ValidEntry

Ireland to Update Crypto Regulations in Accordance with EU Money-Laundering Rules The wave of crypto regulations is on the way! With the Markets in Crypto-Assets Regulation fully rolling out all of its titles in December, large crypto exchanges have already begun preparing themselves for the huge regulatory framework shift. Similarly, Ireland has begun taking proactive steps to update its cryptocurrency regulations in line with the European Union’s Anti-Money Laundering and terror financing standards, before the EU regulations come into effect on Dec. 30.? The new regulations aim to enhance the powers of financial intelligence units, enabling them to suspend transactions and impose stricter reporting requirements on crypto exchanges. Additionally, there will be a limit of €10,000 or $10,850 on cash payments, as well as increased monitoring of large transactions and new reporting requirements for high-value transactions. At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information read the full article at:??

Coinbase to Delist Non-Compliant Stablecoins for EU Clients in Response to MiCA Rules The Markets in Crypto-Assets Regulation (MiCA) has been a groundbreaking development in the global efforts to create unifying crypto-asset regulatory framework while bringing transparency and accountability to the crypto market, and larger crypto exchanges are starting to take notice. Coinbase, one of the leading cryptocurrency exchanges, has announced plans to delist non-compliant stablecoins from its European branch by the end of the year. This decision comes in response to MiCA requiring companies to hold e-money authorization in at least one member state. The decision to delist non-compliant stablecoins is part of a broader trend in the industry, with other exchanges like Kraken, Binance, and OKX also making similar moves in response to regulatory changes. For example, Kraken recently announced that it would halt trading and deposits of Monero (XMR) in the European Economic Area. These strides point towards a greater regulatory compliance and transparency in the crypto market that has been needed. As the crypto industry continues to evolve, it is to be expected that more exchanges will follow suit.? At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information, please read the full article at:?

Can Global Regulation Keep Up with the Tokenization Boom? Cryptocurrency regulation has been a very complicated issue due to the ever advancing and expanding nature of crypto crime that governments have an issue keeping up with bad actors in general. However, we know that the US is the most targeted country in the world of crypto attacks. So, what happens when countries start developing regulatory framework for crypto assets that have ambiguous guidelines as assets.? Well, you end up with a messy mix of regulations that do not overlap well and puts crypto businesses into nightmare scenarios when attempting to upscale their operations into different jurisdictions. This is especially an issue in the US because of the over assertive behavior of the Securities and Exchange Commission and their lack of definitive rulings on specific tokens that has left many businesses in legal limbo, unsure of whether they comply with US securities law.? The Markets in Crypto-Assets Regulation (MiCA) was created, in part, to help bridge and clearly define the regulatory framework of stable coins and digital assets in the EU, which has been a messy overlapping web of laws and regulations prior. However, there is ongoing debate within the legal community about the interpretation and implementation of MiCA, highlighting the complexity of aligning regulatory frameworks with the rapid pace of innovation. As the tokenization boom continues to gain momentum, the need for global regulatory frameworks that can keep pace with this innovation becomes increasingly apparent. While the promise of tokenizing real-world assets is immense, navigating the regulatory landscape remains a significant challenge for market participants. As the industry continues to evolve, finding a balance between innovation and regulation will be crucial for unlocking the full potential of tokenized assets in the global financial market. At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information, check out the full article at:

New AI scam targets XRP holders An AI-generated video was posted to YouTube that supposedly featured Ripple co-founder Chris Larsen claiming to give away XRP. The fake Chris claimed that the annual crypto burning of 150 million XRP, a common practice among crypto creators, the company would instead be giving that back to Ripple holders. Viewers were than urged to visit the website in order to not miss out on this "historic" opportunity. The video is published on an unlisted page, which prevents it from showing up in searches. This implies that the channel may be sending out links to it through email or other relatively private means, which it may be doing to prevent the video from being discovered by YouTube and taken down. These emails likely contain a website URL with an XRP Ledger address where victims are asked to send their funds, only to lose them forever.? AI-generated scam videos are becoming an increasing problem in the crypto space. A similar video featuring an AI-generated Musk was broadcast during the Bitcoin 2024 conference, and victims lost over $79,000 worth of cryptocurrency because of it. The scam has become well-known, and the existence of these videos implies that scammers may have given up on the Musk theme, turning to other well-known figures in the cryptocurrency space. At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information, read the full article at:

Transak hit by data breach, 92K users exposed! Transak offers a fiat-to-crypto gateway, enabling users to buy and sell digital assets using fiat money. It integrates directly with crypto wallets and decentralized applications (DApps) for transactions. The company provides non-custodial on-ramps for major crypto wallets and exchanges, such as Binance, MetaMask and Coinbase. This week, Crypto on-ramp firm Transak disclosed a data breach affecting over 92,000 users after phishing attacks compromised an employee's laptop. According to an Oct. 21 blog post, the company identified that a bad actor had access to an employee's laptop through exercising phishing tactics and gained access to precious user information stored in the vendor's database. The attacker was able to use gained information to log into the system of a third party Know Your Customer vendor used verification services. Sensitive information such as names, dates of birth, passports, driver’s licenses and selfies of 92,554 users, or 1.14% of Transak’s user base, was compromised. Fortunately, because the hack was primarily into the KYC vendor, the information they had access to was primarily for verification purposes, so no financial information was stolen. According to Transack: “After our thorough checks, we can confidently confirm that no financially sensitive information, including email addresses, phone numbers, passwords, credit card details, Social Security Numbers, or any other financial data, was compromised in any way.” At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution.

￥100 Million Crypto Laundering Scheme, Crypto Credit Card Fraud Rising in Japan Yuta Kobayashi, a 26-year-old citizen of Japan, was arrested this week for allegedly laundering 100 million Yen using Monero in a fraudulent credit card scheme. The arrest followed an extensive investigation by Japan's Cyber Special Investigation Division and multiple police forces. Yuta is believed to be the leader of a group that uses stolen credit card information to conduct fraudulent transitions. The bad actors attempted to cover their money trail by utilizing Monero's privacy features known for its anonymity.? Yuta Kobayashi’s group is accused of conducting about 900 fraudulent transactions using stolen credit card details between June 2021 and January 2022.These transactions reportedly involved fictitious sales on online platforms, including the flea market site Mercari, where fake listings were created to facilitate the fraud. It is believed that the stolen credit card information was obtained through phishing tactics, such as fake websites and deceptive emails. The investigation revealed that Kobayashi’s group recruited participants through social media, advertising “illegal part-time jobs” to lure them into the scheme. The Japan Credit Association reported record damages of 54.09 billion yen in 2023—over 90% stemming from credit card number theft. From January to June 2024, damages reached 26.82 billion yen, exceeding the 26.28 billion yen recorded during the same period in 2023. At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information, please read the full article at:

UK's FCA Defends Strict Crypto Stance to Combat Illicit Activities ?Citing the need to safeguard financial integrity, the Financial Conduct Authority (FCA) of the UK justifies its strict registration requirements for crypto firms. Though these tactics have grown criticism with investors and may hinder innovation, the UK's FCA defended its stance on Monday, October 21, stating that these measures are necessary to protect the integrity of the financial system. Val Smith, head of payments and digital assets at the FCA firmly rejected calls to lower registration standards, warning that relaxing requirements could undermine market safety, and she highlighted the inherent risks in the crypto industry including terrorism, organized crime, and human trafficking.? According to Smith, the regulator evaluates a firm’s internal controls, operations, and the people managing it before deciding whether to grant registration. Crypto firms, she noted, are held to the same high standards as traditional financial institutions. The FCA works closely with government bodies, industry leaders, and international regulators to create a solid foundation for the UK’s crypto sector. At ValidEntry Verifications, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information read the entire article at:

UK's FCA Defends Strict Crypto Stance to Combat Illicit Activities ?Citing the need to safeguard financial integrity, the Financial Conduct Authority (FCA) of the UK justifies its strict registration requirements for crypto firms. Though these tactics have grown criticism with investors and may hinder innovation, the UK's FCA defended its stance on Monday, October 21, stating that these measures are necessary to protect the integrity of the financial system. Val Smith, head of payments and digital assets at the FCA firmly rejected calls to lower registration standards, warning that relaxing requirements could undermine market safety, and she highlighted the inherent risks in the crypto industry including terrorism, organized crime, and human trafficking.? According to Smith, the regulator evaluates a firm’s internal controls, operations, and the people managing it before deciding whether to grant registration. Crypto firms, she noted, are held to the same high standards as traditional financial institutions. The FCA works closely with government bodies, industry leaders, and international regulators to create a solid foundation for the UK’s crypto sector. At ValidEntry Verifications, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information read the entire article at:

Rising Crypto Scams Leave Americans Reeling from Billion in Losses. Cryptocurrency is a divisive topic among the population where some believe that it is the future of currency and fully support it, and others see it as a security risk and are hesitant to get involved with it. The FBI's Internet Crime Complaint Center (IC3) has been monitoring and tracking the crypto crime sprees over the years and gives an annual report on the growing situation. The FBI reported that in 2023 over 69,000 complaints were filed, mostly people of 60 years and older, that summed up to $5.6 billion in crypto crimes, a 45% jump from the year before.? Targeting older demographics, bad actors have largely focused their approach into investment fraud and relationship building scams. Investment fraud is when scammers contact you via call, email, or text message and promise huge profits if you invest into cryptocurrency. They may employ tactics of known associates or refutable connections in an attempt to legitimize their claims. The bad actors will set a ticking clock driving an urgency that if you do not invest quickly, the window of opportunity will close. In 2023, the losses from investment fraud in the United States was $3.96 billion out of the $5.6 billion lost to all types of crypto crimes. Relationship scams, on the other hand, commonly uses dating applications, social media pages, professional networking sites, and even encrypted messaging applications to get close to their targets. Once trust us established, bad actors will make attempts to get the victims to invest into cryptocurrency. They may claim some expertise or know an expert that can help them make large returns, and that is when they will use fake websites and applications to rob the US citizens of their hard-earned money.? It is no wonder that people may have their reservations about getting involved with crypto currency. However, at ValidEntry Verifications we strive to bring awareness of these bad actors and their tactics so that you can be in the know-how and properly navigate the cyberspace without worry of being taken advantage of.? At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution.?

North Korean Hackers Target Cryptocurrency Users on LinkedIn with RustDoor Malware. According to the 2023 crypto fraud reports by the FBI, the most common form of cyberattacks in the US have been investment fraud when bad actors claim to be from refutable exchanges, masking their bad intentions. North Korea falls in line with this narrative with RustDoor. The latest advisory comes from Jamf Threat Labs, which said it spotted an attack attempt in which a user was contacted on the professional social network by claiming to be a recruiter for a legitimate decentralized cryptocurrency exchange (DEX) called STON.fi. The malicious cyber activity is part of a multi-pronged campaign unleashed by cyber threat actors backed by the Democratic People's Republic of Korea (DPRK) to infiltrate networks of interest under the pretext of conducting interviews or coding assignments. The financial and cryptocurrency sectors are among the top targets for the state-sponsored adversaries seeking to generate illicit revenues and meet an ever-evolving set of objectives based on the regime's interests.? At ValidEntry, we diligently study the ongoing criminal activity, regulations, and breakthrough security surrounding cryptocurrency to provide your business with valuable information to help protect your investments. ValidEntry Verifications provide individual users control over their PII and enable quick and safe access to Web3.0 environments. At the same time, ValidEntry enables project teams the ability to easily meet new and changing regulation and compliance requirements to ensure that funds going through their platform are not tied to illicit activities. We welcome the opportunity to show individuals and projects how seamless it can be to implement our solution. For more information read the full article at: