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Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

David Marcus, head of Facebook’s crypto wallet Calibra, stresses the Libra stablecoin project’s compliance with the United States FinCEN in today’s hearing. David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate. Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is something that I care about deeply, personally.” Marcus added that the company will have an Anti-Money Laundering program, reiterating Facebook’s commitment to FinCEN. Marcus stated that “Calibra will be affordable and accessible and also safe..

Regtech Startup Coinfirm to Investigate XRP’s Compliance With AML Provisions

Regulation technology startup Coinfirm will investigate how cryptocurrency XRP is being used. Regulation technology startup Coinfirm will investigate how cryptocurrency Ripple (XRP) is being used, Forbes reported on June 26. San Francisco-based tech startup Ripple, which is largely behind XRP, has signed an agreement with Coinfirm, wherein the latter will explore XRP's compliance with anti-money laundering (AML) provisions. Within the investigation, Coinfirm will reveal information such as whether XRP has been processed by a "mixer" — a technology developed to make transactions more difficult to trace and therefore easier to launder crypto — clustering, which enables a user to send small amounts of currency through many different addresses — as well as whether the funds come from a known theft or hack. The move comes in the wake of the Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and goals for heightened regulation relea..

Facebook Onboards Two Former Coinbase Compliance Experts

Social networking giant Facebook has on-boarded two compliance officers who previously worked at U.S. major cryptocurrency exchange Coinbase. Social networking giant Facebook has on-boarded two new compliance experts, who previously worked at United States major cryptocurrency exchange Coinbase. Mikheil Moucharrafie joined Facebook as compliance officer after almost four years of working at Coinbase. At the exchange, Moucharrafie held positions such as support analyst and quality assurance tester, anti-money laundering (AML)/bank secrecy investigator, compliance manager, and risk manager. Jeff Cartwright spent nearly five years at Coinbase as a compliance manager, head of internal audit, and director of regulatory risk and exams. Prior to joining Coinbase, Cartwright was involved in AML consultancy at Big Four firm KPMG and AML compliance investigations at Goldman Sachs. At Facebook, Cartwright will hold the position of a policy and compliance manager. As Cointelegraph reported in Mar..

Binance Unveils Latest Compliance Partnership Targeting Anti-Money Laundering

The third deal in six weeks for Binance sees the platform attempt to make its regulatory stance watertight amid expansion. Cryptocurrency exchange Binance has partnered with blockchain monitoring solutions provider Elliptic to boost its regulatory compliance as part of its international expansion, industry news outlet CoinDesk reported May 2. As part of plans to ensure smooth operations in new countries with varying regulations on cryptocurrency, Binance will use Elliptic to ensure it can comply with various demands from authorities. Specifically, CoinDesk references Binance’s chief compliance officer Samuel Lim as saying that the latest deal will focus on Anti-Money Laundering (AML). Last month, the exchange also teamed up with blockchain analytics firm CipherTrace, also centering on AML, after regulators from Binance’s home jurisdiction of Malta approved its activities. “The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater..

BitGo Completes Further SOC 2 Compliance Certification Year After Deloitte Award

The award, from an unnamed external auditor, follows on from a year-long process to complete the initial stages of security compliance. Blockchain security firm BitGo has gained a further security certification from an external auditor after a review of its compliance, cryptocurrency industry news resource The Block reported on April 23. BitGo, which last year gained a service organization control (SOC) 2 Type 1 certification from Deloitte, has now upped its procedures to conform to the Type 2 requirements of the same standard. SOC 2 is a universal reporting framework, and Type 2 is known as “Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy.” This January, cryptocurrency exchange Gemini announced that it had completed an SOC 2 Type 1 certification, which ensures that it has met the service criteria set by the American Institute of Certified Public Accountants in regards to confidentiality, security, privacy, proces..

Binance CEO CZ: Whether It’s an ICO or an IEO, Regulatory...

CZ, the CEO and founder of Binance, has emphasized that crypto exchange-hosted token offerings are no less subject to regulatory hurdles than their ICO predecessors. Changpeng Zhao, the CEO and founder of top crypto exchange Binance, has underscored that exchange-hosted token offerings are no less subject to regulatory hurdles than their initial coin offering (ICO) predecessors. The CEO, better known in the industry as “CZ,” made his remarks in an interview with Bloomberg on April 10. As previously reported, so-called initial exchange offerings (IEOs) have latterly emerged as an alternative model of token offering wherein a centralized crypto exchange acts as a form of underwriter. The exchange generally operates sales and ostensibly vets both the projects themselves and prospective investors. In the interview, CZ emphasized that while IEOs may indeed offer the benefit of having a third-party do due diligence on projects, regulatory compliance issues are no less onerous for the new mo..

New York Denies Bittrex BitLicense Application Citing Inadequate Compliance

The New York Department of Financial Services has denied Bittrex’s application for a BitLicense. The New York Department of Financial Services (NYDFS) has denied a BitLicense application from the Bittrex cryptocurrency exchange on April 10. In a letter to Bittrex CEO Bill Shihara, NYDFS explained that the exchange had inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) standards. Bittrex applied for its BitLicense — which is required to conduct virtual currency related business in the state of New York — in August, 2015. Bittrex had been operating under the terms of a “safe harbor” permitted by NYDFS while the regulator considered its application. According to NYDFS, it had issued multiple compliance letters to Bittrex “to address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector.” NYDFS has o..

Securitize Launches Token Compliance Program

Securitize has launched a token compliance program for issuing security tokens. Securitize, a compliance platform and protocol for token issuers backed by United States crypto exchange Coinbase, is launching its Securitize Ready Program, according to a press release shared with Cointelegraph on April 9. Per the announcement, the program includes such industry majors as Coinbase Custody, OpenFinance, Rialto Trading, CBlock Capital and others. Users of the Securitize Ready Program will be able to use the various services offered by the partner firms to issue security tokens on the Securitize platform. The platform will purportedly make it easier for organizations to design and issue their own tokens. The announcement further states: “Securitize’s DS Protocol maintains compliance during secondary trading and enables automated features such as share buy-backs, dividends, voting, and more.” Late last year, Securitize closed a Series A funding round led by Blockchain Capital that raised $12..

California Sentences Bitcoin Trader to 2 Years in Prison Over AML...

Jacob Burrell Campos will also forfeit over $820,000 after remaining in state custody since August 2018. A LocalBitcoins trader who sold Bitcoin (BTC) to more than 1,000 people in the United States will serve two years in federal jail, a press release from the U.S. Attorney’s Office of the Southern District of California confirmed on April 8. Jacob Burrell Campos, a Mexican citizen, amassed more than $820,000 from Bitcoin sales on the P2P platform between 2015 and 2018. Through a combination of cash meetups, ATM transfers and MoneyGram, Burrell served traders on the site without performing anti-money laundering (AML) checks and due diligence on the source of the incoming USD funds, prosecutors said. In custody since August last year, Burrell pleaded guilty to the charges in October, acknowledging he and unnamed others took thousands of dollars across the U.S.-Mexico border daily and performed exchange transactions with Joseph Castillo, a San Diego-based precious metals dealer. In addi..

Binance Partners With Risk Management Firm IdentityMind for KYC and AML...

Binance has partnered with risk management firm IdentityMind to address the exchange’s KYC and AML compliance. The world’s largest crypto exchange, Binance, has partnered with risk management and compliance firm IdentityMind, Binance announced in a blog post on March 26. The companies have teamed up to address data security and compliance measures for Binance’s global operations by enabling IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Samuel Lim, chief compliance officer at Binance, said that the ultimate mission of the partnership is to foster greater trust among financial institutions worldwide, while also to evolve security systems in accordance with regulatory policies in countries operated by Binance. Garrett Gafke, president and CEO of IdentityMind, pointed out the tremendous trading volumes on Binance, claiming that the IdentityMind platform is designed to meet the scale demands of Binance’s global operations while also providing..
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