PYMNTS

FEBRUARY 20, 2020

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of tax evasion and conspiracy to commit wire fraud, reported on Wednesday (Feb. As part of his plea agreement, Chen admitted to operating the U.S.

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PYMNTS

AUGUST 18, 2020

Binance helped catch a purported cybercrime organization behind an alleged $42 million laundering effort, according to a statement from the cryptocurrency exchange. The firm indicated that Bulletproof Exchangers are renowned for lax anti-money laundering (AML) and know-your-customer (KYC) procedures. “By

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PYMNTS

FEBRUARY 27, 2019

JPMorgan Chase , aiming to get a bigger piece of the point of sale financing market, announced Wednesday (Feb. Earlier in February, JPMorgan became the first bank to create its own cryptocurrency aimed at settling transactions with clients of its wholesale payments operation.

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PYMNTS

DECEMBER 2, 2019

Looking back at 2019, and at cryptocurrencies, we may well make the declaration that fraudsters got a lot more brazen … which may mean 2020 is the year lawmakers and regulators clamp down through a global, concerted effort to root out financial crime. billion in fraud and theft seen last year. billion number is a huge jump from the $1.7

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PYMNTS

DECEMBER 24, 2020

If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point. Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies. Keeping An Eye On Fraud.

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PYMNTS

JUNE 21, 2019

The dispute over the Office of the Comptroller of the Currency ‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level. Or does it?

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PYMNTS

MARCH 23, 2018

To take stock of the cryptocurrency market, take stock? News came Friday that the wild west of cryptocurrencies — where fortunes are made and lost in the blink of an eye, and where regulations are less than regular — might be well-governed by the stock market when it comes to governance. After a fashion.

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PYMNTS

MARCH 30, 2018

And, in China, the country’s central bank is planning on cracking down on cryptocurrencies this year, Reuters reported. In addition, the bank plans to research and develop its own cryptocurrency. And a new cryptocurrency called Chia has raised more than $3 million – without an initial coin offering (ICO), NewsBTC reported.

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PYMNTS

JANUARY 23, 2020

Cryptocurrency went from dark-web danger to high-tech investment opportunity seemingly overnight, and, as more consumers seek to use digital currency, more businesses are stepping into the space. The adoption of cryptocurrency among small- and medium-sized businesses (SMBs) may be larger than one might think.

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Abrigo

JANUARY 31, 2023

Takeaway 2 Banks should be proactive in understanding fraud trends and FinCEN priorities to prepare for future rulemaking. Increased fraud According to the Federal Trade Commission , consumers lost more than $5.8 billion to fraud in 2021, a 70% increase over the prior year. That represents nearly 2.8

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PYMNTS

JUNE 8, 2020

The Securities & Exchange Commission ( SEC ) has moved to freeze the assets of a $12 million cryptocurrency mining and multi-level marketing (MLM) scheme, Coindesk reports. In Hong Kong, 39 percent of new FinTech firms launched in the last year are now operating via blockchain, Cointelgraph reported.

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PYMNTS

SEPTEMBER 23, 2020

Plus, the State Administration for Market Regulation in China has fined Luckin Coffee and other firms. 21), noting that it would offer an alternative to private cryptocurrencies. Chinese Regulator Fines Luckin, 43 Other Companies In Fraud Case. PayPal, Mastercard Add 5 EU Countries To Debit Card Offering.

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PYMNTS

APRIL 26, 2019

Cryptocurrencies have had a rough week of it, evidenced by a double-digit percentage drop in bitcoin, arguably the marquee name in the space. The slide comes as the New York state attorney general has accused Bitfinex , a cryptocurrency exchange, of covering up missing funds — $850 million worth — through illegal transactions.

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PYMNTS

OCTOBER 4, 2019

Visa Powers Revolut’s Global Expansion Into 24 New Markets. Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum. The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Top Stories.

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PYMNTS

MARCH 15, 2020

The New York Department of Financial Services ( NYDFS ) sent a letter to the approximate 18 cryptocurrency firms it regulates saying they have 30 days to submit a contingency plan in the face of the coronavirus epidemic. The cryptocurrency now has a 27 percent loss YTD, despite gaining 46 percent in February when it was trading at $10,500.

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PYMNTS

MAY 1, 2019

Reports came from Bloomberg this week that bitcoin, the marquee name of cryptocurrencies, was trading at a several hundred dollar premium on one exchange: Bitfinex. To recap, the AG accused Tether (of the Tether stablecoin) and the Bitfinex operator of possibly defrauding crypto investors.

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PYMNTS

NOVEMBER 28, 2018

The UK’s Financial Conduct Authority ( FCA ) revealed that it has launched investigations into 50 cryptocurrency companies over unlicensed operations. According to The Telegraph Money , the agency also said it was looking into seven whistle-blowing reports from employees engaged in the cryptocurrency sector.

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PYMNTS

FEBRUARY 18, 2019

Cryptocurrency has come a long way since bitcoin’s emergence as an unregulated, anonymous payment technology. Perhaps the most poignant moment in this evolution came about last week when JPMorgan Chase announced the development of the JPM Coin, the first bank-backed cryptocurrency in the U.S., ” Confusion, Doubt Remain.

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Abrigo

AUGUST 19, 2022

Regulators' most recent statement is reminiscent of FinCEN's June 2022 statement on BSA due diligence for independent ATM owners or operators. Just as not all independent ATM owner or operator customers pose the same level of risk, not all independent ATM owner or operator customers are automatically at higher risk. Learn More.

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PYMNTS

NOVEMBER 18, 2020

18), the first time the cryptocurrency has climbed above $18,000 since December 2017, CNBC reported. While the digital coin has been going through waves in its price point, some analysts and cryptocurrency fans said they think the trajectory is uphill. Bitcoin has continued to rise, hitting $18,172 Wednesday morning (Nov. Eastern Time.

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PYMNTS

JANUARY 1, 2021

Starting with some of the most recent changes — and a sign of what’s to come — earlier in the month, the European Commission offered up its initial draft of the Digital Services Act and the Digital Markets Act. The watchdog would be known as the Digital Markets Unit. In the nascent and burgeoning cryptocurrency space, the U.S.

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PYMNTS

AUGUST 28, 2019

The Blockchain-as-a-Service (BaaS) model enables organizations to start using Kadena’s blockchain by quickly provisioning it online, significantly reducing the cost and time-to-market associated with the on-premise installation of other blockchain solutions. SEN allows our institutional customers to deposit and withdraw U.S.

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PYMNTS

OCTOBER 27, 2020

UNICAS, as the joint venture is known, will create the first “crypto-friendly financial institution” with brick-and-mortar buildings and operations. UNICAS will begin operations this December, according to the post. And, approximately $24 million of cryptocurrency was reportedly removed from Harvest Finance ’s pools on Monday (Oct.

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PYMNTS

JULY 16, 2019

Days after admitting to a hack that caused the loss of $32 million in cryptocurrency, Bitpoint Japan, a cryptocurrency exchange operator run by Remixpoint , said on Sunday (July 14) it has discovered an additional $2.3 This marks the eighth major cyberattack on a cryptocurrency in 2019 and is one of the largest.

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PYMNTS

OCTOBER 7, 2019

Securities and Exchange Commission (SEC) is seeking to “modernize” the regulation of exchange-traded funds (ETFs) in a bid to make those investment vehicles more innovative, and give them quicker entrance to the market. Might that pave the way for the emergence of cryptocurrency ETFs?

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PYMNTS

APRIL 15, 2019

The marketplace operators sell the data to cybercriminals who use it for identity theft, online fraud and other crimes – and the data is worth anywhere from $5 to $200. Using the data, however, is a bit complex for thieves, as it is only possible via a Chrome extension created by the Genesis market makers.

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PYMNTS

JUNE 5, 2019

According to a report from Quartz , “over the past seven years, a New York City-based fraud ring allegedly stole more than $19 million worth of iPhones by posing as cell phone subscribers to get new devices at little or no cost. Another relatively fresh digital scam involves cryptocurrencies and diamonds. Targeting Dead People.

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PYMNTS

AUGUST 26, 2019

The US Federal Trade Commission announced that the promoters of recruitment-based cryptocurrency schemes have been permanently banned from operating or participating in any multi-level marketing program. million (£900,000) in cryptocurrency after carrying out attacks on several companies including Uber, Sainsbury’s and Groupon.

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PYMNTS

AUGUST 23, 2019

One common criticism of bitcoin and other cryptocurrencies is that — beyond the wild price swings and uncertain regulatory climate — the digital coins are not widely accepted by merchants on any grand scale. In simple terms, SPEDN processes transactions made with cryptocurrencies such as bitcoin, Ethereum and Litecoin, among others.

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PYMNTS

AUGUST 13, 2019

The Securities and Exchange Commission (SEC) has announced fraud charges against a Brooklyn individual and two of his entities who allegedly engaged in a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities. The agency is looking to freeze at least $8 million of the $14.8

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CFPB Monitor

JULY 27, 2020

cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” It makes the “suggestion” to confer first with the OCC before onboarding any cryptocurrency clients. The key phrase above is “any lawful business.” The letter states that the OCC.

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PYMNTS

OCTOBER 31, 2019

Miami-based BankLine has partnered with a variety of crypto-friendly financial institutions on banking and cash logistics services for the cryptocurrency industry. Its crypto BTM operators are able to process cash deposits via an armored cash logistics service, with funds posted within 24 to 72 hours depending on the market.

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PYMNTS

SEPTEMBER 11, 2019

Pump and dump is a type of fraud that manipulates the price of an asset through a rush of high-volume purchases by fraudsters. Meanwhile, cryptocurrency payment processor BitPay has been accused of blocking donations to Hong Kong for several weeks. The surge artificially inflates demand, and then the actors dump their tokens.

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PYMNTS

OCTOBER 8, 2019

Plaintiffs say that the actions of iFinex was “part fraud, part pump-and-dump and part money-laundering.”. Together, Bitfinex and Tether manipulated a market that, by design, is supposed to be decentralized,” states the lawsuit. The filing comes days after the company revealed that it was expecting a lawsuit to be filed against it.

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PYMNTS

SEPTEMBER 15, 2017

Diehards, however, are still crying “ hodl ” — the cryptocurrency community’s rallying cry, inspired by an enthusiastic misspelling of “hold” in a 2013 Reddit thread. Dimon said he would fire any JPMorgan employee found to be speculating in that market. This week, U.K.’s Do the Hodlers Have It?

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PYMNTS

OCTOBER 19, 2020

The collaboration between StakeHound and DASH seeks to make and market a stakedDASH coin that “will become an essential bridge between DASH and Ethereum DeFi ecosystems,” according to the announcement, and which will be accessible on StakeHound to those who own DASH later in 2020. dollar, CoinDesk reported. However, CoinDesk notes that U.S.

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PYMNTS

JUNE 30, 2020

The company said in the report, “As the value of cryptocurrency rises and falls, so does the mining encounter rate. “. In other news, authorities in Spain have taken 33 individuals into custody who allegedly marketed illicit pharmaceuticals via the web and laundered at least some of their $3.37

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