Joe Ciccolo - BitAML

Cryptocompliance 101: What Is Compliance, And Do Cryptocurrency Businesses Need It?

Posted on October 8, 2018

According to some analysts, 2017 was the year bitcoin went big. In 2011, a single bitcoin wasn’t even worth a dollar. Then, in 2017, its value soared from $1,000 to over $17,000. It was then that many investors and entrepreneurs began to take notice of cryptocurrency. Perhaps you were one of them. Driven by the […]

What HR 6411, The FinCEN Improvement Act of 2018, Means For Crypto Businesses

Posted on October 1, 2018

Part of BitAML’s role in our industry is to monitor federal regulatory groups and break down what they’re up to for everyday business owners and entrepreneurs in the crypto space. Back in July 2018, for instance, we reported on the IRS and its plans to crack down on crypto crime. Two weeks later, we warned […]

New Malware Attacks On Bitcoin ATMs Points To The Next Big Compliance Hurdle In The Industry

Posted on September 10, 2018

Cryptocurrency ATMs have become one of the primary methods of purchasing bitcoin and other altcoins for users. We should know — ATM operators are one of our biggest customer archetypes. The popularity of ATMs is evidenced, in part, by how ubiquitous they are. As of May 2018, there were more than 3,150 bitcoin ATMs located around […]

Why The DEA’s Recent Remarks On Cryptocurrency-Related Crime Are So Stunning

Posted on September 4, 2018

Almost since its inception, opponents of cryptocurrency have made various attempts to undermine its potential and legitimacy. Top commodities gurus have written cryptocurrency off as a market for criminals and millennials. Leading news outlets almost exclusively focus on cryptocurrency-related crime and fraud, with headlines mostly focused on how many billions in cryptocurrency end up in […]

Here’s How FinCEN Would Respond To A Ponzi Scheme In The Cryptocurrency Industry

Posted on August 13, 2018

In 2014, JPMorgan Chase Bank, N.A. admitted to violating the Bank Secrecy Act. The bank had failed to report dubious transactions which were connected to fraudster Bernard Madoff’s Ponzi scheme. The Financial Crimes Enforcement Network (FinCEN) fined JPMorgan $461 million. Then, in 2016, FinCEN went after Gibraltar Private Bank for knowingly violating federal anti-money laundering rules […]

Malta Provides Legal Certainty For Cryptocurrency: Here’s What It Means For The Rest Of The World

Posted on August 7, 2018

Malta is home to some of the world’s most beautiful historic sites; now, it’s setting itself up to be the world’s cryptocurrency hub. In early July 2018, the Parliament of Malta effectively enacted three bills into law that provided legal certainty for cryptocurrency. Some of the country’s leading voices plan to address the new legislation […]

The IRS Wants To Launch An International Consortium To Crack Down On Crypto Crime

Posted on July 30, 2018

Blockchain technology’s ability to decentralize systems is both its blessing and its curse. On one hand, proponents of the technology praise decentralization as its biggest benefit. They’re not wrong. Nobel Prize winner Ronald Coase once proposed that dealmaking was more productive when done collectively. Blockchain technology is going to help us do just that on […]

Can Crypotocurrency Exchanges Be Regulated Like Banks? The Answer Isn’t So Simple.

Posted on July 23, 2018

To regulate or not to regulate? For many lawmakers, that is the question surrounding cryptocurrency exchanges. Some countries have already begun to regulate cryptocurrency exchanges as they would banks. South Korea, for example, recently unveiled plans to recognize its local exchanges as regulated banks. Several proponents of this regulation argue that it prioritizes investor protection, […]

Cryptocurrency Exchanges And Weak KYC Protocols: A Good Reminder About The Spirit Of Compliance

Posted on July 16, 2018

The findings of a recent study making waves online might prove disturbing, but beyond the headlines, we have yet another perfect opportunity to revisit AML compliance and what it means in our nascent industry. The study, conducted by analytics group P.A.I.D Strategies, revealed that 68% of cryptocurrency exchanges do not comply with “Know Your Customer” (KYC) policies. […]

Author: Joe Ciccolo

Posts by Joe Ciccolo