Global AML Watchdog to Take Actions Against Crypto Money Laundering

A global inter-governmental body, The Financial Action Task Force (FATF) will step up its efforts in monitoring the use of cryptocurrencies in money laundering  
26 February 2018   504

FATF aims to tackle financial crime. The Task Force was founded in 1989. It consists of ministers from its member jurisdictions who help determine standards and execute legal, regulatory and operational measures to fight money laundering, financial crimes, and others.

According to a memo of its latest meeting, FATF studied the findings of a recent report regarding the risks of cryptocurrency money laundering. It also took on board the regulatory measures being adopted in different countries.

It resulted in the implementation of additional initiatives to address the risks of cryptocurrency in money laundering. This meeting showed that there is a growing attention from worldwide regulators over illegal uses of cryptocurrency.

According to news agency Yonhap, financial regulator of South Korea, the Financial Service Commission has briefed a global anti-money laundering body on its obligations related to cryptocurrency transactions to tackle money laundering.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   108

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.