Blackmail of the Binance exchange continues.. https://punchng.com/fg-files-tax-evasion-charges-against-binance/"The Federal Government on Monday initiated proceedings against Binance, a prominent cryptocurrency exchange platform over tax evasion. The charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service. In the suit with number: FHC/ABJ/CR/115/2024, FIRS implicated Binance with four tax evasion accusations adding that it was a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country. Joined with the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission." |
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This topic needs to be examined more thoroughly, because the document contains a lot of pages. In a couple of years, AML Rules will work almost always when payments are made from an unknown wallet to a custodial wallet and vice versa.
And a limit of less than 1000 euros does not guarantee that there will be no checks.
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I have read many opinions on this matter and my friends, lawyers in Europe, say that SBF will receive a long prison sentence, at least 20 years.
That estimate was close! Part of his sentencing should be if he appeals and loses it gets bumped up to 100 years WITHOUT the possibility of parole. He got a gift. At least that was the penalty Ross Ulbricht was given and looking at the two, there is not much difference between their crimes so why does SBF get to be treated differently?
Because maybe SBF had alot of money to pay people. Now I'm not saying that he paid the judge off but I think this whole trial was just a formality. This suggests that the lawyers I know understand more about these nuances. To file an appeal, you need very serious circumstances and facts that have not yet been announced in court before. And in order to get out of prison for good behavior, you need to serve a certain period of time there. In Russia, this only works after a person has served 2/3 of his sentence. |
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So the mixer still works after all  I remember having an argument with someone who claimed that the mixer was no longer functional. What he didn't probably know is that it's a smart contract of sorts, which is immutable as long as the blockchain it's built on is working. It however looks like the hackers don't know about the existence of other reliable bitcoin mixers? The mixer web interface does not work, but the smart contract will live as long as the blockchain is running. __ https://www.coindesk.com/policy/2024/03/27/dutch-prosecutors-seek-64-month-jail-sentence-for-tornado-cash-dev-alexey-pertsev/Dutch Prosecutors Seek 64-Month Jail Sentence for Tornado Cash Dev Alexey Pertsev The judge will deliver the verdict on May 14, the court said. "Prosecutors seek to sentence Tornado Cash developer Alexey Pertsev to 64 months in jail, members of their team told CoinDesk. The consequences of the trial could have wider implications on how developers of open-source projects are treated." |
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^
Я примерно догадываюсь какие они интересы преследуют - под призмой защиты инвесторов ошкуривать различные проекты и зарабатывать деньги на инсайдерской торговле, что они могут очень легко делать без каких-то последствий. Хотелось бы чтобы даже если они не занимаются этим, в чем я сильно сомневаюсь, такая возможность была полностью исключена. Я сильно сомневаюсь что на мировые биржи просто так закинули актив, который 14 лет назад стоил ничего, а теперь дороже 60К. Примерно 50% владельцев актива вроде как известны https://bitcointalk.org/index.php?topic=5487893а остальные нет |
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PROVISIONAL AGREEMENT RESULTING FROM INTERINSTITUTIONAL NEGOTIATIONS https://www.europarl.europa.eu/meetdocs/2014_2019/plmrep/COMMITTEES/CJ12/AG/2024/03-19/1297044EN.pdf✔️ AMLR (AML Rules) is not crypto regulation, but an extended AML/CFT system for institutions with the status of "obliged entities" (OEs). ✔️ All financial institutions, including CSPS (crypto asset service providers), are such. ✔️ Non-financial organizations such as football clubs or gambling services are subject to this most extended system (AMLR). ❗️AMLR does not apply to providers of hardware and software for self-storage of cryptocurrency (for example, Ledger or Metamask, etc.). ✔️ AMLR will apply to all CASPs (exchanges, brokers, etc.) that are regulated by MiCA. In these cases, standard KYC/AML procedures will need to be followed. CASP - Crypto-Asset Service Provider. (a striking example is a crypto exchange) ✔️This is nothing new as all crypto exchanges and custodial wallet providers in the EU are already subject to these obligations under the current AMLD5. ✔️ AMLR (Art. 58) - “custodial crypto business cannot provide services to anonymous users.” This is already prohibited in Europe... ✔️ CASP also does not provide services to anonymous users and does not work with “privacy coins” - an already existing business practice around the world. Nothing new. ( https://t.me/crypto_hd) ✔️ MiCA already prohibits the listing of crypto assets with a built-in anonymization function. ( https://t.me/crypto_hd) (anonymization function) ✔️ AMLR, art. 31b - the rule requires "risk mitigation measures" when it comes to transactions between a CASP (exchange) and a non-custodial wallet - the origin and purpose of these assets. ✔️ Existing crypto regulation (FATF, TFR) already requires crypto exchanges (CASPs) to at least collect data on transfers to/from self-custody wallets. (Ledger, Metamask, etc.). ✔️ AMLR Art. 59 - Cash payments are indeed limited to €10,000. Lower limits may also be introduced in the EU. ✔️ The limit of 1000 € is NOT ACCEPTED when it comes to transferring, say, from Ledger to a crypto exchange. ✔️ You can use your wallets to purchase goods/services in the EU without any restrictions. ✔️ If you want to transfer, say, #USDC for 1000 € to a crypto exchange, then the company will have to verify your identity (KYC/AML), according to AMLR Art. 15. crypto_hd(С) ( https://t.me/crypto_hd) In detail, Patrick Hansen breaks down all the highlights in his tweet https://twitter.com/paddi_hansen/status/1771929862602637788"Yesterday was a prime example of why crypto Twitter (and often crypto media) should not be trusted when it comes to crypto policy. Let's debunk claims that the EU is banning anonymous crypto transactions or self-custodial wallets. Here is what’s actually in the EU Anti Money Laundering Regulation (AMLR) and what in means for crypto in the EU 🧵" |
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bbc.reporter, Why are you making fun of Gary Gensler like that? If we look at practice adequately, then it is the SEC that brings a lot of money to the US budget thanks to huge fines. That's why SEC is the Boss Perhaps Coinbase will enter into a favorable agreement and pay a fine, which will suit all parties. But this exchange is already seriously integrated into Business in the USA. |
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I could really use some good news. Which would be Sam getting 100 years to life with no parole. But we all know that's not going to happen. He'll be out in 5 years...or 10. I hope not though!  If they gave him 100 years, he could try and spend that time repaying everyone he scammed. and don't let him out until they all get repaid. that would be justice... I have read many opinions on this matter and my friends, lawyers in Europe, say that SBF will receive a long prison sentence, at least 20 years. Lawyers have big disagreements only about CZ, but the trials will begin very soon. 8 billion dollars cannot be recovered from prisons. Of course, some of the assets will be returned, but not all. |
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This is just my theory but these exchanges do deserve that sanction because they're used by the Russian government to secretly and discretely get fund their war with Ukraine, with all the sanctions that they've got, it's not far off to think that they're going to cheat and find a way to circumvent the sanctions that are imposed to them and what better way to support an ally by secretly funding them, that's how I see these things with these Russian exchanges, I mean they'd be not putting in the effort of creating another version when the other exchange shuts down right? Man, Russia really got a large war chest and influence to be able to do this kind of thing, they really want Ukraine.
The Russian government uses rubles, and I am 99.9999% sure that these exchangers are in no way connected with the Russian government, because these are not the largest or most famous exchangers. Despite all the sanctions, Russian gas reaches Europe through the territory of Ukraine. Do you need proofs of this or will you find it yourself? |
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But you are out of luck because your country has the toughest tax regulation.
i wouldn't call it the toughest, i would call it overly complicated though. for example, the irs could require all americans bitcoin addresses be setup in such a way that anytime a miner mined a transaction from one of their addresses, the tax was automatically taken out. just like they do with sales taxes and things like that. why place that burden on the american citizen to figure it all out. then they could impose other fees too like an annual property tax that miners would submit on their behalf every year. to debit all bitcoin account holders. i'm suprised the irs hasn't thought of doing something like that.  It seems to me that you are very tired of reading other people's opinions. If you want to be in American jurisdiction, then study the law so you know how to break it and minimize your risks. Any demands from your tax office must be legal, and if you do not know the laws, then you have the right to a defender/lawyer and so on. |
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Breaking News https://fortune.com/2024/03/23/crypto-fugitive-do-kwon-montenegro-jail-terrausd-terraform-lab/"South Korean crypto fugitive Do Kwon was released from prison in Montenegro early Saturday as the Supreme Court deliberates on extradition requests from US and South Korea. “We released Do Kwon from prison as his regular prison term for traveling with fake papers ended,” prison director Darko Vukcevic said by phone. “Since he is a foreign citizen and his documents were withheld, he was taken for an interview to police directorate for foreigners, and they will deal with him further.” " Will Do Kwon run away from Montenegro? |
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This is the first exchange that got authorized to trade in India as they accepted all requirements from my government. How ironic a scam exchange which I think is what happened with Kucoin clearing all the requirements of the Indian government and becoming a culprit in a few days. I do think that it is a temporary setback and the exchange will get back with an answer to which I think would only non justify their envolvement. I hear "money laundering and terrorist financing" in every indictment. The founders of KuCoin do not have 4 billion and they are not stupid enough to go to the USA. So far lawyers are working with the case and there is no concrete information, but it is very interesting to see what evidence the US Justice Department has. |
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https://twitter.com/EleanorTerrett/status/1771188774606676164"BlackRock’s Head of Digital Assets Robert Mitchnick addresses how the asset manager is thinking about other #crypto products: “For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit ethereum, and very little everything else.” He says the crypto community would like to see a long tail of other crypto products from BlackRock, but he says “that’s just not where we’re focused.”" ___ If the crypto community is asking .. then it will be 
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https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminallyProminent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenses "KuCoin and Two of Its Founders, Chun Gan and Ke Tang, Flouted U.S. Anti-Money Laundering Laws to Grow KuCoin Into One of World’s Largest Cryptocurrency Exchanges Damian Williams, the United States Attorney for the Southern District of New York, and Darren McCormack, the Acting Special Agent in Charge of the New York Field Office of Homeland Security Investigations (“HSI”), announced today the unsealing of an Indictment against global cryptocurrency exchange KuCoin and two of its founders, CHUN GAN, a/k/a “Michael,” and KE TANG, a/k/a “Eric,” for conspiring to operate an unlicensed money transmitting business and conspiring to violate the Bank Secrecy Act by willfully failing to maintain an adequate anti-money laundering (“AML”) program designed to prevent KuCoin from being used for money laundering and terrorist financing, failing to maintain reasonable procedures for verifying the identity of customers, and failing to file any suspicious activity reports. KuCoin was also charged with operating an unlicensed money transmitting business and a substantive violation of the Bank Secrecy Act. GAN and TANG remain at large. " ___ The main gist of the allegations is that the exchange did not have KYC until mid-2023. And what will happen to those exchanges, which even now do not have KYC?
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These laws will divide the crypto market into two big parts. In one segment only "pure" cryptocurrency will work, the legality of which can be monitored through Travel Rule mechanisms, and the shadow market, which will work, but there will be a constant hunt for addresses with large assets.
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The Nigerian government understands that it will be very difficult to get money from the Binance exchange, but it is very easy to check the activities of large traders and fine them.
If by fine you mean to tax the top traders, then I'm not sure if that's what the Nigerian government wants. Initially, I thought they wanted to squeeze some juice out of Binance and get some money, however, from the recent turn of event in regards to the clampdown on Bureau De Change operators, I'm having a different thought. The operators are also being accused of naira manipulation and 5 days ago, a list of some persons being linked to terrorism were published. So it looks like Nigerian government really wants the list of Binance traders and some persons may share similar fate. I think it has become very popular lately to blackmail traders with accusations of terrorist financing. also https://www.binance.com/en/blog/ecosystem/binance-joins-the-global-travel-rule-alliance-to-advance-interoperable-compliance-and-strengthen-security-7936965740530669104"Making crypto compliant with existing regulatory frameworks and interoperable with traditional legal and financial systems is an enormous yet hugely worthwhile task. To get there, we must achieve a certain level of standardization in how our industry goes about compliance. Binance has recently made a big step in this direction by joining the Global Travel Rule (GTR) Alliance – a global community of virtual-asset service providers utilizing the same solution for complying with one of the key international anti-money-laundering rules. " |
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larry_vw_1955,I think that if someone suddenly starts living like a millionaire, then the tax office will have questions for him, regardless of the checkmarks in the old declaration.
exactly so it really doesn't matter how you got the bitcoin if you're selling alot of it then you are going to answer questions regardless whether you declared it to the irs or not. get ready to answer alot of questions. starting with your bank. you're likely to be reported by your bank for money laundering from the way this sounds like: https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/suspicious-activity-reports/index-suspicious-activity-reports.html
Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, and:
Keep records of cash purchases of negotiable instruments;
File reports of cash transactions exceeding $10,000 (daily aggregate amount); and
Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion).
The tax inspector sees a person’s official income, and when his expenses exceed his income, this will be a reason for an audit.
it has nothing to do with the tax inspector in the usa. you can fool the irs but you can't fool the bank. the bank turns you over to the us government and they open an investigation into you to see if you're a criminal. you're guilty until proven innocent. MAYBE. I'm not so sure if united states citizens are required to file FBAR for holding bitcoin. i'm sure no one does but it seems like TO BE CONSISTENT, the government needs to update that to requre it of them. if they meet the criteria. https://www.fincen.gov/report-foreign-bank-and-financial-accountsWho Must File the FBAR?
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.the penalties for not filing FBAR I think are pretty stiff. but i would have to look into it. We've been talking to you about these topics for a while now. If you don't want to get in trouble with banks and tax authorities, it is possible to exchange cryptocurrencies for cash if you have a good partner. I'm sure banks are required to report to the IRS the receipts to a US citizen's account and outgoing payments if a certain limit is exceeded. But you are out of luck because your country has the toughest tax regulation. |
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The loopholes exist because most countries haven't completely legalized cryptocurrencies and most of them will not accept crypto nor bans it but keep it in the grey area. This is a major reason why there are no clear rules and people find a way to bypass the crypto tax. Also at some points, the decentralization nature of the cryptocurrency makes it harder for the government to enforce everyone declare their crypto assets honestly.
In my country there are no laws that oblige citizens to pay taxes on cryptocurrencies, but there are laws that require citizens to pay taxes on income. Those who do not want to pay taxes exchange cryptocurrencies for cash. But you have to be careful here and then do not spend this cash in banks, so that tax inspectors do not have unnecessary questions for citizens. |
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