Canada Faces Crypto Oversight Struggles As Underground Transactions Facilitat...
An undercover investigation revealed that both registered and unregistered crypto platforms in Canada have exploited the country’s regulatory loopholes and facilitated violations of Anti-Money Laundering (AML) rules. Related Reading: Japan Signals Big Shift: FSA Set To Classify Crypto As Financial Products Canada’s Crypto-Cash Service Compliance Concerns On Monday, CBC News shared a joint investigation with […]
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China has shut down many underground cryptocurrency apps. A total of 13 underground trading applications have shut down after putting a ban on them for almost one year. As suggested by reports, China, which happens to be the world’s second-largest economy, has called crypto-related transactions illegal. China regulators have taken down 23 crypto-media websites and […]
Unlike the flawed banking system, Bitcoin and digital currency put the end user in full control of their money, wherever they are, at any given time. There is no central oversight, which some people see as a weakness. But stories such as what is going on in Canada goes to show how central oversight is not always preferable when the wrong people are in charge. Regardless of where one looks in the world, financial turmoil is brewing everywhere around us. Canada is no exception to this statement, unfortunately, even though the new Liberal government is planning to invest in people and the....
Bitcoin faces significant uncertainty as the trade war between the US and Canada could disrupt mining operations. Ontario Premier Doug Ford has warned that Canada may impose retaliatory tariffs on electricity exports to northern US states—or even cut the flow of power entirely—in response to tariffs introduced by US President Donald Trump. US-Canada Feud Could […]
Perhaps one of the biggest characteristics associated with bitcoin transactions is anonymity, as transaction verification occurs through a complex algorithm instead of checking identities. However, it is also this very characteristic that has made the use of bitcoin prevalent in criminal activity and underground markets, earning the ire of government officials and financial regulators. Australian startup company IDentabit plans on making an identity-based bitcoin alternative in order to help the cryptocurrency get rid of its association with illegal dealings and money laundering. This....
Five underground economy forums were closed and arrests made by the German Law Enforcement Agencies in the recent days. Bitcoin has gained the notoriety of being the criminal’s currency. The use of bitcoin on the deep web marketplaces like Silk Road since its early days has garnered the public’s interest in the digital currency. In its initial days, bitcoin was considered to be completely anonymous. The assumed anonymity combined with ease of transaction made it a preferred currency for the underground economy. However, it has been proven that the bitcoin transactions are pseudonymous at....