Monat: März 2023

• The Netherlands‘ financial regulatory body, AFM, plans to maintain a strict attitude towards the Dutch digital assets sector despite looser European rules.
• AFM Chair Laura van Geest commented that cryptocurrencies are difficult to fathom, vulnerable to deception, fraud and manipulation.
• Despite the EU’s looser MiCA regulations, the Netherlands will not be lowering their supervision levels in order to compete with other countries.

Dutch Financial Regulator Vows Strict Treatment of Crypto Business Under MiCA

The financial regulatory body of the Netherlands intends to maintain a tough attitude towards the Dutch digital assets sector despite looser European rules. The head of the agency overseeing the industry doesn’t think crypto is good news and highlights its flaws in an article.

Head of Dutch Financial Authority Says Cryptos Are Difficult to Fathom, Vulnerable to Fraud

Most countries in the West are „tightening the reins“ on crypto but a total ban is „difficult to imagine“, according to Chair of the Dutch Authority for the Financial Markets (AFM), Laura van Geest. In her column devoted to cryptocurrencies in Het Financieele Dagblad, she remarked that although cryptos have been given more lenient treatment than existing financial products under EU’s Markets in Crypto Assets (MiCA) legislation, they remain difficult to fathom and vulnerable to deception, fraud and manipulation. Van Geest also pointed out that crypto asset values are mainly based on speculation and prices can fluctuate considerably. Consumers have been warned about these risks by regulators as well as by AFM estimates which show that around 2 million people own crypto assets in The Netherlands with most investing less than €1,000.

EU Regulations Remain Less Strict for Cryptocurrencies

EU institutions and member states reached an agreement on MiCA last year which introduces rules for crypto service providers across Europe who must obtain regulatory approval before operating within any common market. However, even though this legislation is less strict compared with existing financial products regulations, Laura van Geest insists that AFM will not lower their supervision levels so as not compete with other countries: „We choose [not]…to drop our supervision“. This stance may lead some companies looking elsewhere or attempting to enter through another European jurisdiction instead.

Crypto World Still Limitedly Linked with Traditional Financial Sector

Van Geest further noted that there is still only a limited link between traditional finance world and cryptocurrency within The Netherlands; however warnings from regulators about potential risk have come true over time as more people become involved with cryptos causing price volatility in markets around the world due largely due speculation rather than actual use cases for tokenised assets.

Conclusion

In conclusion it appears as if The Netherlands is taking a tougher stance on cryptocurrency use compared with many other EU states even if this means potentially cutting off access from certain companies looking for entry into its market through different jurisdictions – something which may ultimately prove beneficial down line when it comes regulation enforcement and consumer protection within this space .

• Binance, the world’s largest digital asset exchange, has provided training to Ukrainian law enforcement agencies in the form of online seminars on cryptocurrencies and blockchain technologies.
• The training covered Binance’s anti-money laundering policy and methods developed by the exchange to detect and prevent fraud.
• The exchange has been involved in dozens of similar initiatives over the past year, including workshops attended by representatives from various nations.

Binance Trains Ukraine’s Cyberpolice and Security Service

Crypto exchange Binance has organized training courses for representatives of law enforcement authorities in Ukraine.

Binance Provides Crypto Training to Security Officials in Ukraine

The world’s largest digital asset exchange, Binance, has provided training to Ukrainian law enforcement agencies and regulatory bodies in the form of online seminars for their staff devoted to cryptocurrencies and blockchain technologies.

A representative of the crypto trading platform informed the participants about Binance’s anti-money laundering policy, as well as methods developed by the exchange to detect and prevent fraud.

Participants of Training Courses

Employees of the Ukrainian Cyberpolice, which is the cybercrime combatting unit of the National Police of Ukraine (NPU), the Security Service of Ukraine (SBU), and the Asset Recovery and Management Agency (ARMA) attended these classes.

Ukraine Fights with Russia

Kiril Khomyakov, Binance general manager for Ukraine and Central Europe noted that „Ukraine, which is fighting a bitter war with Russia, responds to various challenges on a daily basis. Among them are financial crimes that threaten the stability and security of the country’s financial ecosystem. Our goal is to unite efforts to prevent cybercrime and, in particular, financing terrorism.“
< h2 >Binance’s Involvement
< p >Ukraine‘ s law enforcement agencies are involved in operations against crypto-related crime. In November last year ,the Cyberpolice force hit a fraud scheme making €200 million a year by luring investors through call centers across Europe .The unit has also voiced support for legalization of cryptocurrencies .In March last year ,it started accepting crypto donations .
< P >Binanc e ’s Investigations team has hostedand participatedin over 30 workshops on cybercrimeand financial crimeoverthepastyear ,attendedbyrepresentativesoflaw enforcementservicesfromvariousnations .Theexchangehasalsobeenengagedineducationalprojectsin theregion .

• Nigerian fintech Flutterwave has denied reports suggesting its user accounts were hacked and $6.3 million stolen.
• The firm stated that a routine check of its transaction monitoring system uncovered „an unusual trend of transactions“ on some user profiles.
• Flutterwave took preemptive action to address the issue before any harm could be done, they said; however, users have disputed this version of events.

Flutterwave Denies Client Account Hacking Reports

The Nigerian fintech Flutterwave has rejected reports suggesting that hackers have stolen as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped to uncover „an unusual trend of transactions on some users‘ profiles.“ Motion to Freeze The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement issued on March 5, the fintech insisted that no user lost any funds and that corrective action taken had in fact enabled it to „address the issue before any harm could be done to our users.“

Flutterwave’s Response

Flutterwave’s statement denying the hacking claims followed a Techpoint report which suggested that as much as $6.3 million (2.9 billion naira) had been siphoned from users‘ accounts. According to the statement, the company is working with financial institutions and law enforcement agencies to keep their ecosystem safe and secure. Flutterwave also claimed that their preemptive steps helped them address the issue before any harm was done to their users.

User Disagreement

Meanwhile, on Twitter, some users rejected Flutterwave’s version of what transpired and have insisted that the hacking incident is true. One user posted evidence such as an affidavit swearing this is true along with an expired lawyer seal dating back to 2017 and a confirmation by his bank stating Flutterwavw contacted them in regards to this matter..

Company Investigation

In response to this situation, Fluterwave said it is currently conducting an investigation into these events in order guarantee customer security moving forward while vowing never compromise their customer’s trust again .

Conclusion

At present time, it remains unclear whether or not there was indeed a breach in security at Fluterwave but regardless they are taking steps necessary ensure customer security and transparency moving forward .