A bipartisan group of United States senators recently introduced legislation aimed at addressing the alleged involvement of cryptocurrency in financing terrorism. Meanwhile, Kazakhstan cracked down on 980 unlicensed crypto exchanges in 2023, launching nine investigations into illegal exchange operations and money laundering. Additionally, the former CEO of Binance, Changpeng “CZ” Zhao, has been ordered to remain in the United States until his sentencing in February.
U.S. senators propose anti-terrorism financing bill targeting crypto
Republican and Democratic senators, including Jack Reed, Mark Warner, Mike Rounds, and Mitt Romney, introduced the Terrorism Financing Prevention Act on December 7. The bill aims to expand sanctions to include parties using crypto or fiat to fund terrorist organizations.
Senator Rounds emphasized the importance of equipping the Department of the Treasury with necessary tools to combat modern threats. The bill would allow the U.S. Treasury to prohibit transactions with foreign digital asset facilitators under sanctions. In October, the Treasury sanctioned a Gaza-based crypto operator with links to Hamas.
Kazakhstan crackdown on unlicensed crypto exchanges
In 2023, Kazakhstan’s Financial Monitoring Agency blocked nearly a thousand unlicensed crypto exchanges serving its citizens. The country’s Digital Assets Law prohibits the creation and trading of digital currencies and cryptocurrency exchange activities without a national license. The crackdown included blocking access to major international platforms such as Coinbase.
Binance founder CZ ordered to stay in US until sentencing
A federal judge has ordered Binance founder Changpeng “CZ” Zhao to remain in the United States until his sentencing in February 2024. The judge cited concerns about Zhao’s significant wealth and property abroad, as well as his lack of ties to the U.S., as reasons for the order.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
