India’s Enforcement Directorate has exposed a massive $ 48 million scam linked to the online gaming app Fiewin, connected to Chinese nationals. Following an in-depth investigation, an equivalent of about $ 3 million has been frozen in accounts tied to these individuals. The scam lured users with quick earning schemes but blocked fund …
A Denver resident has been convicted of running an illegal gambling business involving several parlors across Colorado. The scheme involved electronic games and a fake cryptocurrency to conceal the exchange of credits for cash, revealing fraud and money laundering. The only function of this crypto “was to be exchanged for cash at an ATM-like ‘cryptocurrency […]
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Brazilian police dismantle $ 9.7 billion crypto laundering rings, Brazil uses an artificial intelligence (AI) tool to detect tax fraud linked to cryptocurrency, and Latam’s neobank Nubank halts trading of its coin. …
The U.S. Securities and Exchange Commission (SEC) has charged Ideanomics Inc. and three of its senior executives with fraud for misleading financial disclosures from 2017 to 2019. Former Chairman and CEO Zheng (Bruno) Wu, current CEO Alfred Poor, and former CFO Federico Tovar were implicated in overstating the company’s financial performance and failing to disclose […]
The U.S. Federal Reserve has taken decisive action against Customers Bank, highlighting significant compliance deficiencies in its digital asset strategy and instant payments network. The enforcement action mandates the bank to bolster its Anti-Money Laundering (AML) protocols and limit risks associated with its digital asset clients. This move underscores the increasing regulatory scrutiny on financial […]