Damilola Lawrence

Author
Damilola Lawrence

Damilola Lawrence

Author

Damilola is a crypto enthusiast and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He has several years of journalism experience writing for African Vibes Magazine, Qweens Magazine, and The Recording Academy before pivoting into Web3. He is currently studying for a master’s degree in IT cybersecurity from Maria Curie-Skłodowska University.

Author’s Articles

  • DAI Surpasses BUSD to Become Third-Largest Stablecoin

    DAI surpasses BUSD to become the third-largest stablecoin
    June 17, 2023 News
  • BlackRock's application for Bitcoin ETF sparks clarification and potential breakthrough

    BlackRock’s application for Bitcoin ETF sparks clarification and potential breakthrough
    June 17, 2023 News
  • U.S. national debt surpasses $32 trillion, raising concerns over fiscal future

    U.S. national debt surpasses $32 trillion, raising concerns over fiscal future
    June 17, 2023 News
  • US District Court dismisses class action suit against Tether and Bitfinex

    Trial date set for alleged crypto trader involved in multi-million dollar Mango Markets scam
    June 17, 2023 News
  • Jack Dorsey and Brink

    Brink receives $5 million donation from Jack Dorsey’s Start Small initiative to support Bitcoin developers
    June 16, 2023 News
  • Bakkt delists Solana, Polygon, and Cardano amid regulatory uncertainty

    Bakkt delists Solana, Polygon, and Cardano amid regulatory uncertainty
    June 16, 2023 Regulation
  • Tether

    Tether responds to reports on Chinese securities backing USDT reserves
    June 16, 2023 News
  • The French branch of Binance, the world's leading cryptocurrency exchange, is facing a preliminary investigation by the finance judicial investigation service under the direction of the specialized interregional jurisdiction of Paris. The investigation, which began in February 2022, focuses on allegations of illegal canvassing of clients and aggravated money laundering. These allegations have raised concerns about the platform's compliance with financial regulations in France. The investigation specifically targets Binance's failure to fulfill its obligations regarding procedures known as "know your customer" (KYC). KYC procedures require financial services to conduct necessary checks to prevent their platforms from being used for money laundering. It is suspected that Binance may have neglected these obligations, potentially enabling illicit financial activities through its platform. French authorities have intensified their efforts to combat money laundering and financial crimes in the cryptocurrency industry. The investigation into Binance's alleged illegal client canvassing reflects the growing concerns surrounding the industry's compliance with regulatory requirements. By scrutinizing Binance's adherence to KYC procedures, authorities aim to ensure the platform's compliance with anti-money laundering measures and protect investors. Subheading 2: Suspicions of Aggravated Money Laundering In addition to allegations of illegal client canvassing, Binance is also facing suspicions of aggravated money laundering. The investigation focuses on acts of money laundering carried out by perpetrators of offenses that generated profits. This aspect of the investigation aligns with some of the allegations made by the U.S. Securities and Exchange Commission (SEC) in their recent proceedings against Binance. The SEC charged Binance on June 5, 2022, with evading securities laws. The allegations suggest that Binance offered its services to American customers illegally. The SEC noted that until August 2021, Binance did not require all customers to complete KYC documents. The lack of stringent KYC procedures raised concerns about the potential misuse of the platform for money laundering and other illicit activities. The suspicions of aggravated money laundering further underscore the importance of robust regulatory measures within the cryptocurrency industry. Regulators worldwide are increasing their focus on ensuring compliance with anti-money laundering regulations to prevent illicit financial activities. The investigation into Binance's alleged aggravated money laundering serves as a reminder of the ongoing efforts to safeguard the integrity of the financial system and protect investors.

    French authorities launch preliminary investigation into Binance for illegal activities and money laundering
    June 16, 2023 Regulation

  • Terraform Labs co-founder Do Kwon faces extradition custody in Montenegro amid allegations and political ties
    June 16, 2023 News
  • EG 558 A deep dive into the Hyperledger Fabric and Sawtooth blockchains

    How to Explore the Capabilities of Hyperledger Fabric and Sawtooth Blockchains
    June 16, 2023 Blockchain 101: Information & Guides
  • Binance SEC

    Binance.US implements staff reductions as legal battle with SEC looms
    June 15, 2023 News

  • Ripple and Colombia’s central bank collaborate to enhance payment system
    June 15, 2023 News
  • BlackRock Set to File Bitcoin ETF Application in Partnership with Coinbase

    BlackRock set to file Bitcoin ETF application in partnership with Coinbase
    June 15, 2023 News
  • Apple

    Apple’s rejection of Zeus Bitcoin wallet sparks controversy in crypto community
    June 15, 2023 News
  • Bitcoin plunges following Federal Reserve decision on Interest Rates details

    Bitcoin plunges following Federal Reserve decision on interest rates-Details
    June 15, 2023 News
  • Binance requests removal of Cyprus unit's registration to prioritize EU compliance efforts

    Binance requests removal of Cyprus unit’s registration to prioritize EU compliance efforts
    June 14, 2023 News
  • Google introduces AI-powered features to optimize ad placements for marketers

    Google introduces AI-powered features to optimize ad placements for marketers
    June 14, 2023 News
  • Bittrex U.S. granted permission to enable customer withdrawals following bankruptcy ruling

    Bittrex U.S. granted permission to enable customer withdrawals following bankruptcy ruling
    June 14, 2023 News
  • Amazon

    Amazon Web Services (AWS) outage temporarily disrupts services, Ethereum network remains resilient
    June 14, 2023 News

  • Egypt joins BRICS in shifting away from US Dollar in trade settlements
    June 14, 2023 News
  • Could India be the savior of the USD's dominance?

    US Treasury Secretary Janet Yellen anticipates slow decline in Dollar’s reserve currency status
    June 14, 2023 News
  • Bitstamp

    Bitstamp and Interactive Brokers added to U.K. crypto register as regulation gains momentum
    June 13, 2023 Regulation