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Treasury's FinCEN Moves to Cut Crypto Exchange MEXC Global from U.S. Financial System Over Alleged $16 Billion in Illicit Activity

Treasury's FinCEN Moves to Cut Crypto Exchange MEXC Global from U.S. Financial System Over Alleged $16 Billion in Illicit Activity

Treasury's FinCEN Moves to Cut Crypto Exchange MEXC Global from U.S. Financial System Over Alleged $16 Billion in Illicit Activity
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Senator Blumenthal Threatens Binance, Tether, and Trump-Linked Crypto Projects with Compulsory Measures Over Unprovided Documents

Senator Blumenthal Threatens Binance, Tether, and Trump-Linked Crypto Projects with Compulsory Measures Over Unprovided Documents

US Senator Richard Blumenthal has issued warnings to several companies and government agencies, including crypto exchange Binance, stablecoin issuer Tether, and President Trump-linked firms World Liberty Financial (WLFI) and Fight Fight Fight LLC, for failing to provide requested information in ongoing investigations. Senator Blumenthal, slated to chair the US Senate Permanent Subcommittee on Investigations (PSI), has set a deadline of January 4, 2027, for these entities to submit the documents. Failure to comply will lead lawmakers to consider alternative measures, including the use of compulsory powers. The investigations cover potential conflicts of interest related to President Trump's family crypto projects, alleged illegal crypto transactions, and compliance with US law. Specifically, the probe into WLFI and Fight Fight Fight LLC concerns potential ethics violations, transactions with foreign nationals, and investments from foreign governments. For Binance and Tether, the senator is examining the use...
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U.S. Treasury Department to Bar Banks from Transactions with Crypto Exchange MEXC Global

U.S. Treasury Department to Bar Banks from Transactions with Crypto Exchange MEXC Global

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an order that will prohibit U.S. banks and other financial institutions from processing money transfers to or from the crypto exchange MEXC Global. According to CoinDesk, the Treasury alleges that MEXC Global facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime, and other illicit activities between May 2021 and May 2026. The order, issued under section 9714(a) of the Combating Russian Money Laundering Act, specifically targets MEXC Global's access to U.S. financial intermediaries. While the order has not yet taken effect, it is expected to become active 30 days after its publication in the Federal Register. Treasury Secretary Scott Bessent stated that financial institutions must choose between supporting regimes like Iran's or maintaining access to the U.S. financial system. MEXC Global, founded in 2018 and incorporated in the Seychelles, is among the 20 largest crypto exchange...
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North Korea's Binance Hack Raises Global Financial Security Concerns

North Korea's Binance Hack Raises Global Financial Security Concerns

North Korea's recent hack of Binance, the world's largest cryptocurrency exchange, has raised significant global financial security concerns. Cybersecurity experts highlight the unprecedented speed of both the attack and the subsequent movement of stolen assets through financial networks. Michael Barnhart, lead nation-state threat researcher at DTEX, noted that the stolen funds were transferred to Chinese money launderers within minutes. Over $6.3 billion in virtual assets were stolen, with approximately $2.8 billion frozen before full laundering. However, $3.5 billion remains in circulation, making recovery difficult due to increasingly complex laundering methods, including tens of thousands of automated transactions. Nick Carlsen, a senior investigator at TRM Labs and former FBI intelligence analyst, emphasized the unprecedented speed and scale of the industry's response in freezing assets. Analysts point out that North Korea's cyber operations are primarily financially motivated, unlike Russia and China...
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U.S. Treasury Department Orders Crypto Exchange MEXC Global Cut Off from U.S. Financial System Over Illicit Transactions

U.S. Treasury Department Orders Crypto Exchange MEXC Global Cut Off from U.S. Financial System Over Illicit Transactions

U.S. Treasury Department Orders Crypto Exchange MEXC Global Cut Off from U.S. Financial System Over Illicit Transactions
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Trump administration's embrace of "perp" futures sets off risk alarms for Wall Street stalwarts

Trump administration's embrace of "perp" futures sets off risk alarms for Wall Street stalwarts

By Laura Matthews and Hannah Lang NEW YORK, November 9 (Reuters) - The Trump administration's push to bring novel offshore perpetual futures to the US is raising alarms, according to interviews with four executives at incumbent exchanges and other key market participants who warned that the products
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Bitcoin Closes at 30-Day Low, Tests Critical $76,782 Support Level

Bitcoin Closes at 30-Day Low, Tests Critical $76,782 Support Level

Bitcoin Closes at 30-Day Low, Tests Critical $76,782 Support Level
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Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps

Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps

Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps
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FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global
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Binance Hack Funds Traced to Chinese Money-Laundering Networks by Chainalysis

Binance Hack Funds Traced to Chinese Money-Laundering Networks by Chainalysis

Blockchain analytics firm Chainalysis has reported that funds stolen in the $6.3 billion Binance hack are being moved through Chinese money-laundering networks. The hackers, identified by U.S. authorities as North Korea's TraderTraitor group, are employing various tactics, including transferring assets across thousands of digital wallets and multiple blockchains, to obscure the origin of the stolen cryptocurrency. While only a fraction of the total stolen amount, specifically hundreds of thousands of dollars, has been tracked into these Chinese networks, this activity suggests a concerted effort by the hackers to convert the digital assets into cash. This method of using Chinese money-laundering networks has been observed in previous North Korean cyber thefts.
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ED Searches Premises of CoinDCX and Delta Exchange in FEMA Case Over Crypto Transactions

ED Searches Premises of CoinDCX and Delta Exchange in FEMA Case Over Crypto Transactions

ED Searches Premises of CoinDCX and Delta Exchange in FEMA Case Over Crypto Transactions
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Alphabet Launches Cryptocurrency Custody Service for Financial Institutions Amid Security Concerns

Alphabet Launches Cryptocurrency Custody Service for Financial Institutions Amid Security Concerns

Alphabet Launches Cryptocurrency Custody Service for Financial Institutions Amid Security Concerns