A critical move on crypto trade
1 year, 9 months ago

A critical move on crypto trade

Hindustan Times  

India this week tweaked rules against money laundering to cover trade in cryptocurrencies, such as Bitcoin and Ethereum. The department of revenue issued a notification outlining new definitions to cover five specific scenarios: When cryptocurrency and fiat money is exchanged; when one form of crypto is exchanged with another; if such coins are transferred; the storing of virtual digital assets; and participation in financial services related to such digital money. In other words, individuals or groups making any trade in cryptocurrency as well as exchanges — these virtually act as banks where people store such “coins” in a “wallet” — can now be scrutinised under the Prevention of Money Laundering Act by the Enforcement Directorate. The move comes days after India nudged the Group of 20 economies to develop a consensus on rules against crypto — the Centre and Reserve Bank of India have consistently opposed legalising cryptocurrencies since they are not backed by any sovereign and lack oversight mechanisms. Today, ransomware operators routinely pull off six-digit extortions through crypto payments, route them through multiple hops, and withdraw money in jurisdictions and locations hard to track — often within days.

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History of this topic

British police say Russians used cryptocurrency to help launder billions in UK drug gang profits
Trending News
2 weeks, 5 days ago

British police say Russians used cryptocurrency to help launder billions in UK drug gang profits

Salon  

During the 2021 pandemic lockdown, drug gangs in the United Kingdom ran into a problem: They had too much cash. Without being pumped back into the legitimate economy, according to the BBC, piles of cash were essentially useless to the UK gangs, being too traceable to use in order to buy more drugs to sell. By paying a commission, the …

Kerala police set to acquire tool to tackle illegal crypto deals
3 weeks, 5 days ago

Kerala police set to acquire tool to tackle illegal crypto deals

New Indian Express  

THIRUVANANTHAPURAM: The cyber-investigation division of the state police is set to acquire a blockchain-analysis tool to monitor cryptocurrency transactions and flag illegal activities. With India leading the way in global crypto adoption, Kerala has The state police hitherto lacked specialised tools and depended on open-source resources to analyse questionable transactions. They track the nodes, exchanges and wallets involved in the …

Government Must Establish Whitelist to Curb Money Laundering in Online Gaming
1 month, 4 weeks ago

Government Must Establish Whitelist to Curb Money Laundering in Online Gaming

The Hindu  

The Digital India Foundation (DIF) has released a report recommending the government establish a whitelist of compliant gaming companies to ensure that payment gateways and ISPs serve only the listed operators. The report also suggests stringent KYC practices, action against misleading advertisements, and a clamp down on illegal operators.

Cryptocurrency and Offshore Betting: A Money Laundering Threat in the Online Gaming Ecosystem
2 months ago

Cryptocurrency and Offshore Betting: A Money Laundering Threat in the Online Gaming Ecosystem

New Indian Express  

Online gaming faces a significant threat from money laundering due to the use of cryptocurrencies and offshore betting platforms. The report highlights the increasing adoption of digital currencies like Bitcoin and Ether for in-game transactions, resulting in an upsurge in money laundering and fraud. Financial institutions must enhance their anti-money laundering (AML) systems to prevent the use of mule accounts …

ED Carries Out Raids In Ladakh's Leh In Fake Cryptocurrency Business Case
4 months, 3 weeks ago

ED Carries Out Raids In Ladakh's Leh In Fake Cryptocurrency Business Case

News 18  

The Enforcement Directorate on Friday launched its first-ever search operation in Ladakh’s Leh under the provisions of the Prevention of Money Laundering Act in connection with a fake cryptocurrency business. “Searches are underway in connection with the cryptocurrency business and are being conducted at six premises simultaneously in Leh, Sonipat and Jammu. Thousands of investors have invested money in fake …

WazirX crypto exchange halts deposits and withdrawals after $230 million hack; reported incident to Indian regulators
5 months ago

WazirX crypto exchange halts deposits and withdrawals after $230 million hack; reported incident to Indian regulators

The Hindu  

Indian cryptocurrency exchange WazirX said that it had reached out to the Indian police, the Financial Intelligence Unit India, CERT-In, and over 500 other exchanges in order to respond to a hack of its wallet that led to the theft of more than $230 million. “On July 18, 2024, WazirX experienced a cyber attack on one of our multisig wallets, …

Book Review: Mitali Mukherjee’s ‘Crypto Crimes’ makes a compelling case for regulating cryptocurrency
6 months, 1 week ago

Book Review: Mitali Mukherjee’s ‘Crypto Crimes’ makes a compelling case for regulating cryptocurrency

The Hindu  

Published : Jun 12, 2024 11:00 IST - 6 MINS READ Cryptocurrency is accessible anywhere. Mitali Mukherjee’s book Crypto Crimes deals with this alluring asset class that has the potential to exist beyond the reaches of governments and conventional financial institutions or at least dodge easy scrutiny by governments. Crypto Crimes: Inside India’s Best-Kept Secret By Mitali Mukherjee HarperCollins India …

Watch | How to protect yourself from cyber crimes
10 months, 2 weeks ago

Watch | How to protect yourself from cyber crimes

The Hindu  

The National Crime Records Bureau report for 2022 showed that 17,470 cyber crimes were registered in India, up from previous years. The most novel and widespread types of cybercrimes are Aadhaar-enabled Payment System fraud, courier fraud, sextortion, online job fraud and cryptocurrency online investment scam. But law enforcement agencies say there are new hotspots emerging: West Bengal, Uttar Pradesh, Delhi, …

Caught in a web | Non-cooperation of banks and internet intermediaries a big hurdle for cybercrime probes
10 months, 3 weeks ago

Caught in a web | Non-cooperation of banks and internet intermediaries a big hurdle for cybercrime probes

The Hindu  

A fake investment scheme cracked in October 2023, involving a network of 84 bank accounts with transactions worth over ₹850 crore, and a work-from-home scam unearthed last week, involving a network of 30 bank accounts with transactions worth over ₹150 crore, were detected by following the trail of money laundered through several bank accounts. “Opening these bank accounts is a …

Bitcoin scam: Karnataka SIT in touch with 30 foreign exchanges
11 months, 2 weeks ago

Bitcoin scam: Karnataka SIT in touch with 30 foreign exchanges

The Hindu  

The Special Investigation Team of the Criminal Investigation Department, which is probing the alleged bitcoin scam, is in touch with over 30 foreign-based bitcoin exchanges in a bid to collect evidence on the movement of cryptocurrencies allegedly moved by hacker Srikrishna Ramesh aka Sriki. Sriki, arrested in a darknet drugs case in 2020 by the Central Crime Branch of Bengaluru …

How 5 Indian Americans allegedly laundered $30m in Cash-for-Bitcoin scam in New York
1 year, 1 month ago

How 5 Indian Americans allegedly laundered $30m in Cash-for-Bitcoin scam in New York

Hindustan Times  

Five Indian Americans are reportedly being investigated for an illegal $30million crypto exchange scheme operating in the heart of New York. 5 Indian Americans, Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel have been accused of running this illegal Bitcoin exchange with an adept criminal finesse, bypassing the legal scrutiny. The report claims, this individual …

$7 billion in illicit funds laundered across multiple blockchains in 2023: Report
1 year, 2 months ago

$7 billion in illicit funds laundered across multiple blockchains in 2023: Report

The Hindu  

Illicit or high-risk crypto-asset funds worth around $7 billion have been laundered via conversions across multiple blockchains, said the cryptocurrency analytics platform Elliptic in its October report. Elliptic had predicted that only $6.5 billion in illicit or high-risk funds would be laundered across blockchains by the end of the year. The company also pointed out that many decentralised finance services …

Understanding the current state of crypto assets in India
1 year, 8 months ago

Understanding the current state of crypto assets in India

Live Mint  

It is a sweeping wave for some and a conundrum for others but crypto is the new buzzword in the world of investment finance. On the whole, the government seems to be accepting crypto and the underlying blockchain technology rather than casting them away as ‘risky’ or even ‘banning’ them. Banking is still not a breeze given RBI’s concerns The …

Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses
1 year, 8 months ago

Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses

News 18  

Earlier this month, the finance ministry notified that certain activities relating to virtual digital assets, including cryptocurrencies, will be brought under the ambit of the Prevention of Money Laundering Act, 2002. Now, service providers in this space, specifically VDA exchanges and wallet operators, need to conduct due diligence activities, including reporting suspicious transactions/ activities related to the sale or purchase …

Explained | Why is crypto trade within PMLA ambit?
1 year, 9 months ago

Explained | Why is crypto trade within PMLA ambit?

The Hindu  

The story so far: On March 7, to further tighten the loosely regulated crypto market, the Finance Ministry said that all virtual digital assets will come within the ambit of the Prevention of Money Laundering Act, 2002. Editorial | Belated, but essential: On bringing all trade in virtual digital assets under the PMLA In July 2022, Union Minister of State …

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors
1 year, 9 months ago

Govt ropes in cryptocurrency trade in PMLA. How does it help market, investors

Live Mint  

Finance Ministry has tweaked the anti-money laundering law by bringing cryptocurrencies and other virtual digital assets trade under the ambit. Also, the safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets --- will be covered under the Act. Punit Agarwal, Founder of KoinX said, "The Government …

Money laundering law to apply to crypto trade: Finance Ministry
1 year, 9 months ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Explained | What is the crypto awareness campaign?
1 year, 11 months ago

Explained | What is the crypto awareness campaign?

The Hindu  

The story so far: The Investor Education and Protection Fund will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming. People may presume incorrectly that it is illegal,” he states, adding, “One may be indulging in unlawful transactions like money laundering using crypto assets. As for the allegations, Mr. Menon told The Hindu, “The immutable, public …

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools
2 years, 2 months ago

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools

The Hindu  

Illicit actors, who are masters at using blockchain protocols and platforms, have moved stolen crypto funds between multiple blockchains, leaving law enforcement agencies struggling to follow their money trail. The inter-connected nature of blockchains has resulted in cyber criminals finding more complex ways to launder money and hide their tracks, according to a report by U.K. based blockchain analysis firm …

Part-time job fraud: ED searches 12 entities in Bengaluru, seizes ₹5.85 crore
2 years, 2 months ago

Part-time job fraud: ED searches 12 entities in Bengaluru, seizes ₹5.85 crore

The Hindu  

The Directorate of Enforcement conducted search operations on 12 entities in Bengaluru allegedly involved in a part-time job fraud case and seized ₹5.85 crore under section 17 of the Prevention of Money Laundering Act, 2002. The ED initiated money-laundering investigation on the basis of an FIR registered in South CEN police station, Bengaluru, in the matter related to part-time job …

Intel agencies seek law on crypto deals
2 years, 3 months ago

Intel agencies seek law on crypto deals

The Hindu  

Investigation and intelligence agencies of the government are pressing the Centre to distinctly list crypto currency exchanges under the existing regulatory mechanism, thus making it mandatory for the exchanges to proactively share information regarding suspicious transactions with the police or law enforcement authorities. A senior government official said it had emerged during investigation in the past few months that Chinese …

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources
2 years, 4 months ago

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources

ABP News  

New Delhi: The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said. The agency has frozen Rs …

Weekly Crypto Roundup: new rules, severe report cards, and yet more hacks
2 years, 4 months ago

Weekly Crypto Roundup: new rules, severe report cards, and yet more hacks

The Hindu  

As several crypto firms reported falling revenues in the second quarter of 2022, a growing number of traders are facing the ripple effect of the meltdown spreading from the crypto industry to mainstream companies, triggering regulators around the world to act. The proposal comes as Bitcoin’s value more than halved this year to touch prices below $19,000, and a number …

Money Laundering And Terror Financing Biggest Crypto Crime Concerns: Nirmala Sitharaman
2 years, 8 months ago

Money Laundering And Terror Financing Biggest Crypto Crime Concerns: Nirmala Sitharaman

News 18  

Union minister of finance Nirmala Sitharaman recently said that the biggest risk of cryptocurrency in the midst of the pioneering fintech revolution is money laundering and its use to finance terrorism. Crypto And Crimes Money laundering is one of the most common crimes in the crypto sector, with cases increasing by over 30 per cent between 2020 and 2021, according …

Money laundering, terror financing biggest concerns around cryptocurrency, says Nirmala Sitharaman
2 years, 8 months ago

Money laundering, terror financing biggest concerns around cryptocurrency, says Nirmala Sitharaman

India Today  

Casting further doubts on the already-uncertain cryptocurrency market in India, Union Finance Minister Nirmala Sitharaman on Monday, April 18, said the biggest risk around cryptocurrency is its possibility to be used for money laundering and terror financing. Sitharaman said: “The biggest risk for all countries across the board will be the aspect of money laundering and that of such currency …

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI
2 years, 11 months ago

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI

The Hindu  

Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated risks. "Private cryptocurrencies …

Anonymity Aids Hawala, Terror Deals: Why India's Top Probe Agencies Want Cryptocurrencies Regulated
3 years ago

Anonymity Aids Hawala, Terror Deals: Why India's Top Probe Agencies Want Cryptocurrencies Regulated

News 18  

As debate rages around the government’s proposed move to ban almost all private cryptocurrencies, India’s top investigating and intelligence agencies are keen to have regulations on digital currencies due to what officials say is rampant misuse and difficulties in interception due to the anonymous nature of transactions. Speaking to News18, officials from the Narcotics Control Bureau, National Investigation Agency, Enforcement …

Crypto Money-Laundering, Fear of Terror-Financing Bring Centre to Table, PM Leads Meet
3 years, 1 month ago

Crypto Money-Laundering, Fear of Terror-Financing Bring Centre to Table, PM Leads Meet

News 18  

A high-level meeting, chaired by Prime Minister Narendra Modi, on the way forward for cryptocurrencies in the country concluded on Saturday. Top officials discussed issues related to the matter and put forth their concern over the unregulated crypto market in India and what it can lead to. Sources said that the meeting was a “very comprehensive one” and was an …

How Bitcoin Has Fueled Ransomware Attacks
3 years, 6 months ago

How Bitcoin Has Fueled Ransomware Attacks

NPR  

How Bitcoin Has Fueled Ransomware Attacks Enlarge this image toggle caption SOPA Images/LightRocket via Gett SOPA Images/LightRocket via Gett The problem has long plagued bank robbers and drug smugglers: how to transport and hide huge sums of ill-gotten gains without getting caught? Sponsor Message "You now have a possibility to move millions of dollars worth of cryptocurrency across national boundaries …

China-based online money laundering racket using cryptocurrencies exposed: Cops
3 years, 6 months ago

China-based online money laundering racket using cryptocurrencies exposed: Cops

Hindustan Times  

Uttarakhand police claims to have busted an online racket suspected to have cheated at least ₹250cr from unsuspecting investors by promising to double their money in 15 days but siphoning it out of India instead by converting it into crypto currency. One Pawan Kumar Pandey, accused of running a shadow company to transfer the cheated money to his alleged “handlers …

Banks Wary of Crypto Trades: A Step Towards Crypto Ban in India?
3 years, 7 months ago

Banks Wary of Crypto Trades: A Step Towards Crypto Ban in India?

The Quint  

The move of ICICI blocking transaction related to cryptocurrencies has come after a report published by Reuters on 14 March, which states that trading, mining and holding cryptocurrency could soon be illegal in India as the Indian government is proposing a new Bill that could ban all transactions related to cryptocurrencies. According to a report by Reuters, the new Bill …

Government makes first move to regulate Bitcoin, asks companies to disclose all cryptocurrency dealings
3 years, 8 months ago

Government makes first move to regulate Bitcoin, asks companies to disclose all cryptocurrency dealings

India Today  

Indian government has made its first move to regulate bitcoin and other cryptocurrency by making it mandatory for all companies in the country to disclose their dealings in virtual currency in their balance sheets. The move will boost institutional adoption of crypto assets in India and will take Indian crypto industry to the next phase of growth,” Shivam Thakral, CEO, …

Crypto addresses laundered $1.3 bln in dirty funds
3 years, 10 months ago

Crypto addresses laundered $1.3 bln in dirty funds

The Hindu  

Criminals are using a small group of cryptocurrency brokers and services to launder hundreds of millions of dollars of dirty virtual money, research shared with Reuters showed on Thursday. Just 270 cryptocurrency addresses, many connected to over-the-counter brokers, received $1.3 billion in illicit digital coins last year - some 55% of all criminal crypto flows identified by U.S. blockchain researcher …

Crypto’s dirty side: 270 addresses laundered $1.3bn in 2020
3 years, 10 months ago

Crypto’s dirty side: 270 addresses laundered $1.3bn in 2020

Al Jazeera  

New research shows that criminals are using a small group of crypto brokers to launder hundreds of millions of dollars. Criminals are using a small group of cryptocurrency brokers and services to launder hundreds of millions of dollars of dirty virtual money, research shared with Reuters news agency showed on Thursday. A total 270 cryptocurrency addresses, many connected to over-the-counter …

How India’s cryptocurrency exchanges are countering dirty money
3 years, 11 months ago

How India’s cryptocurrency exchanges are countering dirty money

Live Mint  

Bitcoin and other cryptocurrencies are often used by criminals to launder money. Despite lack of regulation, India's crypto exchanges deploy certain KYC and anti-money laundering procedures, but loopholes remain in the ecosystem. We also insist that money must come from the concerned user's bank account and not some third-party account,” said Nishal Shetty, CEO, WazirX, India’s largest cryptocurrency exchange. “For …

Criminals getting smarter in use of digital currencies to launder money
4 years ago

Criminals getting smarter in use of digital currencies to launder money

The Hindu  

Criminals are becoming more sophisticated in their use of cryptocurrencies to launder money, with hundreds of millions of dollars of dirty funds last year flowing through digital wallets that allow users to hide their trail, according to Elliptic. At least 13% of all criminal proceeds in bitcoin passed through privacy wallets - which make it harder to track cryptocurrency transactions …

Cryptocurrency has the power to revolutionise a corrupt banking system
4 years, 2 months ago

Cryptocurrency has the power to revolutionise a corrupt banking system

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Since the late 90s, thousands of …

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