusion

GDMining’s revolutionary cloud mining solution is set to change the way individuals approach cryptocurrency mining. By offering a seamless and user-friendly platform, GDMining makes it possible for anyone to participate in mining and maximize their earnings with minimal effort. Whether you’re a seasoned crypto miner or just getting started, GDMining provides the tools and flexibility to help you achieve your goals.

For more information, Please visit their official website: https://gdmining.com/

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Cryptocurrency Scams Cost Americans $5.6B In 2023, FBI Report Shows

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Cryptocurrency Scams Cost Americans .6B In 2023, FBI Report Shows

The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has disclosed that Americans lost a staggering $5.6 billion to cryptocurrency-related fraud in 2023.

What Happened: This figure, released in the FBI’s 2023 Cryptocurrency Fraud Report, marks a 45% increase from the previous year, highlighting the growing sophistication of cybercriminals in the digital asset space.

The report details that while cryptocurrency-related complaints accounted for only 10% of all financial fraud reports, they represented nearly half of the total financial losses, highlighting the high-stakes nature of cryptocurrency scams.

Investment fraud emerged as the dominant form of cryptocurrency-related crime, accounting for 71% of all losses.

The FBI noted a particular increase in “confidence-enabled cryptocurrency investment fraud,” where criminals build trust with victims through dating apps, social media, or professional networking sites before introducing fraudulent investment opportunities.

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Also Read: Metaplanet Acquires 38.6 Bitcoin for $2.2M, Expanding Total Holdings To 398.8 BTC

“Criminals exploit the decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the globe,” said Michael D. Nordwall, Assistant Director of the FBI’s Criminal Investigative Division. “This creates significant challenges in recovering stolen funds.”

The report also highlighted an alarming trend of labor trafficking connected to cryptocurrency scams, with individuals lured overseas by false job advertisements and forced to participate in fraudulent operations.

Interestingly, the age group reporting the highest losses was those over 60, with more than $1.24 billion in reported losses, despite younger age groups filing more complaints overall.

What’s next: In light of these findings, the upcoming Benzinga Future of Digital Assets event on Nov. 19 takes on added significance as a platform to discuss the advantages and drawbacks of building a cryptocurrency-based financial system.

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Market News and Data brought to you by Benzinga APIs

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VOOX Beta Launch: Leading the Future of AI-Driven Cryptocurrency Trading Platform #VOOX

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VOOX Beta Launch: Leading the Future of AI-Driven Cryptocurrency Trading Platform #VOOX

SINGAPORE –
Media OutReach Newswire – 10 September 2024 – In an exciting development for the cryptocurrency industry, VOOX is proud to announce the beta launch of its state-of-the-art cryptocurrency exchange platform. This launch, exclusively available to VIPs and invited members, is set to redefine the standards of digital asset trading, introducing a suite of advanced AI-driven tools designed to optimize user experience and enhance market interaction.

Main Takeaways:

  • VOOX Beta Launch: Exclusive to VIPs and invited members.
  • Advanced AI Integration: Utilizing sophisticated AI to provide predictive analytics, automated trading, and personalized insights.
  • Enhanced Security Measures: Featuring state-of-the-art security protocols to ensure user safety and compliance.
  • User-Centric Features: Offering a streamlined, intuitive interface designed to simplify the trading process for all users.

From its inception, VOOX has aimed to democratize cryptocurrency trading. “Our platform incorporates AI technologies that not only predict market trends but also enhance risk management and trading strategies, making sophisticated trading accessible to everyone,” said Vince, founder of VOOX. “By opening our beta exclusively to VIPs and select invitees, we aim to gather detailed feedback to fine-tune the platform before a full public launch.”

The VOOX platform distinguishes itself by focusing on user experience and security. It combines an easy-to-navigate interface with powerful analytical tools powered by AI. These tools analyze vast amounts of data to provide real-time insights and trend predictions, which help traders make more informed decisions quickly and efficiently.

Moreover, security is paramount at VOOX. The platform is built with the highest security standards, incorporating features such as end-to-end encryption, two-factor authentication, and cold storage solutions to protect user assets. Regular security audits and adherence to stringent compliance regulations ensure that VOOX operates reliably and transparently.

As the crypto market continues to evolve, VOOX is committed to continuous improvement and innovation. The beta launch allows early adopters to experience firsthand the capabilities of the platform and contribute to its refinement. “We are keen to engage with our VIP users and incorporate their feedback to enhance the platform further,” added Vince.

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Hashtag: #VOOX

The issuer is solely responsible for the content of this announcement.

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