As a researcher with a background in financial regulation and compliance, I find the ongoing dispute between Hidden Road and ByBit over KYC policies and AML requirements to be of great interest. Having studied the effectiveness of AML regulations in reducing illicit financial flows, I can’t help but feel a sense of déjà vu.
Clients of Hidden Road, a brokerage firm with backing from Citadel, have been barred from utilizing the cryptocurrency exchange platform ByBit. This restriction stems from disputes over Know Your Customer (KYC) policies and Anti-Money Laundering (AML) regulations. The affected clients were notified of this decision several weeks prior.
It appears that disagreements over regulatory matters have caused the discord between Hidden Road and ByBit. In response, ByBit has announced its plan to scrutinize its business practices as a brokerage platform to adhere to established regulations.
According to a report published in the Policy Design and Practice journal, the current Anti-Money Laundering (AML) regulations fail to significantly curb illicit financial flows, accounting for only a tiny fraction, roughly 0.1%, of the criminal profits.
From my perspective as a researcher, the implementation of stringent regulations has driven the emergence of platforms like Samurai Wallet and Monero. These entities offer crypto mixing and tumbling services to users as a means of bypassing regulatory measures. Yet, these solutions have attracted significant scrutiny from legal authorities in the past.
This past April, Keonne Rodriguez and William Lonergan Hill, the architects behind Samurai Wallet, were apprehended by American law enforcement for allegedly breaching money laundering regulations.
Read More
- CRK Boss Rush guide – Best cookies for each stage of the event
- Glenn Greenwald Sex Tape Leak: Journalist Cites “Maliciously Political” Motives
- Fortress Saga tier list – Ranking every hero
- Castle Duels tier list – Best Legendary and Epic cards
- Mini Heroes Magic Throne tier list
- Grimguard Tactics tier list – Ranking the main classes
- How to Prepare and Dominate the Awakened Hollyberry Cookie Update
- Seven Deadly Sins Idle tier list and a reroll guide
- Cookie Run Kingdom: Raspberry Cookie Toppings and Beascuits guide
- Starseed Asnia Trigger tier list and a reroll guide
2024-05-31 01:40