Crypto money laundering surged to $82B in 2024, with Chinese-language platforms emerging as key conduits, Chainalysis reports, raising alarms over enforcement gaps and cross-border regulatory blind spots.
Indian authorities have seized $1.2 million in land and cryptocurrency linked to an alleged fraud scheme, as investigators crack down on digital asset crimes and trace illicit gains across real estate and online platforms.
South Korean crypto exchange Korbit has been fined $1.9 million for breaching anti-money-laundering and customer verification rules, raising regulatory concerns over compliance standards in the country’s digital asset sector.
California regulator fines Bitcoin ATM operator Coinhub $675,000 for violating state law, citing compliance failures. The penalty underscores tougher enforcement of crypto regulations.
KYC (Know Your Customer) is the process financial institutions use to verify identities, assess risk and prevent fraud. It involves document checks, screening and ongoing account monitoring.
Know Your Customer (KYC) is the identity-verification process banks use to prevent fraud, money laundering and scams – protecting customers’ assets and preserving trust in financial institutions.
Bitget, a digital asset trading platform, has reported that its vigorous KYC process is beneficial in filtering clients who may have illegitimate motives. According to Bitget executives, such measures are integral in ensuring the safety of customers using the platform.