Published inElliptic·Nov 2, 2020Mainstreaming Cryptocurrency: Building Trust in this Emerging Asset Class(This article was originally published on Fintech Times — Edition 33, July 2020.) The first cryptocurrency, bitcoin, was understood by few in its infancy, only coming into existence in 2009. Early adopters saw the potential in this new ‘digital money’ as a more efficient means of value transfer and investment…Insights4 min readInsights4 min read
Oct 28, 2020Crypto Regulatory Affairs: FinCEN Assessed a $60 Million Penalty on Cryptoasset ‘Mixer’ BusinessesDon’t defy the BSA — FinCEN assessed a $60 million penalty on cryptoasset ‘mixer’ businesses for violating anti-money laundering laws The Financial Crimes Enforcement Network (FinCEN) has charged Larry Dean Harmon, the primary operator of crypto firms Helix and Coin Ninja, with a $60 million civil money penalty for violations of the Bank Secrecy Act (BSA). …Regulation6 min readRegulation6 min read
Oct 13, 2020Crypto Regulatory Affairs: DoJ Publishes Cryptocurrency Enforcement FrameworkThe U.S. Department of Justice (DoJ) has released its Report of the Attorney General’s Cyber Digital Task Force titled ‘ Cryptocurrency: Enforcement Framework’. The Task Force was established in 2018 with the objective of evaluating the impact technological innovations are having on law enforcement’s ability to maintain citizen safety. …Cryptocurrency5 min readCryptocurrency5 min read
Published inElliptic·Sep 29, 2020KuCoin Thief Sells Out Millions On Decentralized Exchanges — But Elliptic Can Still Trace ThemWithin minutes of the KuCoin hack, crypto exchanges with real-time blockchain monitoring tools such as Elliptic’s were able to identify whether any deposited cryptoassets originated from the hack, and freeze any accounts receiving such funds. Here’s what we know so far. On 25 September, US $281 million in cryptoassets were…Cryptocurrency4 min readCryptocurrency4 min read
Published inElliptic·Sep 16, 2020FATF Travel Rule Singapore Webinar: CoolBitX & Elliptic Advise On What To Do NowJoint CoolBitX — Elliptic Travel Rule webinar gives Singapore crypto exchanges the toolkit on “what to do now”, while industry body ACCESS explains why MAS requires compliance in order to receive Digital Payment Token (DPT) service licensing. This article is written by Sygna. On 1 September 2020, Elliptic and CoolBitX…Cryptocurrency9 min readCryptocurrency9 min read
Published inElliptic·Sep 11, 2020Russian troll farms and the $1 million in crypto used to influence US elections — 4 compliance takeaways from blockchain insightsOn 10 September 2020, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four Russia-linked individuals for attempting to influence U.S. elections. Here’s four compliance take aways from Elliptic’s blockchain analysis findings. Andrii Derkach, a Ukrainian member of parliament and suspected Russian spy, is accused of attempting…Bitcoin5 min readBitcoin5 min read
Published inElliptic·Sep 9, 2020Crypto Regulatory Affairs: Brazil To Launch A Central Bank Digital Currency In 2022✦ Brazil’s central bank modernizing banking to push towards a central bank digital currency in 2022 Last week we reported on Brazil’s crypto industry making strides in self-regulation efforts, and this week we come back to Brazil to share governmental news from Brazil’s central bank. …Cryptocurrency3 min readCryptocurrency3 min read
Published inElliptic·Sep 3, 2020Crypto Regulatory Affairs: U.S. To Seize 280 Crypto Accounts Linked To North Korean HacksU.S. DOJ takes action to seize 280 crypto accounts linked to North Korean Hacks The US Department of Justice (DOJ) has filed a civil forfeiture complaint against 280 cryptoasset accounts that were involved in the laundering of over USD 2.8 million dollars stolen during two hacking incidents in July and September 2019. Both hacks were conducted by the well-known North Korean criminal outfit, the…Regulation4 min readRegulation4 min read
Published inElliptic·Aug 25, 2020Crypto Regulatory Affairs: FinCEN Issues Statement On Enforcement CriteriaFinCEN Issues Statement on Enforcement Criteria Compliance officers find few things more daunting than the prospect of winding up in the crosshairs of the US Treasury’s Financial Crimes Enforcement Network (FinCEN). This week FinCEN, the US anti-money laundering (AML) regulator, issued a statement outlining the criteria it uses when determining appropriate enforcement of violations of the…Blockchain5 min readBlockchain5 min read
Published inElliptic·Aug 18, 2020Elliptic Extends Partnership With Binance, Adding BNB To Its Blockchain Analytics PlatformLONDON, NEW YORK, 18 August 2020: Elliptic, the global leader in cryptoasset risk management solutions, today announced that it will now monitor Binance Chain and its native cryptoasset BNB, which averages USD 250 million in daily trading volume. …Binance3 min readBinance3 min read