Breaking Crypto News – Things You Should Know about the Weekend Wrap with CDS
Breaking Crypto News – The past weekend was a busy 2 days for the crypto sector. Important topics such as the woman caught from KYC, Trump’s promises and the “Stand with Crypto” movement were on the agenda. Everything will be covered in the weekend wrap.
Bitcoin Launderer Caught Due to KYC While Trying to Buy a Luxury Home
British-Chinese Jian Wen was found guilty on May 24 at London’s Southwark Crown Court of laundering more than $1 million in Bitcoin in connection with a $6.3 billion scam in China. She was given a sentence of six years and eight months in prison.
According to The Legal Society Gazette, when Wen was trying to buy a multi-million dollar house in London, a local law firm exposed her by asking her Know Your Client (KYC) questions. For joining or becoming involved in a money laundering scheme, she was found guilty in March. Yadi Zhang, Wen’s former supervisor, who maintains her innocence, used her money to launder Bitcoin.
Jailed Silk Road Founder Thanks Trump at X
The founder of the Silk Road, Ross Ulbricht, is currently serving a jail sentence and has expressed gratitude to Donald Trump for his pledge to release him upon his reelection.
Last night, Donald Trump pledged to commute my sentence on day 1, if reelected. Thank you. Thank you. Thank you,
Ulbricht
His family handles his account, and he dictates posts from behind bars. Since his 2015 conviction for his part in owning and running Silk Road, Ulbricht has completed ten years of his life sentence without the possibility of release.
Stand with Crypto Opens New British Office
Coinbase’s crypto advocacy non-profit organization “Stand with Crypto” has officially launched its first international activity in the UK. In a blog post published on May 24, Coinbase stated that over one hundred members of the media, academics, investors, and employees of the cryptocurrency business attended the opening event held by its new British branch at the U.K. Parliament. With more than 6 million cryptocurrency owners, Coinbase declared that the UK was its “largest international market.”
FAQ
What is KYC for Crypto?
Centralized exchanges must comply with the law’s “Know Your Customer” obligation to confirm the identities of their users. It is intended to make sure that users do not use cryptocurrency to finance illicit activity, evade income taxes, or launder money.
Why Was Ross Ulbricht Arrested?
On October 1, 2013, the FBI took Ulbricht into custody and confiscated his laptop. In 2015, Ulbricht was found guilty of drug trafficking, computer hacking, and money laundering by a judge and given a life sentence. In addition to making hundreds of millions of dollars in sales, the Silk Road earned commissions totaling more than $13 million in Bitcoin.
What is Stand with Crypto?
Global supporters of cryptocurrency come together under Stand with Crypto, creating an enthusiastic community dedicated to advancing responsible cryptocurrency innovation and policy. The campaign is still growing in the US, where over 700,000 people have signed up for it.
For more up-to-date crypto news, you can follow Crypto Data Space.
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