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When it comes to understanding compliance, it's easy to get lost in a sea of legalese and confusing jargon. A lot of newcomers to the space are often overwhelmed by the amount of stuff you need to know and keep track of in order to...
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...
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...
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...
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 cybercrime and fraud, with headlines mostly...
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...
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...
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...
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...
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...
