Day: January 16, 2025

Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

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Key Takeaways Donald Trump is “receptive” to establishing a strategic reserve using US-based digital assets like Solana, USD Coin, and Ripple. The proposed policy shift may include appointing crypto-friendly officials and ending debanking practices affecting cryptocurrency startups. Share this article President-elect Donald Trump is warming up to the idea of establishing an “America-first strategic reserve” that would focus on digital assets made in the US like Ripple, Solana, and USD Coin, the New York Post reported Thursday, citing sources with knowledge of the matter. Trump has shown interest in the…

Upbit faces business suspension and fines over anti-money laundering violations

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Key Takeaways Upbit is facing potential suspension and fines due to AML and KYC violations. The Financial Intelligence Unit found 700,000 KYC procedure failures at Upbit. Share this article Upbit, which dominates South Korea’s crypto trading market, faces potential business suspension and fines due to violations of anti-money laundering (AML) regulations, particularly regarding its Know Your Customer (KYC) practices, Maeil Business Newspaper reported on Jan. 16. On January 9, the Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission, overseeing anti-money laundering (AML) and counter-terrorism financing (CFT) compliance, issued a…