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Here’s what happened in crypto today
By Cointelegraph by Cointelegraph at 2025-05-02 15:10
Sentiment: Negative
Today in crypto, the European Union is set to ban anonymous crypto accounts and privacy coins starting in 2027 under sweeping new Anti-Money Laundering (AML) regulations, the US Treasury moved to cut the Huione Group off from the financial system over its crypto crime ties, and Coinbase is set to halt trading for the MOVE token.<h2>European Union to ban anonymous crypto and privacy tokens by 2027</h2>The European Union is set to impose sweeping AML rules that will ban privacy-preserving tokens and anonymous cryptocurrency accounts from 2027.Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero (XMR) and Zcash (ZEC).“Article 79 of the AMLR establishes strict prohibitions on anonymous accounts [...]. Credit institutions, financial institutions, and crypto-asset service providers are prohibited from maintaining anonymous accounts,” according to the AML Handbook, published by European Crypto Initiative (EUCI).The AML Handbook. Source: EUCIThe regulation is part of a broader AML framework that includes bank and payment accounts, passbooks and safe-deposit boxes, “crypto-asset accounts allowing anonymisation of transactions,” and “accounts using anonymity-enhancing coins.”<h2>US wants to cut off Huione over crypto crime</h2>The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on May 1 proposed blocking the Cambodia-based Huione Group from the US banking system, accusing it of helping North Korea’s state-backed Lazarus Group to launder crypto.Huione Group comprises a network of businesses, which includes payment service platform Huione Pay PLC, the crypto exchange Huione Crypto, and Haowang Guarantee, an online marketplace offering illicit goods and services.Treasury Secretary Scott Bessent said the conglomerate established itself as the “marketplace of choice for malicious cyber actors” like the Lazarus Group, who have “stolen billions of dollars from everyday Americans.”Source: ChainalysisFinCEN said Huione laundered at least $4 billion worth of illicit proceeds between August 2021 and January 2025, including over $36 million from crypto pig butchering scams and $37 million worth of crypto for North Korea.It has also created a US dollar-pegged stablecoin, the US Dollar Huione (USDH), which FinCEN said cannot be frozen and helps to carry out money laundering activities.The proposed rule is subject to a 30-day public comment period before it can take effect.<h2>Coinbase suspends trading for MOVE token</h2>Crypto exchange Coinbase has announced it will suspend trading of the Movement Network token (MOVE), the native cryptocurrency of the Movement layer-2 blockchain protocol, developed by Movement Labs, effective May 15.The decision was shared in a May 1 X post, with Coinbase citing the token’s failure to meet its listing standards. The price of the MOVE token also declined by approximately 14.5% in the last 24 hours. Coinbase specified the details of the suspension in an announcement:"Trading for MOVE will be suspended on Coinbase, Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. We have moved our MOVE order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur."The suspension of the token follows a recently announced third-party review orchestrated by the Movement Network Foundation into an agreement allegedly signed by Movement Labs and a market-making firm, which is said to be behind the downfall of the MOVE token price in December 2024.Source: Coinbase AssetsA Movement Network Foundation spokesperson recently confirmed to Cointelegraph that the third-party investigation, which commenced on April 21, is ongoing. The investigation is being conducted by Groom Lake, an independent cybersecurity and intelligence firm, and has cast a cloud over the MOVE token's price. Continue reading...
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Tags: #Trump memecoin # Solana memecoin # TRUMP token # Solana # SOL # Nova Labs # SEC # Securities and Exchange Commission # crypto regulation # TRUMP rally # Bitcoin
Source Cointelegraph