Binance, the global, self-proclaimed "decentralized" cryptocurrency exchange that has fallen under increasingly rigorous legal and regulatory scrutiny in several countries over the past two years, must contend with a new problem, this time from former customers. Five Dutch victims have alleged that investment fraudsters used a digital wallet at Binance to bilk them out of €600,000 as part of a "boiler room" scheme. They now want to sue the exchange for failing to stop the crime and breaching anti-money laundering rules but have hit a wall, of sorts. The law firm representing them, Hupkes CS Advocaten, cannot identify the corporate...
News that at least half of the $20 billion on deposit with FTX was used as collateral to obtain loans that were then transferred to a related platform, Alameda Research, to fund high-risk investments has sent tremors across the industry and threatened to destabilize at least one bank.
The designation of a global cryptocurrency exchange linked by federal officials to Russian cybercrime marks the first use of a revamped measure for guarding the U.S. from illicit funds from Russia and opens the door for similar bans, sources told ACAMS moneylaundering.com.
The Dutch central bank has fined Binance, the world's largest cryptocurrency exchange, €3.3 million for handling cryptocurrency-denominated transactions, maintaining digital wallets and offering other financial services in the country without authorization.