All Coinss Crypto News

Coinss Crypto News

How banks can identify money laundering involving crypto, explained

Following the money laundering red flag indicator guidelines set out by the FATF is a good place to start. Red flag indicators related to transactions can involve payments that are made in small amounts, or in repeated quantities that fall under a reporting threshold. Alarm bells can also be raised if funds are sent to a newly created or previously inactive account. Transaction patterns can also rouse suspicion — especially if the deposits...

BTC, BNB, DOT, XEM, MIOTA

Bitcoin (BTC) price has been correcting in the past few days and traders are curious to know whether this is a minor pullback or the start of a deeper decline. The problem is that no one has a crystal ball and analysts can only point to critical support levels that may hold based on historical data and evidence. However, in a bear phase, the price tends to slip below key support levels as traders panic and sell out of fear, similar to how the...

Eastern Europe's sixth-largest crypto service is a darknet market

Blockchain forensics firm Chainalysis has found that darknet markets exert a disproportionate presence in Eastern Europe’s crypto sector. In an excerpt from Chainalysis’ 2020 Geography of Cryptocurrency Report, the firm asserts that Eastern Europe is responsible for “more global darknet market activity than any other region,” with the anonymous free market Hydra comprising the region’s sixth-largest crypto service. Regional shares of...

Crypto cross-border payments, explained

It’s cheaper and faster… and could also help clamp down on money laundering. There’s a lot of excitement surrounding how crypto could transform cross-border payments as we know it — making remittances, where workers in foreign countries send funds to their loved ones back home, much less expensive. At present, the World Bank estimates that remittances sent through fiat channels result in average fees of 6.75%. For someone on a modest...

Dutch Bitcoin firm reluctantly tightens rules at central bank's behest

Bitconic, a Netherlands-based Bitcoin (BTC) exchange, has informed its users that they now need to comply with a new verification measure in order to continue to use their services. The change comes following new requirements from the Dutch central bank, which were published in Nov. 2019 and stipulate that: “Crypto service providers must check whether their clients and any ultimate beneficiary owners (UBOs) are on a Dutch or European sanctions...

DeFi is here to stay despite signs of a bubble, says Binance CEO

Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance, said that decentralized finance is here to stay despite many DeFi projects showing signs of being in a bubble. In a Nov. 17 interview with Russia’s news agency RBC, Zhao argued that “a lot of DeFi projects are already in a bubble, and I also believe that there are some signs of a bubble in the DeFi industry, but this does not mean that DeFi will eventually...