ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) temporarily suspended the financial services provider license of the cryptocurrency trading platform Banxso on Wednesday, citing concerns that its marketing practices promised clients unrealistic returns.There were previous allegations that Banxso used deepfake techniques in its advertising and employed aggressive sales tactics to pressure clients into investing without proper risk assessment.

ChainCatcher news, according to Cryptonews, the short video application TikTok is under scrutiny for allegedly operating in the UK in a manner similar to cryptocurrency exchanges. It is reported that a compliance expert has warned the UK's Financial Conduct Authority (FCA), suggesting that TikTok undergo checks for money laundering and terrorist financing. The expert emphasized that the virtual tokens on TikTok could potentially be indirectly exchanged for real currency through its creator program, which is concerning.This scrutiny stems from TikTok's virtual currency system—TikTok tokens. Users can purchase tokens with real money and gift them on the platform or during live streams. They may also have the option to exchange these tokens back for cash. This process is similar to cryptocurrency trading. Given the strict regulations surrounding cryptocurrency businesses, this system has raised regulatory concerns. Critics argue that TikTok's handling of virtual currency may face the same scrutiny as cryptocurrency platforms. Additionally, such cryptocurrency-like transactions have raised concerns about the security of users' financial data, especially considering the geopolitical sensitivities.It is reported that the letter stated: "TikTok provides funding transfer services for money service businesses through its rewards program and facilitates the exchange of crypto assets for currency or currency for crypto assets, or makes arrangements for such exchanges." As of the time of publication, neither TikTok nor the FCA has responded to Cryptonews' request for comment.

ChainCatcher news, according to TechCrunch, the African cryptocurrency exchange platform Yellow Card has completed a $33 million Series C funding round, led by Blockchain Capital, with participation from Coinbase, Kraken, OpenSea, and Worldcoin. This round of financing will be used to expand its B2B business. Yellow Card's total funding amount has reached at least $88 million.According to the Web3 asset data platform RootData, Yellow Card completed a $15 million Series A funding round in September 2021, led by Valar Ventures, Third Prime, and Castle Island Ventures, and also completed a $40 million Series B funding round in September 2022, led by Polychain Capital.

ChainCatcher news reports that former Philippine mayor Alice Guo is associated with the now-defunct Atom Asset Exchange (AAX), which laundered money and stole customers' crypto assets in 2022.Additionally, Hong Kong police stated that Su Weiyi is the "mastermind" behind AAX, which once had over 2 million users and is now closed. He is accused of absconding with at least $2.15 million of customer cryptocurrency. However, a petition claims that this figure is at least $30 million. Su Weiyi co-owns other companies with partners linked to convicted felons Alice Guo and Huang Zhiyang (Baofu partner).Guo faces 87 charges of money laundering, as well as charges of operating an illegal gambling syndicate and human trafficking. If convicted, she and her accomplices could face up to 1,218 years in prison. Guo denies all charges.

ChainCatcher news, a survey conducted by the fintech company Neo on 100 European Payment Service Providers (PSPs) shows that banks perform poorly in collaborations. Due to restrictions from banking partners, 29% of PSPs are unwilling to cooperate with cryptocurrency exchanges.The survey also found that 95% of PSPs have experienced bank accounts being closed or restricted, with 71% of these cases occurring without a clear reason provided by the banks. To address this issue, most PSPs maintain partnerships with multiple banks, but the process of finding new banking partners is lengthy, averaging 11.5 months.

ChainCatcher news, OKX CEO Star Xu announced the official launch of the VARA licensed cryptocurrency exchange in Dubai.Star Xu stated that it is the first licensed large global exchange in the UAE, serving both retail and institutional clients, and providing a wide range of cryptocurrency trading services in the UAE through the local entity OKX Middle East Fintech FZE, covering over 280 cryptocurrencies and 480 trading pairs.

ChainCatcher news, the Financial Services Commission of South Korea announced plans to establish a Virtual Asset Committee in its audit report to the National Assembly's Political Committee, to discuss significant issues such as the approval of virtual asset spot ETFs and the licensing of virtual asset exchanges.The Virtual Asset Committee is an advisory body that provides policy and institutional recommendations for the virtual asset market and business operators, chaired by the Vice Chairman of the Financial Services Commission, with members consisting of officials.Currently, the Financial Services Commission prohibits the trading of virtual asset ETFs such as Bitcoin, on the grounds that they do not fall under the underlying assets specified in the Capital Markets Act. Additionally, due to concerns about money laundering, companies are also prohibited from opening virtual asset accounts.Furthermore, the Financial Services Commission has established a non-profit foundation (Digital Asset User Protection Foundation), which receives user assets and returns them to businesses that have closed or suspended operations, and is currently conducting updated report reviews for businesses whose reporting period has expired.

ChainCatcher news, according to on-chain analyst @ali_charts, data reveals that in the past week, 15,917 BTC (worth $987 million) have been withdrawn from cryptocurrency exchanges.

ChainCatcher news, according to market news, the cryptocurrency exchange Crypto.com has received a Wells notice from the U.S. Securities and Exchange Commission.It is reported that a "Wells notice" is an informal reminder issued by the U.S. SEC before filing a civil lawsuit against a publicly traded company in the U.S. The company receiving the notice can communicate and negotiate with the SEC before receiving a formal lawsuit.

ChainCatcher news, Hong Kong Virtual Asset Exchange (HKVAX) has become the third cryptocurrency exchange to obtain a license from the Securities and Futures Commission (SFC) of the Hong Kong Special Administrative Region, serving retail customers, and is also the third exchange in Hong Kong to obtain a full license.HKVAX has obtained a Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) Virtual Asset Trading Platform (VATP) license, as well as anti-money laundering and counter-terrorism financing licenses to operate the virtual asset trading platform.

ChainCatcher news, according to DL News, Canadian securities regulators have extended the compliance deadline for cryptocurrency trading platforms to the end of 2024. Previously, there were concerns about the risks associated with stablecoins pegged to fiat currency, and the Canadian Securities Administrators (CSA) have prioritized investor protection. The new deadline was initially set for October, giving exchanges more time to meet regulatory requirements or propose safer alternatives. If these platforms fail to comply by the end of the year, they may face penalties, including being prohibited from offering certain products to Canadian users.In recent years, platforms like Binance, KuCoin, and Poloniex have been forced to exit Canada. Despite the challenges, exchanges such as Kraken, Coinbase, and Bitget continue to operate under these stricter regulations.

ChainCatcher news, according to DLNews, Canadian securities regulators have extended the compliance deadline for cryptocurrency trading platforms, pushing it to the end of 2024. The new deadline was initially set for October to give exchanges more time to meet regulatory requirements or propose safer alternatives.

ChainCatcher news, according to Decrypt, the U.S. Department of Justice has seized domain names associated with three cryptocurrency exchanges that are accused of facilitating illegal transactions worth over $800 million, as part of a coordinated crackdown on Russian money laundering activities.According to a statement, the Department of Justice, in collaboration with the Department of the Treasury, the Secret Service, and international law enforcement partners, announced the indictment of Russian citizen Sergey Ivanov. Ivanov, also known as "Taleon," is accused of operating several money laundering companies that provide services to cybercriminals, including ransomware organizations and darknet drug traffickers.Previous news reported that the U.S. government sanctioned two Russian cryptocurrency exchanges, PM2BTC and Cryptex, related to underground financial activities, as well as two individuals.

ChainCatcher News, the U.S. government has sanctioned two Russian cryptocurrency exchanges, PM2BTC and Cryptex, related to underground financial activities, as well as two individuals.The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department has designated PM2BTC and its associated individual Sergey Ivanov as "primary money laundering concerns," as the exchange is suspected of handling proceeds from ransomware and other illegal activities. Cryptex is alleged to be linked to Russian cybercriminals, involved in over $720 million in illegal transactions.The U.S. Secret Service Cyber Investigations Division, Dutch police, and the Dutch Financial Intelligence and Investigation Service have seized the network domains and infrastructure associated with PM2BTC, Cryptex, and Ivanov.

ChainCatcher news, according to reports from the Hong Kong media, the Hong Kong police have announced a major theft case that occurred at a virtual currency exchange store in the Sham Shui Po district. A 43-year-old man was robbed while exchanging 4 million Hong Kong dollars in cash, and the police have arrested two men involved in the case.On the 25th and 26th, the police arrested two men holding Hong Kong identity cards, aged 23 and 30, respectively, on charges of "conspiracy to commit theft." They are suspected of colluding with a female store clerk and others to set up a virtual currency exchange store specifically to steal customers' cash transaction amounts. The 23-year-old suspect has been provisionally charged with "conspiracy to commit theft" and appeared in the West Kowloon Magistrates' Court on the morning of the 26th; the 30-year-old suspect is still under investigation.The police revealed that the involved exchange store had been operating for about a month and a half. The victim had previously conducted two successful transactions of approximately 400,000 and 800,000 Hong Kong dollars in early September, which may have been a trap set by the fraudsters to gain trust and lure the victim into increasing the investment to 4 million Hong Kong dollars. Notably, there have been 12 similar cases reported in the West Kowloon area in the first nine months of this year, with a total amount involved reaching 10.8 million Hong Kong dollars. In these cases, victims were either robbed or stolen from during cash transactions or did not receive the corresponding amounts after transferring cryptocurrency.

ChainCatcher news, according to Cointelegraph Magazine, cryptocurrency exchanges Coinme and Bittrex are headquartered in Seattle, and some of Binance's servers are also located in the area.In addition, medical marijuana suppliers in the area accept cryptocurrency, and residents do not submit income tax returns. The state's governor has signed a law that expands the state's adoption of blockchain technology.

ChainCatcher news, according to Cointelegraph, South Korea will establish a Digital Asset User Protection Foundation to help users of collapsed cryptocurrency exchanges recover their funds. The foundation is initiated by the self-regulatory organization Digital Asset Exchange Alliance (DAXA) and has been approved by the Financial Services Commission (FSC) of South Korea, with plans to launch in October. The FSC stated that out of 22 cryptocurrency exchanges in South Korea, 10 have already closed, and another 3 have suspended operations, raising concerns about the return of funds to users of the collapsed exchanges.In addition, the safety of user funds at exchanges is also a key concern, as "the private keys for users' virtual asset wallets are stored with the exchange service providers." The foundation will negotiate with the collapsed exchanges to transfer users' funds and virtual assets to the foundation. User cash will be stored in banks, while users' virtual assets will be stored and managed by a still-operating cryptocurrency exchange. The foundation will then contact users to inform them of the fund recovery process. The Digital Asset User Protection Foundation will establish an operational committee composed of representatives from banks managing user funds, exchange representatives, and several experts from government agencies and the private sector. The government will support the foundation.According to previous reports, South Korea enacted the "Virtual Asset User Protection Act" on July 19, requiring exchanges to store customer deposits in banks and to separate customers' virtual assets from their own assets.

ChainCatcher news, according to Cryptonews, the Moscow police in Russia have shut down a "cross-border" cryptocurrency exchange that pretended to be a travel agency, suspected of helping clients transfer funds abroad.The police stated that the exchange processed approximately $2.2 million in cryptocurrency transactions for Russian clients and charged a 1% commission. During the raid, the Ministry of Internal Affairs seized a large amount of cash, receipts, and equipment.The police have charged one "mastermind," and the case is still under investigation, with authorities searching for other accomplices.

ChainCatcher news, according to Cointelegraph, the Swedish Police Authority and the Financial Intelligence Unit (FIU) recently released a report classifying certain cryptocurrency exchanges as "Professional Money Launderers (PML)" and identified four typical money laundering patterns.The report categorizes these illegal exchanges into node trading providers, Hawala trading providers, asset trading providers, and platform trading providers. Node trading providers are deeply integrated into criminal networks, facilitating two-way transactions; Hawala trading providers are connected to underground banking systems, with extensive influence in the Middle East; asset trading providers systematically use crypto assets, with large transaction volumes; and platform trading providers operate on public P2P platforms, primarily serving small-scale drug buyers and fraudsters.The Swedish FIU emphasizes that these illegal cryptocurrency service providers represent an emerging money laundering threat and are crucial to the expansion of organized crime. Authorities are calling for strengthened regulation of cryptocurrency trading platforms while also recognizing the role of legitimate platforms in combating money laundering, urging them to closely monitor suspicious transaction patterns.

ChainCatcher news, the compliance officer of the South Korean cryptocurrency exchange Bithumb resigned on the eve of a routine inspection by the Financial Supervisory Service and was replaced on September 20.It is reported that the former compliance officer and vice president resigned for personal reasons at the beginning of September. Bithumb appointed a new compliance officer on the 20th. Bithumb is currently preparing for the renewal of its Virtual Asset Service Provider (VASP) qualification in November.Industry insiders have stated that the replacement of the compliance officer is suspicious, especially before the Financial Supervisory Service conducts a regular inspection of Bithumb (expected to take place this week), but Bithumb strongly denies this suspicion and states that Vice President Choi left the company for personal reasons and announced his intention to resign before the relevant information was disclosed.