The Swedish Police Authority and the Financial Intelligence Unit (FIU) have labeled cryptocurrency exchanges as “professional money launderers (PML)” after evaluating services from unlicensed operators.
The FIU asserts that these PMLs are linked to criminal activities, enabling various individuals and networks to engage in systematic money laundering.
The FIU categorized PMLs into four profiles: node exchange providers, hawala exchange providers, asset exchange providers, and platform exchange providers. The report called for increased law enforcement involvement on crypto trading platforms to address illegal operations, highlighting that illicit cryptocurrency providers pose a rising threat in money laundering schemes.
While acknowledging the role of legitimate crypto platforms in combating money laundering, Swedish authorities urged these entities to be vigilant against suspicious trading activities and take necessary precautions, such as halting transactions.
Additionally, the Swedish Tax Agency has investigated 21 crypto-mining firms over the past three years, discovering inconsistencies in their tax filings. Eighteen firms were found to have submitted misleading information to avoid value-added tax.
The agency warned that this results in significant tax losses. Some companies are contesting a $90 million tax claim, with the court accepting appeals from two firms and adjusting the tax amounts accordingly.
The U.S. Securities and Exchange Commission (SEC) has filed charges against TrueCoin and TrustToken for engaging in fraudulent and unregistered sales of investment contracts tied to the TrueUSD (TUSD) stablecoin.
Following new regulations on crypto mining in Russia, Dagestan authorities have uncovered numerous illegal mining operations, prompting the regional prime minister to call for increased law enforcement efforts against these illicit activities amid rising electricity consumption.
Binance has revealed its significant role in assisting India’s Enforcement Directorate (ED) to dismantle Fiewin, a fraudulent online gaming platform that allegedly scammed users out of ₹400 crore (around $47.6 million).
Sky, previously known as MakerDAO, is reconsidering its stance on using Wrapped Bitcoin (WBTC) as collateral after a crucial meeting with BitGo CEO Mike Belshe.