Australian Crypto Exchanges Must Register with Regulatory Body

  From April 3 Australian exchanges will have to register with Australian Transaction Reports and Analysis Centre and meet their obligations
02 April 2018   1667

AUSTRAC is Australia's financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing. Its aim is to identify threats and criminal abuse of the financial system, act to protect Australia's economy, help keep Australia safe from financial and other serious crime and build and maintain trust in Australia's financial system as part of the global community.

Australian Transaction Reports and Analysis Centre has announced the new regulatory requirements for digital currency exchange providers which come into force from April 3, 2018.

We see this as an important step toward building real confidence with the general public and investors that the cryptocurrency industry is not only safe but is supported as the way of the future. For new and existing customers, there will be no impact. CoinTree has always been proactive with its policies and practices. We are happy to say that we already meet a majority of the new requirements. For those requirements that aren’t quite completely met yet, the changes required are internal only and will not affect any customers.

Team of CoinTree Exchange (credit: CryptoNinjas)

According to the new requirements Australian cryptocurrecny exchanges will be demanded to register with AUSTRAC and meet such obligations as:

  • Customer identification and due diligence
  • Adopting and maintaining an AML/CTF program, including identifying, managing and lessening money laundering and terrorism financing risk
  • Suspicious matter reporting
  • Threshold transaction reporting, including cash amounts of $10,000 or more
  • Record keeping

We recommend our readers to use only trustworthy exchanges and choose their investment strategies carefully.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   452

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.