🔔 MARKET MOVING NEWS! (18/05/25)
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1️⃣ UK To Require Crypto Firms To Report Every Customer Transaction ‼️
The UK government has reportedly introduced a new rule that requires crypto companies in the country to collect and report data from every customer trade and transfer beginning Jan. 1, 2026. The new rule is part of the UK’s integration of the Organisation for Economic Development’s Cryptoasset Reporting Framework to improve transparency in crypto tax reporting. Collected data will include everything from the user’s full name, home address, tax identification number, the cryptocurrency used and the amount moved. Details of companies, trusts and charities transacting on crypto platforms will also need to be reported. Companies failing to comply may incur penalties of up to 300 British pounds ($398.4) per user. #CryptoUK
2️⃣ Hong Kong Police Busts $15M Laundering Ring That Used Crypto, 500 Bank Accounts 🛡
Hong Kong police have reportedly arrested 12 people involved in a cross-border money laundering syndicate. Local news reports claim the group relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million). The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases. These funds were then converted into crypto at crypto exchange shops. Of the $15 million laundered, more than $1.2 million was linked to 58 reported fraud cases.
3️⃣ Argentinian President Milei Skips Civil Hearing As Libra Case Judge Orders Bank Records Unsealed ▶️
A federal judge has reportedly asked Argentina's central bank to revoke President Javier Milei and his sister Karina Milei's bank secrecy privileges, allowing investigators to look into their financial dealings with the team behind the $LIBRA token project. The same judge had also previously ordered a freeze of the finances of three co-founders of the Libra memecoin. The President and his sister also reportedly declined to show up for a mediation hearing in a prelude to a possible civil suit. Milei has denied any wrongdoing, arguing he just intended to promote the project as a "super technology enthusiast."
4️⃣ Retired Artist Loses $2M In Crypto To Coinbase Impersonator 🔓
Retired artist Ed Suman reportedly lost over $2 million in crypto earlier this year after falling victim to a social engineering scam. Specifically, the scam involved someone fraudulently posing as a Coinbase support representative. The attacker appeared to know that Suman had stored his funds in a hardware wallet. He convinced Suman that his wallet could be vulnerable to a security exploit and walked him through a “security procedure” that involved entering his seed phrase into a website mimicking Coinbase’s interface. A total of 17.5 BTC and 225 ETH, mostly comprising of Suman’s retirement savings, were lost to the attack.
5️⃣ Panama City Mayor Teases Bitcoin Reserve After Meeting El Salvador's Bitcoin Leaders 👀
In a recent X post, Panama City Mayor Mayer Mizrachi appeared to be teasing the possible establishment of a city-level Bitcoin reserve. The post came after his meeting with two of El Salvador’s Bitcoin policy leaders, Max Keiser and Stacy Herbert. Notably, Mizrachi is scheduled to speak before the Bitcoin 2025 conference in Las Vegas in 11 days.