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FinCEN releases report on illegal activities concerning Bitcoin [BTC] and other cryptocurrencies

Priya

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FinCEN releases report on illegal activities concerning Bitcoin [BTC] and other cryptocurrencies
Source: Unsplash

The Financial Crimes Enforcement Network [FinCEN] recently released guidance for money transmitter using digital currencies. Along with this, it also released a document titled ‘Advisory on Illicit Activity Involving Convertible Virtual Currency’ guiding institutions on how to identify and report “suspicious activity concerning how criminals and other bad actors exploit convertible virtual currencies”. This includes activities such as evading sanctions, money laundering, and terrorist financing.

The document stated,

“Criminals continue to exploit virtual currency to support illegal activity, money laundering, and other behavior endangering U.S. national security, including  through entities facilitating its anonymous use […] This advisory highlights prominent typologies and red flags associated with such activity and identifies information […]”

Further, the report stated that unregistered platforms were being used by criminals to carry out their illegal activities, with the major ones being the darknet marketplace, P2P exchanges, money service business outside the United States, and  Kiosks. More so, it also detailed 30 pointers that are “Red Flag Indicators of the Abuse of Virtual Currencies”



Under darknet marketplace, the red flag indicators were the address linked to the marketplace or illegal activity, the address mentioned on social media platform or otherwise, where it is linked to illicit activity, IP address linked to TOR, wallet called out for its suspicious source, a transaction that used mixing and tumbling services.

Source: FinCEN

Source: FinCEN

Even rapid conversion of cryptocurrencies for other cryptocurrencies for no apparent reason was also one of the red flags. It also stated that a customer who “declines requests for ‘know your customers’ documents or inquiries regarding sources of funds” is also a sign to watch out for. The document further prompted businesses to report these activities by providing information such as the customer’s wallet address, account information, transaction details, transaction history, IP addresses, and other login details and others.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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