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In 2013, Jean-Loup Richet, a research fellow at ESSEC ISIS, surveyed new money laundering techniques that cybercriminals were using in a report written for the United Nations Office on Drugs and Crime.12 A more common method of cyber money laundering was to use a digital currency exchanger service which converted dollars into Liberty Reserve and may be sent and received anonymously.
In May 2013, digital currency exchanger Liberty Reserve was closed down following the alleged founder, Arthur Budovsky Belanchuk, and others were arrested in Costa Rica, Spain, and New York"under fees for conspiracy to commit money laundering and conspiracy and operation of an unlicensed money transmitting business. "13 Budovsky, a former U.S.
Indictment said the situation"is believed to be the biggest international money laundering prosecution in history. "14 More than $40 million in assets were put under restraint pending forfeiture, and more than 30 Liberty Reserve exchanger domain names were seized.1315 The company was estimated to have laundered $6 billion in criminal earnings.13.
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Following the launch of a decentralized cryptocurrency bitcoin in 2008 and the subsequent introduction of different cryptocurrencies, many digital platforms have been created especially for the exchange of decentralized cryptocurrencies. Their regulation differs from country to country.
In February 2014, Mt. Gox, the most significant cryptocurrency exchange at the moment, suspended trading, closed its site and exchange service, and filed for bankruptcy protection in Japan from lenders.1617 In April 2014, the company began liquidation proceedings.18 This was the effect of a large theft of Bitcoins which were stolen directly from the Mt.
By 2016, many cryptocurrency exchanges operating in the European Union obtained licenses under the EU Payment Services Directive and the EU Electronic Money Directive.21 The adequacy of such licenses for the operation of a cryptocurrency exchange has not been judicially tested. The European Council and the European Parliament announced that they are able to issue regulations to impose stricter rules targeting exchange programs. .
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In 2018, the US Securities and Exchange Commission maintained that"in case a platform offers trading of electronic assets that are securities and operates as an"exchange," as defined check it out by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration".22 The Commodity Futures Trading Commission now permits the trading of cryptocurrency derivatives publicly.23.
Among the Asian countries, Japan is much more forthcoming and regulations mandate the need for a special license from the Financial Services Authority to run a cryptocurrency exchange.2425 China and Korea remain aggressive, together with China banning bitcoin miners and freezing bank accounts.2627 While Australia is yet to announce its conclusive regulations on cryptocurrency, it will require its citizens to disclose their electronic assets for capitals gains tax.28.
In early 2018, Bloomberg News reported that the largest cryptocurrency exchanges dependent additional resources on the volume and estimated revenues data collected by CoinMarketCap.29 Similar data was reported on Statista in a poll by Encrybit to understand cryptocurrency exchange problems. According to the survey, the best three cryptocurrency exchanges are Binance, Huobi, and OKEX.
Safety and higher trading fees are the top concerns.3031 The exchanges are all fairly new and privately held. Several do not report basic information like the names of their owners, financial data, or even the location of the business.32 A study by Mistertango reported that 88 percent of cryptocurrency exchanges are in favor of regulation for operational certainly and price equilibrium.33.
a b c Working Group on Typologies (18 October 2010). "Draft Report on Money Laundering and Terrorist Financing via New Payment Methods" (PDF). Paris: Financial Action Task Force. Archived in the original (PDF) on 11 February 2014.
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A b"Substantiation Money laundering in digital currencies (Unclassified)". Money Laundering in Digital Currencies. National Drug Intelligence Center, US Department of Justice. June 2008. Retrieved 11 January 2014.
a b c Sood, Aditya K; Enbody, Richard J; Bansal, Rohit (2013). "Cybercrime: Dissecting the Condition of Underground Enterprise". IEEE Internet Computing Recommended Site (1). IEEE Computer Society. pp. 6068. doi:10.1109/MIC.2012.61.
Byrnes, William H.; Munro, Robert J. (2 October 2013). Money Laundering, Asset Forfeiture and Recovery and Compliance A Global Guide. LexisNexis. p. 2802. ISBN 978-0-327-17084-6. (Page number assigned by Google Books.)
a b c d e Hesterman, Jennifer L (17 April 2013). The Terrorist-Criminal Nexus: An Alliance of International Drug Cartels, Organized Crime, and Terror Groups. CRC Press. p. 218. ISBN 978-1-4665-5761-1.
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"ASIC functions to shut down electronic currency trading websites" (Press release). Australian Securities & Investments Commission. 9 November 2004. Archived from the original on 23 March 2011. Retrieved 9 January 2014.