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12 Cryptocurrency Exchanges Are Working Illegally – Bitcoin Information


Santiago Nieto Castillo, chief of the UIF, the Mexican monetary regulator, has issued an alert that 12 cryptocurrency exchanges are working illegally within the nation. The regulator is now producing the required knowledge for Mexican authorities to behave towards these exchanges. The establishment receives info from 23 registered cryptocurrency exchanges reporting customers’ transactions.

Mexican Regulator on the Hunt for Unregulated Exchanges

The Monetary Intelligence Unit (UIF), the Mexican monetary regulator, issued an alert about 12 cryptocurrency exchanges which might be working illegally within the nation. The names of those corporations weren’t talked about, and this implies these exchanges are nonetheless not registered with the SAT, the nation’s tax authority. Santiago Nieto Castillo, chief of the UIF, said they’re accumulating knowledge to execute actions towards these corporations.

The Mexican fintech legislation establishes that digital asset service suppliers should report the actions of shoppers that transact greater than 57,804 pesos, at present equal to $2,911. This coverage started in April 2021. Nieto Castillo said the UIF has acquired 3,400 alerts from the 23 cryptocurrency exchanges already registered with the regulator. Within the nation, cryptocurrency exchanges are certified as a high-risk exercise owing to cash laundering and terrorism financing considerations.

Nieto Castillo hinted there might be a relation between these exchanges and prison teams. He declared:

A basic problem shall be to investigate cryptocurrencies and their relationship with prison teams. It attracts my consideration that lots of the cryptocurrency platforms are put in in numerous municipalities within the state of Jalisco (space dominated by the Jalisco Cartel).


Alternate Platforms May Be Sanctioned

With the assistance of the registered exchanges, the UIF has already detected three possible money-laundering makes an attempt utilizing cryptocurrency. On the topic, Nieto Castillo said that due to this oversight they’ve recognized circumstances the place the quantities transacted by some customers don’t correspond to their transactional profiles.

These unregistered exchanges might be topic to sanctions utilized by the Mexican authorities. These sanctions can embrace prison fees in addition to fines. In keeping with nationwide legal guidelines, the unregistered exchanges may pay between 29,000 pesos (nearly $2K) to 295,400 pesos (nearly $15K) for not being registered with the SAT.

To conclude, Nieto Castillo states it will be fascinating if Mexican regulation established the CNBV — the nationwide banking regulator — as the cash laundering comptroller establishment for these exchanges, as a result of the establishment has extra expertise managing this sort of threat.

Mexico has to this point taken a troublesome stance on crypto, with its Finance Minister, Arturo Herrera, stating that cryptocurrencies weren’t allowed for use in Mexico’s monetary system on June 29.

What do you concentrate on Mexican crypto-related anti-money laundering laws? Inform us within the feedback part beneath.

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