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Binance helps Taiwan solve $6.2M crypto fraud

The Financial Crimes Compliance (FCC) department of Binance has joined forces with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to tackle a large-scale money laundering case, resolving a 200 million New Taiwan dollars ($6.2 million) digital asset fraud.

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The Financial Crimes Compliance (FCC) department of Binance has joined forces with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to tackle a large-scale money laundering case, resolving a 200 million New Taiwan dollars ($6.2 million) digital asset fraud.

According to an official statement, the operation facilitated criminals in washing illegal proceeds through cryptocurrency transactions. The scammers employed fake remittance documents, counterfeit identification information, and manipulated customer communication records to evade detection by law enforcement.

Through collaborative efforts with Binance, Lo Wei-yuan, a prosecutor in the Taipei District Prosecutors Office, pieced together the complete picture of the suspicions of nine indicted individuals charged with offenses including money laundering, fraud and organized crime.

Binance has implemented measures and efforts beyond standard compliance, actively cooperating with law enforcement agencies worldwide. This includes the industry’s first training program for law enforcement — a coordinated effort worldwide to help law enforcement and prosecutors detect financial and cybercrimes and assist in prosecuting bad actors.

In 2023, Binance applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and Money Laundering Control Act. Local regulatory bodies have previously recognized the exchange’s collaborative efforts in assisting with investigations into digital asset fraud.

Additionally, in March, Binance hosted a virtual asset law enforcement training workshop for officers from the Keelung District Prosecutors Office in Taiwan, sharing its expertise to combat digital asset-related crimes.

Meanwhile, regulators in Taiwan are looking to introduce cryptocurrency regulations by the end of 2024. Huang Tianzhu, the chairman of the FSC, has raised concerns about cryptocurrencies being used for illegal activities and plans to bolster its oversight of crypto exchanges and impose penalties.

The proposed law would mean foreign cryptocurrency platforms risk criminal penalties unless they establish local branches and comply with Anti-Money Laundering (AML) regulations.

Taiwan’s Ministry of Justice recently proposed amendments to existing AML laws that could impose jail terms of up to two years for noncompliant firms and fines of up to $1.5 million. The amendments aim to strengthen the crackdown on fraud and strictly regulate money laundering prevention measures for crypto service providers.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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