Google Play Store now mandates licensing for crypto wallet apps across 15 jurisdictions, requiring developers to obtain regulatory approvals and adhere to local financial laws. The policy applies to both custodial and non-custodial wallets, with US developers needing FinCEN registration as Money Services Businesses (MSBs) and state licenses. Critics highlight that Google’s rules go beyond current legal requirements, particularly for non-custodial wallets, which FinCEN explicitly excludes from MSB obligations. Industry experts, including Consensys lawyer Bill Hughes and Paradigm’s Justin Slaughter, criticize the policy as overly restrictive and inconsistent, especially amid Google’s antitrust scrutiny. The move could stifle innovation by imposing high compliance costs on developers.
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FinCEN Alerts on Rising Crypto ATM Fraud Targeting Elderly
The Financial Crimes Enforcement Network (FinCEN) has flagged a sharp rise in crypto ATM fraud, with losses hitting $247 million in 2024—a 31% increase. Elderly victims, particularly those over 60, account for over two-thirds of losses, often tricked by tech support scammers into converting cash into irreversible crypto transactions. FinCEN reveals widespread non-compliance among kiosk operators, many of whom avoid registration as money service businesses (MSBs) and fail to implement anti-money laundering (AML) controls. Criminals exploit these machines for anonymity, charging fees up to 25% and using ‘chain-hopping’ to obscure transactions. Global regulators are cracking down, with New Zealand banning crypto ATMs and Australia capping transactions at $5,000. The DEA notes cartels like CJNG are using kiosks for cross-border money laundering, with Chicago emerging as a hotspot. FinCEN advises financial institutions to watch for suspicious activity, such as elderly clients making large, unexplained crypto transactions.
read moreSamourai Wallet Founders Plead Guilty in $100M Laundering Case
The co-founders of Samourai Wallet, Keonne Rodriguez and William Lonergan Hill, reversed their plea to guilty in a federal case accusing them of money laundering conspiracy and operating an unlicensed money-transmitting business. Prosecutors claim their Bitcoin mixer processed $2 billion in illicit transactions, including $100 million tied to criminal activities like Silk Road. The DOJ argues features like Whirlpool and Ricochet were designed to obscure transaction trails, with evidence showing the founders marketed these privacy tools knowing their criminal use. Despite attempts to dismiss charges citing FinCEN communications and a DOJ policy memo, the case proceeded. This follows similar actions against Tornado Cash, raising concerns about legal precedent for open-source crypto developers. Critics warn such cases could stifle innovation by holding creators liable for how autonomous tools are used.
read moreDOJ Clears Dragonfly in Tornado Cash Case as Trial Nears End
Dragonfly managing partner Haseeb Qureshi revealed that the DOJ will not bring criminal charges against the firm, despite its 2020 investment in Tornado Cash—a privacy tool now sanctioned by the U.S. Treasury. Roman Storm, Tornado Cash’s co-founder, faces charges of laundering over $1 billion and violating sanctions tied to North Korea’s Lazarus Group. The trial, underway in Manhattan, could redefine accountability for open-source developers, with Storm potentially facing 45 years in prison. Prosecutors allege Storm approved illicit transactions, while defenders argue the protocol’s code—not its creator—should be judged. The outcome may impact privacy tools and innovation in crypto.
read moreWhite House Proposes Crypto Tax Reporting for Foreign Accounts
The White House has proposed that Congress enact legislation mandating U.S. taxpayers to report foreign digital asset accounts, a move aimed at preventing tax evasion and ensuring a level playing field for domestic crypto exchanges. The recommendation is part of a comprehensive 168-page report from the President’s Working Group on Digital Asset Markets, which also covers crypto banking, stablecoins, and illicit finance. The report suggests implementing a Crypto-Asset Reporting Framework (CARF) to keep crypto activity within the U.S. and clarifies that DeFi transactions should not face new reporting requirements. Additionally, the report calls for clearer pathways for crypto banks to access traditional banking services and evaluates potential updates to the Bank Secrecy Act for the crypto industry. The Trump administration hailed the report as a significant step forward for U.S. crypto policy.
read moreDragonfly Faces Charges Over Tornado Cash Investment
Dragonfly, a venture capital firm, revealed that the U.S. government is weighing potential charges related to its 2020 investment in PepperSec, the developer of Tornado Cash. Managing partner Haseeb Qureshi called the prospect ‘outrageous,’ stating the firm secured legal confirmation that Tornado Cash complied with FinCEN guidance before investing. The case follows setbacks in the prosecution of Tornado Cash developer Roman Storm and ongoing regulatory scrutiny of crypto privacy tools. Dragonfly emphasized it had no operational role in Tornado Cash and complied fully with a DOJ subpoena. The firm warned that targeting investors could stifle venture funding for blockchain innovation. The Treasury’s OFAC sanctioned Tornado Cash in 2022, but court challenges later forced adjustments to the sanctions.
read moreHuione Moved $1B in USDT Post-FinCEN Crackdown
Since FinCEN designated Huione as a primary money laundering concern under the PATRIOT Act on May 1, wallets linked to the group have moved $10.13 billion in USDT on Tron and $219 million on Ethereum, with $942.9 million ultimately flowing into CEXs. Despite claims of Huione’s illicit marketplace being shut down, forensic experts remain divided on the extent of its operations. Global Ledger’s exclusive data shared with Cointelegraph highlights the continued movement of funds, raising concerns about regulatory enforcement gaps in crypto transactions.
read moreBitcoin Holder Unlocks $10M from Rare Casascius Bar
A Bitcoin Talk forum user, John Galt, recently redeemed a rare Casascius physical Bitcoin bar containing 100 BTC, originally purchased for $500 in 2012. The bar’s value skyrocketed to over $10 million as Bitcoin crossed $100,000, marking a staggering 2,000,000% return. Galt struggled with the pressure of holding such a valuable asset and initially resisted redeeming it, valuing its collectible nature over its monetary worth. Casascius coins, created by Mike Caldwell in 2011, are legendary in crypto history, embedding real BTC behind holograms. Production ceased in 2013 after FinCEN classified them as a money transmission service, but they remain highly sought-after collectibles, often selling for premiums on secondary markets. Over 10,000 have been redeemed, but 18,000 remain unclaimed, per casasciustracker.com.
read moreBYDFi: A U.S.-Friendly Crypto Exchange with Diverse Features
BYDFi is a global cryptocurrency exchange that has evolved from its earlier identity as BitYard, now offering a wide array of trading options including spot, futures, and copy trading. The platform is particularly notable for its U.S.-friendly approach, supported by its registration as a Money Services Business (MSB) with FinCEN. With competitive fees, up to 125x leverage on perpetual contracts, and a user-friendly interface, BYDFi caters to both novice and experienced traders. Its demo accounts and cross-platform accessibility further enhance its appeal, making it a strong contender in the crowded crypto exchange market.
read moreBYDFi: A U.S.-Friendly Crypto Exchange with Diverse Features
BYDFi is a global cryptocurrency exchange that has rebranded from BitYard to offer a more robust trading experience, particularly for U.S. users. The platform provides a variety of trading options, including spot trading, perpetual contracts with up to 125x leverage, and copy trading for beginners. Registered as a Money Services Business (MSB) with FinCEN, BYDFi ensures compliance and accessibility for American traders. With competitive fees, demo accounts, and cross-platform support, BYDFi is positioning itself as a user-friendly yet powerful crypto hub.
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