金融合规
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German Operation Thunder: Raid on Illegal Cryptocurrency ATMs, Successfully Seized $28 Million!
On August 20, Germany’s Federal Financial Supervisory Authority (BaFin) launched a massive raid targeting 35 unlicensed cryptocurrency ATM operations.
The nationwide synchronized operation not only resulted in the seizure of $28 million in cash, but also the seizure of 13 cryptocurrency ATMs, demonstrating the German authorities’ determination to curb unlicensed financial activities.
The move, which is backed by law enforcement and the Bundesbank, is part of Germany’s broader effort to tighten regulation of the cryptocurrency market, aimed at reducing risks from unregulated financial activities, especially those involving digital assets, and further cementing its image as a guardian of financial security.
The nationwide synchronized operation not only resulted in the seizure of $28 million in cash, but also the seizure of 13 cryptocurrency ATMs, demonstrating the German authorities’ determination to curb unlicensed financial activities.
The move, which is backed by law enforcement and the Bundesbank, is part of Germany’s broader effort to tighten regulation of the cryptocurrency market, aimed at reducing risks from unregulated financial activities, especially those involving digital assets, and further cementing its image as a guardian of financial security.
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🚨The Fed strikes hard against cryptocurrency-friendly banks!
🏦Hello everyone! Today we are focusing on the latest regulatory measures taken by the Federal Reserve against Customers Bank, a cryptocurrency-friendly bank.
🔍Just recently, an inspection by the Federal Reserve Bank of Philadelphia revealed some major deficiencies in the risk management and compliance practices of Customers Bank, especially in terms of anti-money laundering and bank secrecy laws. Now, the Federal Reserve and the FDIC have begun to implement strict supervision and compliance measures on the bank.
🗣️ Nic Carter posted on social media X: "Customers is one of the largest banks supporting cryptocurrencies. The Federal Reserve and the FDIC are systematically destroying all banks that support cryptocurrencies." This sounds really worrying about the future of cryptocurrencies!
🛡️The Fed's attitude is very clear. They believe that bank boards need to strengthen supervision and devote more resources to managing these high-risk activities. The focus of the review includes the bank's digital asset strategy and instant payment platform.
🤔 This statement caused an uproar in the cryptocurrency community, and many people jumped out to accuse the Federal Reserve and the FDIC of gradually stifling the cryptocurrency business.
📝At the same time, according to the agreement signed between the Federal Reserve and Customers Bank, Customers Bancorp and Customers Bank are required to submit a detailed improvement plan within 60 days to address compliance issues, strengthen board supervision, improve risk management, and ensure compliance with relevant regulations.
🛡️Some people believe that the Fed's actions have strengthened financial security and compliance on the one hand, helping to prevent illegal financial activities; but on the other hand, this regulatory attitude may hinder the innovation and popularity of cryptocurrencies.
🔍 So, what do you think of the Federal Reserve's strengthening of supervision of cryptocurrency-friendly banks? Will this become an obstacle to the development of cryptocurrency, or a protection for the industry?
👇【Join the discussion in the comment area】#美联储 #加密货币监管 #金融合规 #银行监管 #加密货币"
🏦Hello everyone! Today we are focusing on the latest regulatory measures taken by the Federal Reserve against Customers Bank, a cryptocurrency-friendly bank.
🔍Just recently, an inspection by the Federal Reserve Bank of Philadelphia revealed some major deficiencies in the risk management and compliance practices of Customers Bank, especially in terms of anti-money laundering and bank secrecy laws. Now, the Federal Reserve and the FDIC have begun to implement strict supervision and compliance measures on the bank.
🗣️ Nic Carter posted on social media X: "Customers is one of the largest banks supporting cryptocurrencies. The Federal Reserve and the FDIC are systematically destroying all banks that support cryptocurrencies." This sounds really worrying about the future of cryptocurrencies!
🛡️The Fed's attitude is very clear. They believe that bank boards need to strengthen supervision and devote more resources to managing these high-risk activities. The focus of the review includes the bank's digital asset strategy and instant payment platform.
🤔 This statement caused an uproar in the cryptocurrency community, and many people jumped out to accuse the Federal Reserve and the FDIC of gradually stifling the cryptocurrency business.
📝At the same time, according to the agreement signed between the Federal Reserve and Customers Bank, Customers Bancorp and Customers Bank are required to submit a detailed improvement plan within 60 days to address compliance issues, strengthen board supervision, improve risk management, and ensure compliance with relevant regulations.
🛡️Some people believe that the Fed's actions have strengthened financial security and compliance on the one hand, helping to prevent illegal financial activities; but on the other hand, this regulatory attitude may hinder the innovation and popularity of cryptocurrencies.
🔍 So, what do you think of the Federal Reserve's strengthening of supervision of cryptocurrency-friendly banks? Will this become an obstacle to the development of cryptocurrency, or a protection for the industry?
👇【Join the discussion in the comment area】#美联储 #加密货币监管 #金融合规 #银行监管 #加密货币"
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🤝In response to DOJ anti-money laundering violation charges, OKX affiliate agrees to pay $500 million settlement
The U.S. Department of Justice (DOJ) recently filed serious charges against OKX affiliate Aux Cayes FinTech Co. Ltd, alleging that it violated anti-money laundering regulations and deliberately circumvented U.S. law. Ultimately, Aux Cayes pleaded guilty and agreed to pay a settlement of more than $500 million, including an $84 million fine and the forfeiture of $421 million in fees earned from U.S. customers.
The investigation found that OKX had circumvented U.S. trading restrictions by instructing customers to falsify information and even ignored "know your customer" (KYC) regulations. For example, in April 2023, an OKX employee instructed a U.S. customer to enter a false nationality and ID number. In January 2024, the same employee also asked potential customers if they had found other ways to bypass KYC verification.
Although OKX officially bans U.S. users, it still advertises in the United States, sponsors events such as the Tribeca Film Festival, and attracts customers through affiliate marketers. There are even customers who publicly share guides for using VPNs to access the platform.
U.S. Attorney Matthew Podolsky pointed out that OKX failed to implement necessary anti-money laundering measures for more than seven years, resulting in the platform facilitating more than $5 billion in suspicious transactions and illegal gains. These actions exposed the fragility of the financial system and also aroused strong dissatisfaction from regulators.
Aux Cayes acknowledged the regulatory shortcomings, but emphasized that the affected users accounted for only a small part of its customer base. As part of the settlement agreement, OKX voluntarily hired a compliance consultant to strengthen supervision and said it would continue to improve its compliance framework.
💬 What do you think? OKX was fined $500 million this time. Do you think this is a warning to cryptocurrency exchanges or excessive regulation? Leave your opinions and views in the comment area!
#OKX #反洗钱 #KYC #金融合规 #司法部
The U.S. Department of Justice (DOJ) recently filed serious charges against OKX affiliate Aux Cayes FinTech Co. Ltd, alleging that it violated anti-money laundering regulations and deliberately circumvented U.S. law. Ultimately, Aux Cayes pleaded guilty and agreed to pay a settlement of more than $500 million, including an $84 million fine and the forfeiture of $421 million in fees earned from U.S. customers.
The investigation found that OKX had circumvented U.S. trading restrictions by instructing customers to falsify information and even ignored "know your customer" (KYC) regulations. For example, in April 2023, an OKX employee instructed a U.S. customer to enter a false nationality and ID number. In January 2024, the same employee also asked potential customers if they had found other ways to bypass KYC verification.
Although OKX officially bans U.S. users, it still advertises in the United States, sponsors events such as the Tribeca Film Festival, and attracts customers through affiliate marketers. There are even customers who publicly share guides for using VPNs to access the platform.
U.S. Attorney Matthew Podolsky pointed out that OKX failed to implement necessary anti-money laundering measures for more than seven years, resulting in the platform facilitating more than $5 billion in suspicious transactions and illegal gains. These actions exposed the fragility of the financial system and also aroused strong dissatisfaction from regulators.
Aux Cayes acknowledged the regulatory shortcomings, but emphasized that the affected users accounted for only a small part of its customer base. As part of the settlement agreement, OKX voluntarily hired a compliance consultant to strengthen supervision and said it would continue to improve its compliance framework.
💬 What do you think? OKX was fined $500 million this time. Do you think this is a warning to cryptocurrency exchanges or excessive regulation? Leave your opinions and views in the comment area!
#OKX #反洗钱 #KYC #金融合规 #司法部
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