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South Korea blocks 14 cryptocurrency exchanges from Apple App Store The Financial Services Commission (FSC) of South Korea announced on April 11 that the apps of 14 crypto exchanges including KuCoin and MEXC were blocked in the Apple App Store due to unregistered operations. Previously, the Google Store had blocked 17 unregistered platforms on March 26. The FSC stated that these platforms are suspected of serving Korean users as overseas unregistered virtual asset operators, posing risks of money laundering and user losses. The Financial Information Analysis Unit (FIU) will continue to promote the banning of websites and applications of such platforms. According to FSC regulations, unreported virtual asset service activities are criminal offenses, punishable by up to five years in prison and a fine of 50 million won (about US$35,000). (Cointelegraph)

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The crypto sector is holding its breath. After more than four years of legal conflict, Ripple and the SEC have officially requested the suspension of their appeal proceedings together. A strategic pause that may signal the end of a trial that has become emblematic for the regulation of digital assets. Launched in December 2020, the crypto war between Ripple and the SEC seems close to its conclusion. In a joint request filed on April 10, both parties indeed ask the court for the suspension of all appeal proceedings. This includes those concerning the leaders of the crypto company, Brad Garlinghouse and Chris Larsen. This decision is motivated by a principle agreement currently being validated. According to lawyer James Filan, this replaces all short-term judicial deadlines, notably the response expected from Ripple to the SEC’s memorandum. Currently well advanced, negotiations reportedly foresee a reduced fine of $50 million for Ripple. Numbers far removed from the initially proposed $125 million! If confirmed, this exit from the crisis would strengthen the legitimacy of the crypto assets XRP. For the record, these are currently at the heart of this regulatory matter. The timing is not insignificant. The suspension occurs just hours after the confirmation of Paul Atkins at the head of the SEC. Declared pro-crypto, Atkins could initiate a major strategic turning point. His arrival coincides, moreover, with a series of withdrawals of lawsuits against other giants of the cryptocurrency industry. Notably, Coinbase and Kraken are mentioned. For many, this Ripple case marks a critical legal precedent in the qualification of digital tokens. Investors are now closely awaiting what comes next. Indeed, a settlement could reboot the market and restore some confidence in U.S. crypto regulation policies. One thing is certain: If the agreement materializes, it will be a victory for Ripple. But not just that! It will also send a strong signal within the cryptosphere. The crypto community thus hopes for a clearer and fairer future in terms of regulation.

New York State’s Department of Financial Services (DFS) announced on April 10 that Block Inc. will pay a $40 million fine and hire an independent monitor, following findings of significant violations in the company’s anti-money laundering and virtual currency compliance systems related to its Cash App platform. The DFS found that Block’s rapid growth exceeded its capacity to establish adequate oversight, heightening the risk of illicit financial activity. The regulator said the company’s failures violated New York regulations for financial institutions and virtual currency firms. It cited weak internal controls over fiat and bitcoin transactions, including lapses in customer due diligence, sanctions screening, and monitoring for suspicious activity. By 2020, Block had accumulated a backlog of more than 169,000 unreviewed transaction alerts. Superintendent Adrienne A. Harris stressed: All financial institutions, whether traditional financial services companies or emerging cryptocurrency platforms, must adhere to rigorous standards that protect consumers and the integrity of the financial system. “Compliance functions must keep pace with company growth or expansion. The rapid growth of Block’s Cash App absent a robust compliance function created risk and vulnerabilities that violated the rules financial services companies operating in New York must adhere to. The Department is taking decisive steps to ensure accountability, including the appointment of an independent monitor to oversee corrective measures,” she continued. In Block’s consent order, DFS provided further violation details, including the company’s failure to screen transactions with potential links to terrorism until a recipient wallet’s exposure exceeded 10%, and its inadequate treatment of anonymizing services like mixers. The DFS claimed: The AML program run by Block … failed to adequately consider the substantial risks posed to an entity of its new size and complexity. The order also revealed that between 2018 and 2021: “Block had accumulated a transaction monitoring backlog of approximately 18,000 alerts, which grew to over 169,000 by 2020.” DFS added that “between February 2021 and September 2022 … SARs, for both bitcoin and fiat transactions, were at times filed over a year after the alerts were first generated.” Block’s risk rating for transactions involving mixers was also cited, as DFS noted that despite guidance: “Block risk rated transactions identified as having exposure to mixers as ‘medium’ risk, rather than the ‘high’ risk rating that is appropriate.” 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。