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satoshin • Apr 15, 2025, 11:10 am EDT

Federally Chartered Crypto Bank Anchorage Digital Faces Homeland Security Investigation

Homeland Security’s El Dorado Task Force is investigating federally chartered Anchorage Digital Bank’s practices, reports say. Probe follows past OCC issues & comes amid major BlackRock/Cantor custody deals. Details remain undisclosed.

3 minutes

carlp • Oct 16, 2024, 4:47 pm EDT

TD Bank Hit with Record $3B Fine for Money Laundering: No Jail Time

In what marks the largest penalty of its kind in U.S. history, TD Bank has been slapped with a staggering $3 billion fine for enabling drug cartel money laundering—a sum that barely dents the bank’s massive profits from the scheme. According to the U.S. Department of Justice (DOJ), TD Bank pocketed $10 billion from laundering drug money, meaning even after the historic fine, the bank still walks away with a net profit of $7 billion. The bank’s role in facilitating the movement of illicit funds raises serious questions about the effectiveness of current regulations—and who is truly held accountable when

5 minutes

Mark Paolillo • Sep 23, 2024, 12:25 pm EDT

The 2024 Money Transmitter Regulators Association

Mark Paolillo is a founding partner and the CRO and CCO at Byte Federal. Mark recently spoke at the MTRA (Money Transmitter Regulators Association) 2024 Annual Conference. Below is a transcript of his speech in full. Good morning everyone, my name is Mark Paolillo. I have worked in the public sector as a certified Public Accountant for 30 years.  Today, I leverage my experience towards a new passion as the Chief Financial Officer and Chief Compliance Officer of Byte Federal. We are a Bitcoin kiosk operator. We have about 50 employees and perform the majority of our operations in-house. We are Bitcoin

9 minutes

carlp • Sep 18, 2024, 12:12 pm EDT

World Liberty Financial: Trump’s New DeFi Platform

Former President Donald Trump’s embrace of the bitcoin and crypto industries has officially spanned to the world of decentralized finance (DeFi). On Monday, he took to X (formerly Twitter) for a Spaces event, announcing World Liberty Financial (WLF)—a new crypto banking platform that promises to reshape borrowing, lending, and investing in the digital economy. A New Financial Frontier World Liberty Financial, as outlined during the two-hour event, aims to empower everyday users by offering a platform where people can borrow, lend, and invest in crypto assets. Trump was candid in his remarks, admitting that while he was “not overly interested”

4 minutes

johnd • Aug 23, 2024, 12:53 pm EDT

Weaponized Financial Regulation: A Global Threat

Introduction: In a stark reminder of the unchecked power wielded by financial institutions, Deutsche Bank recently terminated the account of Mohamad Safa, a UN-accredited human rights activist. His alleged crime? Speaking out against war crimes in Gaza. The latest in a long line of individual debanking exposes the darker side of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws, which, despite being crafted with the intent to protect the public, often serve as tools for governments to silence dissent and curb civil liberties without due process. The Global Reach of U.S. Financial Regulation: The troubling trend of

3 minutes

satoshin • Aug 9, 2024, 3:21 pm EDT

The War on Crypto is Alive and Well, Unfortunately

The Fed’s Power Grab: Operation ChokePoint 2.0 Still in Full Swing Yesterday, August 8th, a 13-page enforcement action was issued against Customers Bank, one of the few remaining crypto-friendly banking institutions in the United States. The move has raised significant concerns about the future of financial services available to the bitcoin and cryptocurrency industry. The enforcement action is characterized by vague language and complex requirements that obscure its true impact. A close reading of the document reveals a concerning development: the Federal Reserve now requires Customers Bank to provide 30 days’ advance notice before establishing any new banking relationship with

2 minutes

johnd • Jul 12, 2024, 2:07 pm EDT

AT&T Data Breach Highlights Need to Rethink Data Collection Practices

In a stark reminder of the risks in the digital age, AT&T has disclosed a massive data breach exposing the call and text records of tens of millions of its cellphone customers and many non-AT&T customers. The breach, which occurred between May 1, 2022, and October 31, 2022, brings to light critical issues in how and why data is collected and stored, raising questions about the necessity and security of such practices. The Scope of the Breach AT&T’s announcement revealed that the compromised data includes the telephone numbers of “nearly all” of its cellular customers, as well as those of

3 minutes

arusso • May 31, 2024, 11:51 am EDT

Mastercard Launches Crypto Credential for Simplified Transactions

Mastercard has introduced a new feature known as the Mastercard Crypto Credential, which allows crypto exchange users to send and receive cryptocurrency using easy-to-remember aliases or usernames, instead of the traditional long and complex blockchain addresses. This new system is aimed at simplifying blockchain transactions while enhancing security and verification standards. The Rollout and Participating Exchanges The Mastercard Crypto Credential is currently live on several exchanges including Bit2Me, Lirium, and Mercado Bitcoin. These platforms facilitate blockchain transactions across locations in Latin America and Europe. Additional crypto wallet providers like Foxbit and Lulubit have also joined the Mastercard Crypto Credential ecosystem,

2 minutes

carlp • Apr 5, 2024, 1:35 pm EDT

Big Banks Reaching Out To Bitcoin Miners to Acquire Bitcoin

Hut 8, one of the leaders in Bitcoin mining in the United States, has reported significant interest from major banks. These financial institutions are looking to purchase bitcoin directly from miners. This is a direct consequence of the growing interest in Bitcoin spot Exchange-Traded Funds (ETFs), which have amassed an investment inflow exceeding $12 billion since their inauguration on January 11. Record Investment Inflows The launch of Bitcoin spot ETFs on Wall Street has attracted over $12 billion in investments in less than three months. This massive influx has translated into more than 211,000 bitcoins being converted into shares. Such

2 minutes

johnd • Jan 11, 2024, 1:01 pm EST

Spot Bitcoin ETFs to Trade on US Markets: What Happens Now?

The U.S. Securities and Exchange Commission (SEC) has recently approved the listing of spot Bitcoin Exchange-Traded Funds (ETFs) What can we expect moving forward?

3 minutes