ChainCatcher news, according to The Block, the Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activities involving an unnamed group of clients engaged in international cryptocurrency transactions.FinCEN stated that TD Bank processed over 2,000 transactions for a company referred to as "Client Group C" within nine months, which was identified as "allegedly engaged in sales in the financial and real estate sectors." Client Group C misrepresented its planned international wire activities to TD Bank, claiming that its annual sales would not exceed $1 million. In fact, Client Group C allegedly conducted over $1 billion in transactions through TD Bank. Furthermore, 90% of Client Group C's funds came from a UK cryptocurrency exchange, and 60% of the funds flowed to financial institutions in Colombia providing digital asset-related services. Client Group C did not list Colombia as one of the jurisdictions it intended to deal with while working with TD Bank and continued to engage with "high-risk industries and companies" in regions such as the Middle East.Previous news reported that TD Bank became the first bank in the U.S. to admit to conspiracy to launder money, resulting in a $3 billion fine.

ChainCatcher message, according to The Block, the latest report from blockchain analysis company Chainalysis shows that illegal cryptocurrency activities have decreased since the beginning of this year, while the inflow of funds into legitimate services has reached its highest level since the last bull market in 2021. So far this year, the total amount of illegal activities has decreased by 19.6%, from $20.9 billion to $16.7 billion.The report points out that, in addition to the reduction in illegal activities, the inflow of funds into legitimate services has also reached its highest level since the peak of the last cryptocurrency bull market in 2021. This indicates that cryptocurrency is being continuously adopted globally.

ChainCatcher news, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Xu Zhengyu, stated that with the development of the cryptocurrency industry, regulators will review the requirements related to cryptocurrency activities as needed.Xu Zhengyu said today that the Hong Kong Monetary Authority and the Securities and Futures Commission will "closely monitor market developments and review the regulations related to virtual asset activities when appropriate." He made the above comments when a legislator asked whether regulators would expedite the review process for cryptocurrency licenses and relax the rules for intermediaries distributing crypto assets.

ChainCatcher news, according to CoinDesk, the Federal Reserve is launching a new initiative regarding the regulation of banks' cryptocurrency activities to strengthen restrictions on activities involving digital assets and blockchain technology by banks under its supervision, meaning that banks must obtain approval before engaging in digital asset activities.The Federal Reserve also released a more comprehensive explanation stating that regulated banks need to obtain prior approval to participate in stablecoin transactions. Any institution "issuing, holding, or trading dollar stablecoins" must demonstrate to regulators that it can conduct this business in a "safe and sound manner" and requires formal approval from the Federal Reserve. The Federal Reserve stated that the new plan will inform each bank when to review its exposure to digital assets, and the level and intensity of regulation will vary based on the extent of each regulated bank's involvement in digital asset activities.

ChainCatcher news, according to Jinshi reports, U.S. Treasury Secretary Yellen stated that there is no recommendation to completely ban cryptocurrency activities, but it is crucial to establish a strong regulatory framework.

ChainCatcher news, Singapore's Deputy Prime Minister and Finance Minister Lawrence Wong stated in response to parliamentary inquiries that due to the volatility of cryptocurrencies, coupled with their lack of intrinsic value, even well-operated and managed cryptocurrency platforms cannot be immune to collapse. Those engaged in cryptocurrency trading must be prepared to lose all value, as no regulation can eliminate this risk. The government and MAS have distinguished the development of an innovative and responsible digital asset ecosystem from cryptocurrency speculation, and they do not encourage retail public participation.Additionally, Wong pointed out that Singapore has no plans to become a hub for cryptocurrency activities, but rather focuses on being an innovative and responsible participant in the digital asset space. (Source link)