News & Analysis as of September 13, 2024

Virtual Currency › Fraud

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Weekly Blockchain Blog - April 2024 #5

BakerHostetler on 4/29/2024

Hong Kong Approves Crypto ETFs; Crypto Security, Payments Products Launch - According to recent reports, the Hong Kong Securities and Futures Trading Commission has conditionally approved the launch of the first spot...more

CFPB Levels Up: Consumer Risks in Gaming Draws Regulatory Scrutiny

Husch Blackwell LLP on 4/18/2024

If you thought virtual reality was free from real-world regulations, think again. On April 4, 2024, the CFPB released an Issue Spotlight that dives deeply into a realm the agency had not previously traversed—video games and...more

Fraud Is The Number One Crime In Money Laundering

Foodman CPAs & Advisors on 3/13/2024

On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek...more

Notable Litigation – January 2024

McGuireWoods LLP on 2/20/2024

Notable litigation filed during January 2024 includes: (1) Bajuri v. Shiba Prop, LLC, et al. and (2) SEC v. Lee, et al....more

CryptoLink - December 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on 1/19/2024

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

Crypto Fraud Remains Focus of CFTC Whistleblower Program

Kohn, Kohn & Colapinto LLP on 11/2/2023

For the second straight year, the majority of whistleblower tips received by the Commodity Futures Trading Commission (CFTC) Whistleblower Program were related to cryptocurrency fraud. On October 31, the CFTC released its...more

The State AG Report – 10.26.2023

Cozen O'Connor on 10/30/2023

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Bipartisan AGs Step Up to the Plate to Challenge Baseball...more

Issues in Cryptocurrency Fraud Claims

Cooley LLP on 7/25/2023

The Courts and Tribunals Judiciary has published the Speech by HHJ Pelling KC: Issues in Crypto Currency Fraud Claims – an update, an interesting and thoughtful review of recent developments given at the ThoughtLeaders4...more

CRPTO Act Cracks Down On CRYPTO

Pietragallo Gordon Alfano Bosick & Raspanti,... on 5/9/2023

Regulators have been slow walking the imposition of cryptocurrency regulation schemes despite multi-billion-dollar thefts and losses. This lack of regulation could be coming to an end…and fast, with the finance capital of the...more

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on 1/6/2023

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

Crypto Litigation Claims, Defenses Industry Should Watch

Bilzin Sumberg on 8/12/2022

Cryptocurrency companies face a steadily growing number of lawsuits, adding to a list of recent headaches for their industry. That list includes steep recent declines in investment value and a high probability of new...more

New NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions;...

BakerHostetler on 8/8/2022

New NFT Initiatives Announced in Jewelry, Automobile and Liquor Industries - A U.S. luxury jeweler has reportedly partnered with the popular NFT (non-fungible tokens) collection CryptoPunk to transform the digital...more

DOJ Charges Six Individuals with NFT Fraud

Sheppard Mullin Richter & Hampton LLP on 7/22/2022

On June 30, the DOJ charged six individuals in four separate cases for a fraudulent NFT trading scheme. The first case alleged that an individual committed wire fraud and engaged in a conspiracy to commit international...more

Daily Financial Regulation Update -- Saturday, July 2, 2022

Paul Hastings LLP on 7/5/2022

Major Developments- Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses...more

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on 6/10/2022

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT...

BakerHostetler on 6/6/2022

New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch - A leading global cryptocurrency platform has reportedly announced a partnership with a global e-commerce platform that would allow e-commerce...more

¿Víctima De Cripto-Fraude? Un Contador Forense Puede Ser Capaz De Ayudar

Foodman CPAs & Advisors on 5/25/2022

Los inversionistas en el espacio de cripto deben estar conscientes de que el cripto-fraude existe en el espacio criptográfico de la misma manera que existe y tiene lugar en el espacio fiduciario tradicional. Los...more

Crypto and Virtual Currency Risks

K2 Integrity on 1/26/2022

The ABA/ABA Financial Crimes Enforcement Conference took place January 11-13, with K2 Integrity Managing Director Gabriel Hidalgo, who leads the firm’s Crypto and Fintech Advisory practice, leading an important conversation...more

Crypto Payment Products Launch; SEC Addresses DeFi, Targets DAO Tokens; OFAC Adds Crypto Exchange to SDN List; Crypto Fraud...

BakerHostetler on 11/15/2021

New Crypto Payment Products Launch, Report Cites Exchange Consolidation - This week, a major U.S. financial services firm announced its partnership with three leading cryptocurrency service providers in the Asia Pacific...more

Sound the Alarm: DOJ’s New Criminal and Civil Tools to Combat Crypto-Cyber Threats Should Prompt Investment in Cyber Compliance

Vinson & Elkins LLP on 10/28/2021

As a strong signal that it intends to increase its focus on illicit crypto transactions, the Department of Justice (“DOJ”) announced the creation of an enforcement team, the National Cryptocurrency Enforcement Team (“NCET”),...more

NFT Market Expands in Alcohol, Athletics and Art; Regulators Warn Against Crypto Risks; U.S. Agencies Target Crypto Fraud

BakerHostetler on 9/13/2021

Alcohol, Athletics, and Art: NFT Adoption Continues to Expand - To celebrate National Rum Day, a privately held liquor label has reportedly launched a platform from which it will auction a specially designed non-fungible...more

CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud,...

BakerHostetler on 9/7/2021

CBDC Initiatives Announced, Blockchain Trade Finance Platform Launches - This week, the Bank for International Settlements (BIS) announced Project Dunbar, an initiative in which BIS will collaborate with the Reserve Bank of...more

FinCEN Announces Anti-Money Laundering Priorities

McDermott Will & Emery on 7/19/2021

The Financial Crimes Enforcement Network (FinCEN) recently issued its government-wide anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (AML/CFT priorities). FinCEN issued the AML/CFT...more

Crypto Initiatives Announced in Exchanges, ETFs, Payments; NFT Initiatives Continue; Bitcoin Mining Difficulty Adjusts; Global...

BakerHostetler on 7/19/2021

Cryptocurrency Exchanges, ETFs and Payment Initiatives Announced - Cryptocurrency firm Bullish announced its intention to go public on the New York Stock Exchange as it prepares to launch a cryptocurrency exchange, according...more

New FinCEN Anti-Money Laundering Priorities

Foley & Lardner LLP on 7/13/2021

Financial Crimes Enforcement Network (FinCEN) remains committed to combating money laundering, in all forms, in connection with the banking and financial systems. To this end, on June 30, 2021, FinCEN issued new...more

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Virtual Currency › Fraud

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