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Authorities from Italy, Portugal, and Europol have carried out raids against two money mule recruiting networks allegedly working for Crypto scammers police said lacked the expertise to launder over €10 million ($10.8 million). Between May 21 and 27, Police raided properties across France, Italy, and Romania, detaining 11 suspects and the alleged mastermind behind the money laundering scheme. Fifteen house searches also seized crypto, jewelry, and electronic devices. The money mule networks worked for an organized crime group that makes its crypto through ‘rip-deal’ scams. These operations see scammers targeting millionaires interested in property by pretending to be part of an international investment fund. Europol said, “The criminals contacted the victims, scheduled an appointment at luxury restaurants or hotels , and instructed them to download applications to manage cryptocurrencies. As soon as the victims installed the app, the criminals used sophisticated technical too...

Major crypto exchange Crypto.com has announced it has been authorized as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA). The EMI license will enable Crypto.com to introduce a range of UK-localised e- money products, adhering to the stringent consumer protection standards set by the FCA. We are proud to announce that https://t.co/vCNztATSCO has been authorised as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA), building on our position in the UK market. Full details:https://t.co/r9lKtF1nkX pic.twitter.com/FMywky63yL — Crypto.com (@cryptocom) December 4, 2023 Electronic money is currently regulated and recognized by European central banks as a digital substitute for fiat currency. E- money is also designed to facilitate transactions and function as a payment method, much like traditional bank-issued currencies. You might also like: Crypto.com launches new derivatives product The latest...

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. A recent landmark report from Elliptic revealed an eye-popping $7 billion in illicit crypto assets has been laundered through cross-chain services. What does that actually mean? Essentially, criminal organizations are utilizing decentralized exchanges, cross-chain bridges, and coin-swapping services to cover up the tracks and origins of funds from illegal sources. You might also like: Staying safe in web3: your guide to dapps security Seven billion of US dollars is a worrisome figure and exposes a clear blind spot in stamping out money laundering through loopholes and processes in decentralized financial frameworks. And if we take Elliptic’s report at face value, it also signals that illicit actors have moved on from crypto mixers to use bridges as a bona fide tool for money laundering and other financial crimes. T...

While going through the unfamiliar process of wrapping NFTs, Riley accidentally sent the asset to a burn address, permanently deleting the NFT from circulation. A nonfungible token (NFT) from the CryptoPunks collection worth 77 Ether (ETH) was sent to a burn address to be permanently destroyed. However, the collector’s intent was just to borrow some money against it to buy another NFT. NFT collector Brandon Riley added CryptoPunk #685 to his collection on March 13 by paying 77 ETH, hoping to hold it for the long term. Now feels like an appropriate time to introduce #BAYC 586 to #Punk 685 (acquired a week ago). Hope to hold both for a decade… LGF! pic.twitter.com/SLb68rY6MR — Brandon Riley (@vitalitygrowth) March 19, 2023 As a seasoned investor, Riley knew the importance of procuring new NFTs right before crypto markets took off into a new bull market. As a result, he decided to borrow some money against CryptoPunk #685 by using a popular technique known as wrapping. I did do ...