NCA’s money laundering bust links crypto, cash, drugs & espionage worth billions
The UK’s National Crime Agency (NCA) announced that its multi-national Operation Destabilize is its biggest takedown of money laundering networks in ten years. Led by the UK’s NCA and Border Force in co-operation with police from Ireland, the US, and France, the investigation spanned three years, netted 84 arrests so far, and has already seized £20m in crypto and cash.
Operation Destabilize focused on two money laundering crime groups of Russian origin: Smart and TGR. The linked organized crime groups engaged in ransomware attacks, money laundering for drug dealing and other serious crimes through hard cash and crypto, and espionage.
The core business model of the criminal enterprise was to ‘swap’ illegally generated cash funds held by drug gangs in the UK for equivalent amounts of cryptocurrency- with Tether being preferred because of its relative stability- held by cybercriminals in Russia. The cash would then be funneled through more traditional, cross-border money laundering routes to Russia.
Rob Jones, the NCA Director General of Operations, said that the investigation had exposed an interconnected and sinister network which was previously unknown to crime fighters. He added that now, for the first time, law enforcement agencies were “able to map out a link between Russian elites, crypto-rich cyber criminals, and drugs gangs on the streets of the UK.”
Find out more about this story at OCCRP.
Bitcoin breaks $100K record as Trump chooses pro-crypto SEC boss
In the shadow of President-elect Trump’s inauguration on January 20, 2025, Bitcoin surged to a record value of $103,619 on December 4, 2024. The cryptocurrency’s 45% rise in value since his election stems from his promise to usher in a more crypto-friendly regulatory environment.
Breaching the $100K threshold was fueled by his nomination of Paul Atkins, a lobbyist on behalf of lighter crypto industry regulation who was previously a SEC commissioner, as Chair of the Securities and Exchange Commission (SEC). Atkins is slated to displace the outgoing Biden Administration’s Gary Gensler – who took a tougher stance on digital currencies – from the role when Trump is inaugurated.
Trump, who as recently as 2021 labelled Bitcoin a likely “scam”, has embraced cryptocurrencies throughout his successful re-election campaign. Concomitantly, the value of Bitcoin and other cryptocurrencies has soared.
Other indicators of his incoming administration’s probable position on the crypto industry are his appointment of tech entrepreneur and crypto advocate Elon Musk as head of a fledgling advisory group, the Department of Government Efficiency, and former PayPal COO David Sacks as the White House’s “AI and crypto czar”.
Find out more about this story at The Guardian.
BitOasis crypto trading platform, owned by CoinDCX, gets full Dubai VASP license
BitOasis, the Dubai-based crypto trading platform, announced on December 12, 2024, that the Dubai Virtual Asset Regulatory Authority (VARA) had granted it a full virtual asset service provider (VASP) license. The license is the climax of BitOasis’ regulatory journey in Dubai.
BitOasis was founded in 2015 and was an early entrant into the MENA region’s nascent crypto market. When the Dubai VARA was established in March 2022, BitOasis was one of the first crypto platforms to acquire provisional operating rights. A period of suspension for missing certain regulatory obligations by their deadlines followed, before the Indian crypto Exchange CoinDCX acquired BitOasis in July 2024.
Commenting on the latest development, BitOasis co-founder and CEO, Ola Doudin said “securing the full VASP License is not only a testament to our team’s dedication to [VARA] regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability.”
Find out more about this story at Coin Telegraph.
Latvia set to ease MiCA compliance for crypto industry with fast-track consultations
The Central Bank of Latvia (Latjivas Banka) has invited crypto businesses, entities, and exchanges which want to acquire MiCA compliant trading licenses to apply for free and easily accessible pre-approval consultations with its expert staff members.
The pre-licensing process of Latjivas Banka- which has a tradition of supporting FinTech and financial system innovation- offers instruction to participants on how viable their applications are, what regulatory requirements must be met, and guidance on the preparation of documents.
The bank also promises a response time of 48 hours for applicants, whom, if successful, can start work in the crypto industry more quickly.
Marine Krasovska, Latjivas Banka’s financial technology supervision head, said of the initiative that “in Latvia, we have achieved excellence in compliance and are well-equipped to support companies facing the challenge of navigating the comprehensive and complex requirements of MiCA regulation.”
Find out more about this story at Finextra.
Australia’s AML/CFT regulator cracks down on crypto ATM financial crime
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has formed a task force to enforce laws governing crypto exchanges. The task force will ensure that exchanges which run crypto ATMs comply with the country’s anti-money laundering (AML) regime standards and implement robust practices which stop the machines being used to perpetrate scams, frauds, and money laundering.
With about 1200 active crypto ATMs- the third-most in the world- operators are expected to:
- Implement transaction monitoring systems.
- Vett customers through know your customer (KYC) processes.
- File reports on suspicious activities when they are identified.
- Cash withdrawals and deposits of $10K or more must be followed up by threshold transaction reports (TTRs).
Commenting on the mandate of the task force, AUSTRAC CEO Brendan Thomas said that “cryptocurrency ATM providers need to ensure they are complying with their money laundering obligations and are reducing the risks of crime. If they’re ignoring those obligations, they risk being subject to significant financial penalties, and AUSTRAC won’t hesitate in taking action.”
Find out more about this story at AUSTRAC.
