Binance tightens its money-laundering checks
Binance cryptocurrency exchange announced on Friday that it would need stronger background checks on users with immediate effect in order to enhance efforts against money laundering, this may be due to pressure from regulators around the world. Financial regulators from the United Kingdom to Germany to Japan have issued warnings and imposed business restrictions on […]
Darknet Bitcoin mixer pleads guilty to laundering $300M
Larry Dean Harmon, an Ohio citizen, pleaded guilty to laundering more than $300 million while running the Helix darknet-based Bitcoin mixing service from 2014 to 2017. The 38-year-old pleaded guilty to laundering more than 350,000 Bitcoin through Helix from 2014 to 2017, according to the US Department of Justice. Bitcoin mixers use to anonymize Bitcoin […]
Drug dealer accused of laundering $136M worth of Bitcoin from prison
Ryan Farace also known as ‘Xanaxman’ has reportedly laundered $136 million in Bitcoin between October 2019 and April 2021 while serving his drug-dealing sentence in federal prison. According to The Baltimore Sun, Maryland officials have charged Ryan Farace, better known as “Xanaxman,” with laundering 2,933 BTC in less than three years. This sum is more […]
Mr. Whale claims NFTs are being used for money laundering
NFTs have the potential to serve as a vehicle for the crypto elite to legalise their ill-gotten fortunes. However, there may be more to the nonfungible token market than meets the eye, as questions grow over the sector’s role in money laundering and tax evasion. A new report from crypto investor and uber-bearish crypto critic […]
Ukraine shuts down cryptocurrency exchanges involved in money laundering
The Security Service of Ukraine (SBU) has taken down a network of cryptocurrency exchanges that were used to anonymize transactions and also launder money. Over 1,000 “customers” used the underground exchanges to launder money received from Yandex.Money, Qiwi, and Webmoney, among other Russian electronic payment processors . “Criminal cryptocurrency exchanges were in high demand because […]