Turkey is drafting sweeping legislation that would grant its financial intelligence unit Masak unprecedented authority to freeze bank and cryptocurrency accounts linked to suspected criminal activity. The proposed measures, coming just months after Turkey’s removal from the FATF grey list, would allow direct intervention across financial institutions and cryptocurrency platforms, marking a significant regulatory shift that experts warn could drive users toward decentralized alternatives while potentially increasing compliance costs for crypto exchanges.
about Turkey Expands Crypto Account Freeze Powers in New BillFinancial Action Task Force
0 in Finance and 0 in Crypto last weekUS Sanctions Myanmar-Cambodia Cyber-Fraud Networks, Targets Crypto Flows
The Office of Foreign Assets Control (OFAC) has designated 19 entities in Myanmar and Cambodia tied to cyber-fraud compounds that target victims worldwide, creating immediate compliance obligations for banks, payment processors, and cryptocurrency exchanges. These sanctions block property and prohibit U.S. persons from dealings with designated entities, while exposing non-U.S. firms to secondary risk if transactions route through American financial systems. The targeted networks operate along the Thai-Myanmar border and rely on dollar-linked stablecoins, particularly USDT on TRON, for scam cash-outs and money laundering. Industry collaboration through initiatives like T3+ has frozen over $250 million in illicit assets since late 2024. The move comes as the FBI recorded $16.6 billion in U.S. cyber-enabled losses for 2024, with investment and romance frauds among the largest categories. Compliance teams must now enhance screening procedures and address ownership structures under OFAC’s 50 Percent Rule.
about US Sanctions Myanmar-Cambodia Cyber-Fraud Networks, Targets Crypto Flows$140M Brazil Bank Hack: Bitcoin Used as Exit Route
A massive $140 million hack targeting Brazil’s PIX payment platform has exposed critical vulnerabilities in the banking system. The breach began when an IT worker at C&M Software sold his login credentials for just $2,770, allowing hackers to drain reserve accounts from six institutions. Nearly $40 million was converted into Bitcoin, Ethereum, and stablecoins through Latin American OTC desks, underscoring crypto’s role in money laundering. While authorities have recovered $50 million and arrested the insider, significant funds remain missing. The incident highlights the need for stronger insider controls, faster fraud detection, and tighter crypto oversight in Brazil’s financial infrastructure.
about $140M Brazil Bank Hack: Bitcoin Used as Exit Route