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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 common approach to cyber money laundering was to use an electronic 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 shut down after the alleged founder, Arthur Budovsky Belanchuk, and four others were detained 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 situation"is thought to be the biggest 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 captured.1315 The company was estimated to have laundered $6 billion in criminal proceeds.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 made specifically for the exchange of decentralized cryptocurrencies. Their regulation differs from country to country.
In February 2014, Mt. Gox, the largest cryptocurrency exchange at the time, suspended trading, shut its website and exchange support, 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 huge 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 these licenses for the operation of a cryptocurrency exchange has not been judicially examined. 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 functions within an"exchange," as defined by the federal securities laws, then the platform has to 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 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 hostile, with China banning bitcoin miners and freezing bank accounts.2627 While Australia is yet to announce its conclusive regulations on cryptocurrency, it does require its citizens to disclose their own digital resources for capitals gains tax.28.
In early 2018, Bloomberg News reported the most significant cryptocurrency exchanges dependent 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 survey, the best three cryptocurrency exchanges are Binance, Huobi, and OKEX.
Safety and high trading fees are the top concerns.3031 The exchanges are all fairly new and privately held. Several do not report basic information such as the names of the owners, financial data, or even the location of their business.32 A research by Mistertango reported that 88 percent of cryptocurrency exchanges are in favor of regulation to get operational certainly and price stability.33.
a b c Working Group on Typologies (18 October 2010). "Draft Report page on Money Laundering and Terrorist Financing through New Payment Procedures" (PDF). Paris: Financial Action Task Force. Archived from 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 (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.