The Australian Securities and Investment Commission (ASIC) published new initial coin offering (ICO) and cryptocurrency guidelines on its official website on May 30. The regulator detailed the prerequisites that a cryptocurrency business needs to follow in order to comply with both the Australian Corporations and ASIC Acts, but did not cover regulations enforced by other national institutions. Notably, the guideline specified that if a crypto asset is a financial product, then the issuer and firms dealing with it are required to hold an Australian financial services license. The report also notes that miners will be considered part of the clearing …
Crypto compliance provider and research firm Chainalysis announced it had partnered with exchange Binance in a press release Wednesday, Oct. 17, in order to improve its detection of suspicious transactions. Binance, currently the world’s largest cryptocurrency exchange by volume, continues to expand into various international markets, being required to comply with each jurisdiction’s anti-money laundering (AML) and know-your-customer (KYC) rules. Chainalysis eases this process, the firm claims, through the use of real-time monitoring to track the provenance of each transaction made on Binance’s platform. The solution, known as know-your-transaction (KYT), saw its initial release in April, the press release notes. …
Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance. New platform for FATF compliance The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML rules issued by the Financial Action Task Force (FATF), according to a press release published on Oct. 3. The new measures set up by the FATF require that cryptocurrency operators establish the identity behind crypto funds senders and recipients, conduct proper due diligence to ensure they are not engaging in illicit activity, and develop risk-based programs, among others. Binance will deploy Coinfirm’s …
Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks. The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes. U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures in the same way traditional …
U.K. businesses and analysts have hit back at government plans to regulate cryptocurrencies and related technology, describing them as a “blunt instrument approach,” British daily news outlet the Telegraph reported Monday, Oct. 29. Calls to step up the level of power the country’s finance regulator, the Financial Conduct Authority (FCA), has over cryptocurrency — which Cointelegraph reported on in September — allegedly focus on consumer protection and anti-money laundering (AML) policy. Now, a joint report from the British Business Federation Authority (BBFA), venture capital fund Novum Insights, and fintech expert Hazem Danny Al Nakib has urged caution about overly far-reaching …