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In 2013, Jean-Loup Richet, a research fellow in ESSEC ISIS, researched 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 approach to cyber money laundering was to utilize a digital currency exchanger service that converted dollars into Liberty Reserve and could be sent and received anonymously.
In May 2013, electronic currency exchanger Liberty Reserve was shut down after the alleged founder, Arthur Budovsky Belanchuk, and others were arrested in Costa Rica, Spain, and New York"under charges 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 case"is believed to be the largest international money laundering prosecution in history. "14 More than $40 million in assets were placed under restraint pending forfeiture, and more than 30 Liberty Reserve exchanger domain names were seized.1315 The company was anticipated 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 other cryptocurrencies, many virtual 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 time, suspended trading, closed its website and exchange service, and filed for bankruptcy protection in Japan from creditors.1617 In April 2014, the company began liquidation proceedings.18 This was the effect of a large theft of Bitcoins that were stolen straight from the Mt.
By 2016, several 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 platforms. .
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In 2018, the US Securities and Exchange Commission maintained that"in case a platform features trading of digital assets that are securities and operates within an"exchange," as defined by the federal securities laws, then the system 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 openly.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 own electronic assets for capitals gains tax.28.
In early 2018, Bloomberg News reported the largest cryptocurrency exchanges based 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 issues. According to the poll, the top three cryptocurrency exchanges are Binance, Huobi, and OKEX.
Safety and high trading fees are the top concerns.3031 The exchanges are fairly new and privately held. Many do not report standard information like the names of their owners, financial data, or even the location of the business.32 A study by Mistertango reported that 88% 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 electronic 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 State of Underground Enterprise". IEEE Internet Computing Go Here (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. helpful hints 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 acts to shut down electronic currency trading sites" (Press release). Australian Securities & Investments Commission. 9 November 2004. Archived from the original on 23 March 2011. Retrieved 9 January 2014.