Canada announces regulation of bitcoin, digital currencies and Internet gambling sites under anti-money laundering laws

Tweet Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed […]

Two arrested, including one Canadian, in the 1st state bitcoin prosecution in Florida over alleged money laundering

Tweet In another first for bitcoin, the Miami Beach Police today arrested two men for alleged money laundering involving bitcoin. And one of them is Canadian. According to police, undercover officers and special agents from the Miami Electronic Crimes Task Force posed as bitcoins buyers and contacted various bitcoin sellers on the website “localbitcoins.com” specifically […]

Marijuana brownies & the “smell of money laundering” – email evidence leads to arrest of Bitcoin guru over money laundering charges

Tweet One of Bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based Bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The complaint was filed by U.S. Attorney for the Southern District of New York, […]

Liberty Reserve founder pleads guilty to money laundering

Tweet Money laundering conviction The US government announced that one of the co-founders of Liberty Reserve, Vladimir Kats, pleaded guilty to money laundering and operating an unlicensed money transmitting business yesterday. The US government found that Liberty Reserve was one of the world’s most popular virtual currency services. It’s co-founders were indicted¬†in the U.S. in […]

SEC charges Texas man with securities fraud for allegedly running Ponzi scheme involving bitcoin investments

Tweet Alleged Ponzi scheme involving bitcoin The U.S. Securities & Exchange Commission announced today that it has charged Texas resident, Trendon Shavers, and an entity he ran called Bitcoin Savings and Trust (“BTCST“), with defrauding investors through the operation of a Ponzi scheme involving bitcoin. Bitcoin is a popular virtual currency. The charges have nothing […]

Online games may be new vehicle for money launderers

Tweet According to this article in PoliceOne.com, online virtual games are fast becoming a preferred method of money laundering proceeds of crime for criminals. Online games such as “Second Life”, “World of Warcraft” and “Dungeons and Dragons”, allow players to purchase goods and services using real credit or charge cards (i.e., American Express), electronic payment […]