Crypto.com Fined $3M in Dutch License Case, EU Approves First AI Legislation, Bitcoin Fog Founder Convicted
Summary:
Crypto.com was penalized $3 million by the Dutch central bank for operating without a license. In AI regulation, the European Parliament approved the world’s first legislation. Roman Sterlingov, the founder of Bitcoin Fog, was convicted of money laundering and other related charges in the United States.
Crypto.com, a digital asset exchange platform, has been penalized $3 million by the central bank of The Netherlands, De Nederlandsche Bank (DNB), for carrying out its operations without the necessary license. This violation was committed over a two-year span during which Crypto.com continued to serve a large base of customers while functioning without a proper registration. However, in July 2023, the exchange finally got the green light from DNB. In terms of volume, Crypto.com stands at place 14 among the larges digital asset exchanges, based on data from CoinMarketCap.
In another development, the European Parliament has issued the stamp of approval on the AI Act — the first of its kind designed to regulate the use of artificial intelligence. This new legislation will supervise how the block of 27 European Union member nations installs AI technologies in their systems to ensure safety, innovation, and respect for the basic rights of EU citizens. The Act has categorized different types of AI technologies based on the risk they pose to society, ranging from high risk to low risk models, with the highest risk ones being subject to stricter regulations.
Roman Sterlingov, the founder of Bitcoin Fog, was found guilty of charges related to operating an unlicensed money-transmitting business and other violations of the D.C. Money Transmitters Act, specifically money laundering, in the United States. Sterlingov, who potentially faces a 50-year prison sentence, plans to appeal the decision, according to his attorney, Tok Ekeland. During the decade-long operation from 2011 to 2021, Bitcoin Fog served as a laundering platform for illegal earnings, as per documentary evidence. Sterlingov had denied operating the site, although the Department of Justice (DOJ) stated that the majority of deposits to his crypto exchange accounts were associated with Bitcoin Fog.
Finally, as part of the ruling, the jury sanctioned the seizure of assets related to Bitcoin Fog, including 1,354 Bitcoin held in a Bitcoin Fog wallet and nearly $350,000 in various cryptocurrencies from a seized Kraken account.
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Published At
3/13/2024 11:42:18 PM
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