Kingpin Act Designations 8/21/2019 OFFICE OF FOREIGN ASSETS CONTROL Specially Designated Nationals List Update The following individuals have been added to OFAC's SDN List: YAN, Xiaobing (Chinese Traditional: 顏曉兵; Chinese Simplified: 颜晓兵) (a.k.a. "YAN, Steven"; a.k.a. "ZHOU, William"), Wuhan,…
Governments have a new “travel rule” coming your way, and it has nothing to do with what you can put in your carry-on. In guidance released on June 21, 2019, the Financial Action Task Force (FATF) updated its recommendation regarding…
The recent hack of the world’s biggest cryptocurrency exchange, Binance, highlights the need for heightened security in the crypto space. In what Wired reported as “a ‘large-scale security breach,’ hackers stole not only 7,000 bitcoin—equivalent to over $40 million ($56…
In October 2018, the Financial Action Task Force (FATF) amended its Recommendation to clarify how the FATF standards apply to activities or operations involving virtual assets. Recently, FATF asked for consultation comments with regards to a draft “Interpretive Note to…
In light of recent events regarding the acquisition of blockchain analytics company Neutrino, CipherTrace wants to make our position about privacy and confidentiality clear. CipherTrace has received numerous inquiries from the media and customers regarding our privacy policies. On February…
This analysis by CipherTrace looks at Iran’s proposed Crypto-Rial sovereign virtual currency. We conclude that such a currency and the regulations that Iran is proposing, will in fact, result in a flourishing cryptocurrency — i.e., one that benefits the regime…
People use mixers/tumblers as an attempt to preserve privacy when transacting with Bitcoin and other cryptocurrencies by obfuscating their money trail. These services typically do not require Know Your Customer (KYC) checks, and they are primarily used to anonymize fund…
Bitcoin and blockchain technologies are sparking innovation in financial technology (FinTech), but they do have a dark side. Criminals can use bitcoin for illegal activities and attempt to hide their ill-gotten gains, hoping law enforcement will not track the funds…
Treasury working closely with the IRS for examination Some surprising facts regarding the state of the cryptocurrency environment recently came from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Speaking in August 2018 at the Chicago-Kent Block (Legal) Tech…
Recently released research by CipherTrace has been making the news partly because of some surprising stats. For instance, The Cryptocurrency Anti-Money Laundering Report 2018 Q2 reveals that theft of cryptocurrencies from exchanges skyrocketed in the first half of this year to…