Know Your Customer (KYC) and Customer Due Diligence (CDD) are mission-critical components of successful cryptocurrency compliance. But like most things, their value is dependent on their efficacy. How do cryptocurrency businesses stay ahead of rapidly evolving and increasingly sophisticated financial crime in the space? Simple. By...
Are you confused about the Funds Travel Rule and how it applies to crypto? If so, you're hardly alone. Even blockchain and cryptocurrency experts are still trying to work out the details. Though the initial confusion over the surprise ruling has died down in recent weeks,...
Starting a new business in crypto is risky. It's a new industry built on new technology. New industry means unclear regulatory expectations, and new technology means an increased inherent risk for criminal activity. On top of the usual risks of starting a new business in a...
The cryptocurrency industry is faced with numerous unique challenges. But the most consequential is the need to demonstrate legitimacy, particularly to increasingly hawkish regulators and a skeptical mainstream. Entrepreneurs are attracted to the space for understandable reasons. Cryptocurrency is new, it's exciting, and it's innovative. There's...
Does your cryptocurrency business have a board of directors? It should. For financial institutions and money services businesses (including crypto MSBs), the board of directors provides essential oversight to ensure a business operates safely and in compliance with all relevant laws and regulations. No matter what type...
If you’re newer to crypto, you might hear the acronyms HIFCA and HIDTA tossed about in relation to risk analysis. if so, you've probably wondered what they mean. If you're just looking for a quick answer, this post will explain what HIFCA and HIDTA are in...
How do crypto exchanges select the coins they offer their customers? It’s not as simple as picking a popular coin and figuring out how to support it. Today, crypto exchanges have to consider regulations and compliance with every decision they make, including which coins to select. With...
Cryptocurrency businesses (specifically money services businesses (MSBs) money transmitters), whether consisting of large, international crypto exchanges or a single bitcoin ATM, must monitor transactions as part of a robust AML compliance program. Financial criminals are increasingly attracted to crypto to execute their money laundering schemes. Whether a...
The United States and countries around the world regulate commerce and finance in an effort to create safe, fair, and competitive markets. In other words, regulation isn’t new, and it’s not restricted to cryptocurrency. Stocks, commodities, and government currency are each regulated by specific government...
Cryptocurrency theft has been on the rise for years with crypto scams climbing to $1.2 billion in the first quarter of 2019 according to data from CipherTrace. A growing number of those scams are happening on classifieds websites like Craigslist and involve a wide variety...
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