Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Cryptocurrencies»Crypto industry on defensive as Ukraine crisis spotlights Russia sanctions compliance
    Cryptocurrencies

    Crypto industry on defensive as Ukraine crisis spotlights Russia sanctions compliance

    By Hannah Lang
    March 10, 2022By Reuters4 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    Cryptocurrency evangelists are on the defensive amid warnings from U.S. and European lawmakers that digital asset companies are not up to the task of complying with Western sanctions imposed on Russia following the country’s invasion of Ukraine.

    The criticism has seen the crypto industry scrambling to regain control of the narrative, with many executives frustrated that the compliance regimes in place at leading exchanges, such as Coinbase and Binance, are being called into question.

    Donate to RareHippo Now!

    At the same time, the increased scrutiny could be a pivotal moment for the sector to prove that it is not the “Wild West” of finance that regulators have painted it to be.

    “It’s an opportunity for the industry to show that it is mature and that it knows how to properly manage risk,” said Matt Homer, an executive in residence at venture capital firm Nyca Partners.

    The crypto community was largely caught flat-footed as the United States and its allies moved to impose sweeping sanctions against Russia’s banks, elites and other state firms.

    Unlike other payment companies, crypto exchanges have rejected calls to cut off all Russian users, saying that goes against the industry’s libertarian values, sparking concerns among European officials and U.S. lawmakers that digital assets could be used to circumvent the sanctions. read more

    U.S. Senator Elizabeth Warren has alleged that many crypto exchanges and wallets have lax compliance controls and are not collecting data on customers’ identities. read more

    But executives at exchanges including Kraken, FTX, Coinbase and Gemini, as well as industry trade groups, say that’s not the case.

    “This rhetoric is inaccurate,” said Elena Hughes, chief compliance officer at Gemini, adding that the company screens clients like any other financial firm. “We’ve dedicated a lot of resources to ensure that we have the right controls (and) that we’ve gotten things right.”

    On Monday, Coinbase issued a lengthy blog detailing its controls, noting that it had blocked more than 25,000 addresses connected with Russian individuals or entities believed to be engaging in illegal activity.

    FTX US, a Chicago-based crypto exchange, said it operates multiple regulated licenses and continues to “rigorously implement and comply” with all sanctions.

    “For the most part, most of these companies have very robust systems in place already, and it’s very easy for them to comply with sanctions, just like any other financial institution,” said Kristin Smith, executive director of the Blockchain Association.

    ‘EXISTENTIAL’ RISK

    From its inception, the cryptocurrency community touted digital assets as vehicles for anonymous transactions, and a slew of federal enforcement actions for fraud, money laundering and unregistered coin offerings has only reinforced the perception that crypto companies are prone to flouting the law.

    But as the value of all cryptocurrencies surged past $3 trillion last year and more Americans invest in the asset class, the industry has been trying to shed its unsavory image by burnishing its overall compliance credentials. read more

    While lawmakers worry about crypto sanctions evasion, Biden administration officials have said they do not believe digital assets could be used to circumvent all the curbs.

    The U.S. Treasury Department has reached out to several crypto exchanges and trade groups to explain its expectations for sanctions compliance and to create a line of communication in case of questions, a person familiar with the matter said.

    This person, who spoke on condition of anonymity, added that officials were impressed by the majority of firms’ compliance controls.

    For many exchanges, the risk of not being in compliance with the rules as they stand is “existential,” said Charles Delingpole, chief executive officer at ComplyAdvantage, an anti-money laundering technology company that works with several prominent crypto firms, including Binance and Gemini.

    “Not only in terms of being fined (and) having dollar clearing access removed,” he said. “If you’re laundering money, which is the flip side of this, there’s been huge backlash from the public for companies seen to be facilitating illegal flows of money.”

    Crypto news & Views

    Read full story on Reuters

    Cryptocurrencies
    Previous ArticleWhat Credit Suisse’s Shocking Prediction Means For Bitcoin & Crypto Prices
    Next Article Cybercriminals are posing as Ukraine fundraisers to steal cryptocurrency

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Markets

    GameStop surges on plan to enter NFT, crypto markets

    January 7, 20222 Mins Read

    GameStop is launching a division to develop a marketplace for nonfungible tokens (NFTs) and establish…

    HSBC and Wells Fargo to settle currency trades with blockchain

    December 13, 2021

    More Than Half of Indians Surveyed Don’t Want Crypto Legalized

    November 25, 2021

    Jambo raises $7.5 million in funding to build Africa’s web3 ‘superapp’

    February 21, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.