Six German banks dealing in crypto, says BaFin

According to German finance ministry six banks in the country are already dealing in cryptocurrencies
05 June 2018   429

At least six financial institutions in Germany are dealing with cryptocurrency in one form or another, according to the Federal Financial Supervisory Authority (BaFin). This surprising statement was made in response to the inquiry by the member of left-wing political party “The Left” Thomas Lutze.

While not naming the banks in question, BaFin went on to clarify that financial institutions are dealing in and/or possibly acquiring cryptocurrency. It's not surprising, considering the fact that German banks were fist to introduce their clients to Bitcoin several years ago, but the absence of clear government regulation regarding the cryptocurrencies has slowed down the adoption process considerably. Of course, it's quite possible, that the regulations would have put a damper on things and by now there wouldn't be any way for institutions to work with crypto.

Still, BaFin is closely watching the banks under its authority for money laundering, with or without crypto. But anything else, while being closely monitored, is not prohibited, for example, any financial institution with appropriate crypto licenses can place cryptocurrency ATMs in the country.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   272

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.