{"id":45022,"date":"2020-10-22T20:53:48","date_gmt":"2020-10-23T00:53:48","guid":{"rendered":"https:\/\/www.opensource.im\/uncategorized\/cryptocurrency-provider-tightens-compliance-in-face-of-widespread-fraud-jd-supra.php"},"modified":"2020-10-22T20:53:48","modified_gmt":"2020-10-23T00:53:48","slug":"cryptocurrency-provider-tightens-compliance-in-face-of-widespread-fraud-jd-supra","status":"publish","type":"post","link":"https:\/\/euvolution.com\/open-source-convergence\/cryptocurrency\/cryptocurrency-provider-tightens-compliance-in-face-of-widespread-fraud-jd-supra.php","title":{"rendered":"Cryptocurrency provider tightens compliance in face of widespread fraud &#8211; JD Supra"},"content":{"rendered":"<p><p>CEP Magazine (October 2020)<\/p>\n<p>LocalBitcoins, a Finnish peer-to-peer bitcoin marketplace plagued by criminal transactions, has spent the past year bolstering its compliance functions[1] after a study found that the marketplace processed the most criminal transactions of any cryptocurrency platform in the world.<\/p>\n<p>CipherTrace, a blockchain forensics firm, released its spring 2020 report on criminal transactions across global cryptocurrency platforms,[2] which found that Finnish exchanges led the world for the third straight year, with just over 12% of all dark web cryptocurrency transactions flowing through its platform. The next highest percentage was found to be through Russian exchanges, which processed more than 5% of all criminal transactions.<\/p>\n<p>The results led LocalBitcoins to invest in automatic screening and vetting software, as well as to implement protocols to align itself with Europes anti-money laundering directive[3] (AMLD5), which was published in May 2018. AMLD5 requires financial firms to implement strict know-your-customer protocols and extends to cryptocurrency platforms.<\/p>\n<p>The CipherTrace study found that overall criminal transactions across all cryptocurrency platforms have decreased as more platforms implement stricter controls and compliance programs.<\/p>\n<p><!-- Auto Generated --><\/p>\n<p>Read more:<br \/>\n<a target=\"_blank\" href=\"https:\/\/www.jdsupra.com\/legalnews\/cryptocurrency-provider-tightens-39203\/\" title=\"Cryptocurrency provider tightens compliance in face of widespread fraud - JD Supra\" rel=\"noopener noreferrer\">Cryptocurrency provider tightens compliance in face of widespread fraud - JD Supra<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> CEP Magazine (October 2020) LocalBitcoins, a Finnish peer-to-peer bitcoin marketplace plagued by criminal transactions, has spent the past year bolstering its compliance functions[1] after a study found that the marketplace processed the most criminal transactions of any cryptocurrency platform in the world. CipherTrace, a blockchain forensics firm, released its spring 2020 report on criminal transactions across global cryptocurrency platforms,[2] which found that Finnish exchanges led the world for the third straight year, with just over 12% of all dark web cryptocurrency transactions flowing through its platform. The next highest percentage was found to be through Russian exchanges, which processed more than 5% of all criminal transactions<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[869],"tags":[],"class_list":["post-45022","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/posts\/45022"}],"collection":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/comments?post=45022"}],"version-history":[{"count":0,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/posts\/45022\/revisions"}],"wp:attachment":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/media?parent=45022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/categories?post=45022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/tags?post=45022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}