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EU's Anti-Money Laundering Directive (5AMLD) is set to take effect in two weeks. Exchanges will have to register and let authorities obtain KYC of users. This means that even Binance and OKEx, both based in Malta, will be required to follow these rules or leave the EU
Binance currently has a withdrawal limit of 2 BTC (~$14,000), for which it doesn't require KYC. If it's less than 2 BTC, it only requires KYC if there is suspected fraudulent activity, The EU will explicitly not allow that and Binance is based in the EU. Something to watch
I think the only way for Binance to keep the current conditions would be to start geo-blocking all EU users. Wouldn’t be surprised if they announce something similar to when they announced that they’d stop serving U.S. customers
Some smaller businesses, such as Bottle Pay, Simplecoin and Chopcoin have recently announced that they are shutting down altogether because of 5AMLD. Bottle Pay has shut down only three months after raising a $2M seed round
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Larry Cermak
@lawmaster
All I will say about this case is that both Virgil and the Ethereum Foundation showed incredibly poor judgement. This is a textbook case of an ideologically driven individual who probably doesn’t even realize he did anything wrong. And it’s shocking that the the EF didn’t step in
I don’t believe there was any ill-intent rather than just incredibly low level of self-awareness. The case also appears rather weak. But I fear that the U.S. government will try to make an example out of him. Wouldn’t be the first or the last time
Read 8 tweets
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Larry Cermak
@lawmaster
UPDATE: I now have access to 23,000 emails that were leaked by BitMEX. Surprisingly, there is only one person that used a .gov email. There were 66 students/alumni that used .edu email. NYU dominates (7 people), followed by Berkley, and University of Michigan.
64% of people used Gmail, 7% Hotmail, 3.8% Yahoo and only 3.2% ProtonMail
Based on top-level domains, .com obviously dominates with 87%. It's followed by .de (1.8%), .ru (1.1%), .net (0.9%), .co.uk (0.8%), .io (0.7%), .fr (0.6%).
Read 5 tweets
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Larry Cermak
@lawmaster
I now have access to about 3,000 unique emails from the BitMEX leak.

- from what I can tell, there is more than 30,000 unique emails in total
- 67% emails (from my sample size) use gmail, 7% hotmail, 4% yahoo, 3% protonmail
I'd say more than 50% of emails are trivially easy to doxx. Surprisingly high amount of people use a combination of first.lastname or they use a domain of a company that has less than 5 employees. Don't do this...
There is already a 30k email dump selling on darknet. For any user that was involved in this leak, get ready for constant phishing attempts and emails from competitors. Be careful
Read 9 tweets

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LouiseV
@VoterLouise
#Brexit IS about escaping tax + financial #transparency. Conservatives and their donors are terrified of wealth being exposed. UK govt HAVE NOT transposed EU's 5th anti-money laundering directive by the deadline. See here... researchbriefings.parliament.uk/ResearchBriefi…
The EU's 5th #AML Directive requires 'public registers of beneficial owners' of companies. Tory leaders since 2015 desperately tried to exempt UK trusts, crown dependencies + tax havens from this law. Will expose vested interests + tax evaders. Hence #brexit haste.
In fact they don't intend to implement the public registers of company ownership in UK crown dependencies fully, EVER.
It would be the end of them.

Other EU countries don't have such lax donor and registration rules so don't appreciate the shockwaves caused by 5th AML in UK.
Read 8 tweets
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Yorick de Mombynes
@ydemombynes
My 140 favorite quotes from The Ethics of Money Production (2008), by Jörg Guido Hülsmann
1. “#Money is omnipresent in modern life, yet the production of money does not seem to warrant any moral assessment”. J.G.Hülsmann
2. “To be sure, central bank representatives are lecturing the public on the importance of business #ethics; but their concerns do not seem to apply to themselves”. J.G.Hülsmann
Read 142 tweets
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Wale Micaiah
@WaleMicaiah
MONEY LAUNDERING is real, it is an emerging risk, don't be a victim.

It is the process of legitimatizing unclean money by introducing into a valid & trusted system.

The intention is to mystify the origin and 'clean' the money for legal business transactions.

Cc @yinkanubi
The origin of the money is ILLEGAL.

The owner of such then looks for a way to make it LEGAL - that's the cleaning process - by introducing it into a trusted system.

Often, once the money gets into the system they look for a way to get it out and fast. NEVER LEFT FOR LONG!
Then they use the money to start a business however MONEY LAUNDERING KILLS BUSINESSES.

How?

They sell cheaper and make a mess of competitors.

How?

Since they didn't do any real and legitimate business, they have no overheads or much of the variables real businesses consider.
Read 11 tweets
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Natalia
@nataliarodmed
Good morning!

Reports are coming in that the FBI has arrested:
- Former Secretary of Education, Julia Keleher (being investigated for alleged money laundering)
- Former director of ASES, Ángela Ávila, who resigned two weeks ago from her post.
- BDO PR president Fernando Scherer
That BDO Puerto Rico? Yes, this one 👇🏻

latinorebels.com/2019/07/09/fbi…
Because @fortalezapr has not released @ricardorossello comments in English, I’m going to be translating them.

Rosselló is currently out of the country. He’s on vacation with his family in France.
Read 11 tweets
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Polly Sigh
@dcpoll
Anti-money laundering specialists at Deutsche Bank recommended in 2016 & 2017 that suspicious activity in Trump and Kushner accounts be reported but Deutsche execs refused to file the suspicious activity reports that had been prepared with FinCEN.
#Maddow nyti.ms/2Ht1Czs
Former Deutsche Bank employees said the decision not to report the Trump and Kushner transactions – some of which involved money flowing back & forth with overseas entities or individuals – reflects Deutsche’s lax approach to money laundering laws.
#Maddow
Tammy McFadden, a former Deutsche anti-money laundering specialist who reviewed some of the illicit transactions involving Trump and Kushner accounts [which Deutsche execs refused to report to FinCEN], was fired last year after raising concerns about the bank’s practices.
#Maddow
Read 13 tweets
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Pablo Pérez
@PabloPerezA
.@EU_Commission and @Europarl_EN 2014-2018.
Just some of the proposals, directives, regulations, communications...

-Investment plan for Europe
-End of roaming
-EU GDPR
-Circular economy package
-EU Solidarity Corps
-Cross border portability
-End of uUnjustified geoblocking
-Consumer protection when shopping online
-Review Audiovisual Media Services Directive
-New deal for consumers package
-Simplified VAT rules e-commerce
-e-government action plan
-European cloud initiative,
-European open science cloud for researchers
-European high performance computing joint undertaking
-Single digital gateway
-European approach to artificial intelligence (AI)
-e-privacy directive
-Wifi 4 EU
-Established targets for the EU minimum 40 % cut in greenhouse gas emissions compared to 1990
Read 17 tweets

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