Category: fines




BNY Mellon Sets Up Crypto Unit in Ireland as Central Bank Says Bitcoin Is ‘of Great Concern’


BNY Mellon Sets Up Crypto Unit in Ireland as Central Bank Says Bitcoin Is ‘of Great Concern’U.S. banking corporation BNY Mellon is gearing up to offer crypto custody services out of Dublin where it has just established a digital hub. The news coincided with a stark warning issued by a top central bank official in Ireland who said people should only buy bitcoin if they’re prepared to lose money. BNY Mellon […]


Iran to Shut Down Licensed Crypto Miners in Peak Hours of Power Consumption


Iran to Shut Down Licensed Crypto Miners in Peak Hours of Power ConsumptionCiting a need to maintain a stable electricity supply for other users, Iran will be pulling the plug on cryptocurrency mining farms whenever power consumption peaks. The measure intended to deal with shortages will target licensed facilities despite the government admitting that illegal crypto miners burn much more energy. Licensed Crypto Miners Use 300 MW, […]


Crypto Miners Using Household Electricity Face Fines as Consumption Spikes in Iran


Crypto Miners Using Household Electricity Face Fines as Consumption Spikes in IranThose who mine cryptocurrencies with power intended for domestic use will pay hefty fines, the Iranian government warned. The country is experiencing shortages due to reduced hydropower generation as authorities register a surge in electricity consumption for cryptocurrency mining. Crypto Miners to Pay for Damages to the Power Grid Hydropower plants in Iran have been […]


Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K


Japanese Court Sentenced a Bitcoin Tax Evader to Spend One Year in PrisonJapanese authorities aren’t hesitating in hunting down anyone considered a crypto tax evader. A court in Ishikawa has sentenced one of them, a 56-year-old man that will spend one year in prison, plus pay a $200,000 fine. Sentenced Man Didn’t Disclose His BTC Trading Activity of the Period 2017-2018 According to Chunichi, a judge at […]




Ukraine to Oversee Crypto Transactions Above $1,200, Sees Opportunities in Legalization Not Risks


Ukraine to Oversee Crypto Transactions Above $1,200, Sees Opportunities in Legalization Not RisksCryptocurrency transactions in Ukraine will be strictly monitored by the state, although the country’s finance minister admits that it’s not digital coins but fiat cash that criminals and corrupt officials are more likely to use. The legalization of cryptocurrencies remains a priority in Kiev as the government has indicated its clear understanding that the benefits […]

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SEC Imposes Multimillion Dollar Fine for Unregistered EOS Token Sale


SEC Imposes Multimillion Dollar Fines for Unregistered ICO and Stock TransactionsThe United States securities regulator has announced hefty fines for two crypto companies. The penalties have been imposed for EOS’ unregistered token sale and a fraudulent public offering. The Securities and Exchange Commission (SEC) intends to use some of the collected money to indemnify investors who suffered damages. Also read: SEC Commissioner Speaks Positively About […]

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Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels


Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant LabelsThe recent seizure of a cargo ship owned by JP Morgan, a vessel loaded with 20 tons of cocaine according to latest accounts, highlighted the risks of banks’ involvement in illicit activities, inadvertent or otherwise. And although U.S. authorities released the MSC Gayane after the owner, JP Morgan’s asset management arm, and the operator, Mediterranean […]

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Dithering U.S. Regulators Risk Causing a Brain Drain to Friendlier Crypto Climes


Dithering U.S. Regulators Risk Causing a Brain Drain to Friendlier Crypto ClimesCryptocurrency companies in the United States aren’t happy. Token issuers, exchanges, and VCs are up in arms about vague and contradictory guidance on crypto asset regulation. Should the U.S. fail to update its archaic securities laws, they warn, there is a risk of top talent making an exodus to friendlier crypto climes. Also read: Countries […]

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Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 Countries


Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 CountriesMoney laundering scandals involving some of the world’s largest banks have grown this week. Switzerland’s largest bank, UBS, has been fined 3.7 billion euros (~$4.2 billion) for money laundering. Amid a $226 billion scandal, Estonian authorities have ordered Denmark’s largest bank to terminate its operations in the country. Danske Bank is also shutting down in […]

The post Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 Countries appeared first on Bitcoin News.


SEC Settles Charges With Two ICO Issuers


The U.S. Securities and Exchange Commission (SEC) has settled charges with two initial coin offering issuers. These cases are the commission’s first to impose civil penalties “solely for ICO securities offering registration violations.” Both companies have agreed to refund investors, pay penalties, and register their tokens as securities. Also read: Yahoo! Japan Confirms Entrance Into the […]

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Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency


Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in CryptocurrencyIn recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes. We also look at the Michigan Secretary of State’s ban on crypto-based political donations, as well as the recent certification of X8’s stablecoin for Shariah compliance. In addition, […]

The post Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency appeared first on Bitcoin News.


US Federal Court Fines Bitcoin Ponzi Schemer Over $2.5 Million


US Federal Court Fines Bitcoin Ponzi Schemer Over $2.5 MillionA U.S. federal court has fined a New York firm and its chief executive officer over $2.5 million in the first anti-fraud action involving bitcoin filed by the Commodity Futures Trading Commission. The Ponzi scheme involved a fake pooled investment strategy and a “fake computer ‘hack’ that supposedly caused the loss of nearly all customer funds,” […]

The post US Federal Court Fines Bitcoin Ponzi Schemer Over $2.5 Million appeared first on Bitcoin News.


More Banks Sanctioned for AML, Fraud-Related Violations


More Banks Sanctioned for AML, Fraud-Related ViolationsWhen societies discuss cryptocurrencies, the argument that the decentralized and unregulated nature of the crypto space leaves the door open to abuse, like money laundering and financial fraud, is often put forward by officials and authorities. However, a string of cases involving precisely these sins, and many, many banks, show that regulations are largely ineffective […]

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Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering


Netherlands’ Largest Bank ING Group Fined $900M for Money LaunderingThis week Dutch authorities revealed to the public that the Netherlands’ largest financial services provider, ING, had violated numerous money laundering laws because they didn’t scrutinize unusual transactions and certain accounts. Also Read: Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair Netherlands’ Largest Bank Admits: “ING Clients Used Their Bank Accounts for […]

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SEC Takes Action Against ‘First US Regulated Crypto Asset Fund’


SEC Takes Action Against ‘First US Regulated Crypto Asset Fund’The U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it has taken action against two cryptocurrency firms. Both mark the “first-ever” action of their kind by the Commission. One is against a firm which claims to offer the “first regulated crypto asset fund in the United States” and the other is against an […]

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Wendy McElroy: Other Than the Black Market, a Last Stand for Economic Freedom


Other Than the Black Market, a Last Stand for Economic FreedomThe Satoshi Revolution: A Revolution of Rising Expectations Section 4: State Versus Society Chapter 9, Part 5 Crypto: Other Than The Black Market, A Last Stand For Economic Freedom? Money…is the economic area most encrusted and entangled with centuries of government meddling. Many people, many economists, usually devoted to the free market stop short at […]

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