The Korea Digital Exchange, which operates the domestic virtual asset exchange FLYBIT, has been rated among the top-performing companies in the 'Comprehensive Anti-Money Laundering (AML) Evaluation' conducted annually by the Financial Intelligence Unit (FIU) for all financial companies. FLYBIT received a total score of 89.70 in this evaluation, which places it within the top 15% of all evaluated targets. 🏦✅ #CryptoExchange #AMLCompliance

🚨 Chairman Behnam of CFTC sheds light on regulatory challenges in the crypto space during an interview on CNBC's Squawk Box.

Urgent call for collaboration between SEC and CFTC to address jurisdictional conflicts. Proactive Congressional involvement crucial to adapting regulations to evolving tech landscape. Emphasis on AML, KYC, and balanced focus on stability in the broader crypto market.

#CryptoRegulation #AMLCompliance #Stablecoins #Crypto #CryptoNews🔒📰🚫

When withdrawing large amounts of money from cryptocurrency earnings, such as tens of millions or even smaller sums like hundreds of thousands, banks are likely to investigate the source due to anti-money laundering (AML) regulations. This often results in flagged transactions, leading banks to ask for verification of the funds’ origin. In some cases, if banks find the transaction suspicious, they might freeze your account and escalate the case to regulatory authorities.
Here are some strategies that cryptocurrency traders use to avoid complications with withdrawals:
1. Avoid Using Main Bank Accounts: Many traders use separate accounts for cryptocurrency transactions to prevent disruptions to their main or salary accounts, which could affect things like mortgage payments or credit scores if frozen.
2. Use Smaller or Specialized Banks: Some traders avoid major banks, which often have stricter monitoring systems, and opt for smaller financial institutions or crypto-friendly banks.
3. Convert Earnings into Other Financial Products: To avoid heavy scrutiny, some traders convert their crypto earnings into assets or financial products (such as property or investments) before converting them into cash.
The key is managing your withdrawals with caution, ensuring you comply with financial regulations while minimizing disruptions. It's crucial to understand your bank’s policies and keep thorough documentation of your crypto transactions to verify their legitimacy if questioned.
Feel free to share your thoughts or any experiences you’ve had in navigating this issue in the comments.
#CryptoSuccess #AMLCompliance #BankingAndCrypto #StayInformed

When withdrawing large amounts of money from cryptocurrency earnings, such as tens of millions or even smaller sums like hundreds of thousands, banks are likely to investigate the source due to anti-money laundering (AML) regulations. This often results in flagged transactions, leading banks to ask for verification of the funds’ origin. In some cases, if banks find the transaction suspicious, they might freeze your account and escalate the case to regulatory authorities.

Here are some strategies that cryptocurrency traders use to avoid complications with withdrawals:

1. Avoid Using Main Bank Accounts: Many traders use separate accounts for cryptocurrency transactions to prevent disruptions to their main or salary accounts, which could affect things like mortgage payments or credit scores if frozen.

2. Use Smaller or Specialized Banks: Some traders avoid major banks, which often have stricter monitoring systems, and opt for smaller financial institutions or crypto-friendly banks.

3. Convert Earnings into Other Financial Products: To avoid heavy scrutiny, some traders convert their crypto earnings into assets or financial products (such as property or investments) before converting them into cash.

The key is managing your withdrawals with caution, ensuring you comply with financial regulations while minimizing disruptions. It's crucial to understand your bank’s policies and keep thorough documentation of your crypto transactions to verify their legitimacy if questioned.

Feel free to share your thoughts or any experiences you’ve had in navigating this issue in the comments.

#CryptoSuccess #AMLCompliance #BankingAndCrypto #StayInformed