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Post is by: Responsible-Care-709 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1ph0ug8/are_my_clients_being_scammed/ Hello all Crypto enthusiasts, I’m a financial planner based in Australia and I have a couple (70 years old) who have ran into a bit of an issue. Essentially, the couple have a CoinBase account in which they have $693,273.92 (AUD) held in a fund called ‘Zether’ (USD.Z). I asked how they managed to get ahold of these funds but my question was answered with asking if they could pop into the office tomorrow morning to get it sorted. The issue is, Zether is on the BNB Chain (BEP-20) and it seems like Coinbase doesn’t support this particular network. The issue becomes even more apparent because you can’t trade Zether on CoinBase either. My line of thought was for the couple to open a Coinbase Wallet account and then link the Wallet with their regular Coinbase account, get the Zether into the Wallet, make use of pancake swap to change from BEP-20 to ERC-20 and then change from Zether to USDC before transferring it all back into the regular Coinbase account and then depositing into the bank account. On this basis though, I have a few questions: Q1. Are my clients being scammed? (ChatGPT seems to think so) Q2. Is Zether a legit cryptocurrency? (I’ve never heard of it before) Q3. Would my plan of attack actually work? (Fees/taxes don’t matter, just want it sorted) Hopefully someone in the know is able to help me out. For any fellow financial planners or regulatory bodies listening, AML/CTF obligations are at the front of mind. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*
How did you get into crypto fraud investigation - I work doing faster payment fraud, aml and CTF but struggle to see a means to bridge into crypto. My employer just cut off crypto to avoid the risk, so there’s no opportunities to upskill in-house. There are many courses claiming to cover blockchain investigation, of which it’s hard to tell how many if any are good, and in turn whether an employer would put any weight on it.
It sounds like you have no idea what **beraucracy** is... You are free to hate KYC. But that has nothing todo with german beraucracy, those are Anti-Money-Laundering rules and CTF required by EU regulation. You just *"buy", "wait", "sell"*. And do not need to report any of these steps anywhere. Please enlighten me on how this is a *"bureaucracy dumpster fire (...) like USSR."* And if an agency asks you to verify something, you can prove it with a copy of a line of your bankstatement. That is not breaucratic at all. Sure, hate it that you have to prove your innocence (I understand that), but that has nothing to do with beraucracy.
>To redeem your tokens, you will need: >A verified account. >The minimum redeemable amount of Tether tokens on your account. The minimum redemption amount is 100,000 USD equivalent. >The verification process is a standardised compliance measure designed to adhere to laws and regulations related to Anti-Money Laundering (AML), Know Your Customer (KYC), and Counter-Terrorist Financing (CTF). [https://tether.to/en/redeem-tethers-to-fiat-currency/](https://tether.to/en/redeem-tethers-to-fiat-currency/) So for the majority of Tether that exists (billions), held by large entities, it can be cashed out. Just not by 'john doe' with $100. Which for a company acting like a clearing bank makes sense. The USA treasury bonds have min face value of $100,000, John Doe isn't getting in on that game either.
My first question would be why? Why go this path when you also have to provide the same info when using a reputable exchange and get a better service minus transferring to the wallet yourself. AML/CTF requirements are everywhere. Plus the fees and spread you’re paying is well known on an exchange compared to these providers.
tldr; The Australian Transaction Reports and Analysis Centre (AUSTRAC) has increased its oversight of crypto ATM providers to enforce Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regulations. This move comes as crypto ATMs are increasingly used for illicit activities. AUSTRAC has launched a task force to ensure compliance among digital currency exchanges operating crypto ATMs, focusing on enforcing compliance standards and implementing safeguards to prevent fraud. Non-compliance could result in significant financial penalties and swift regulatory action. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
First things first: “I know I can and should be transferring small amounts at a time…”, no you shouldn’t, that is the way to trigger AML alarm, reviews and freezings faster, that’s called “structuring”, which occurs when someone intentionally splits large amounts of money into smaller transactions (less than several 10Ks) to avoid AML and/or counter-terrorist financing (CTF) regulations. Structuring is illegal, while the money being moved might have been legally obtained, structuring is still illegal, even if the funds were legitimately earned. So the best you can do if you wanna sell and it’s more than 10K, you talk to the exchange’s and bank’s customer support line and let them know your intentions and ask if there will be any problem before hand. As to keep it in USDC or USDT, you might be good, safer with USDC though. If USDT crashes/depegs we will have bigger problems…
Global trade for one. Currently cross border payments are atrocious mainly bc of the required human aspect. Need people doing quality control on both sides (sender and recipient), instant payments would drastically cut costs, taxes, and save time. No more waiting on regulatory compliance requirements for crap like AWL and CTF. I actually was going to type out a list of all kinds of stuff but why? Crypto and blockchain technology are the solution to just so much. If you can’t think of anything then you clearly don’t have any understanding of the technology. Saying it’s just to volatile and can’t meet energy demands is old school logic just like saying only drug dealers use it. Guarantee in a few years they’ll be using blockchain and web3 applications in are kid’s schools regularly.
CTF has no liquidity and a scam . Check website also and your anti virus will block it . TG you can’t comment also just bs
XRP is the Native token on the XRP Ledger, while CTF is a cashback system that exists on the XRP Ledger. To explain this in simple form, an Individual does a transaction in XRP and earns cash back (similar to points) in CTF Token.
tldr; India and the United Arab Emirates (UAE) have successfully completed their first crude oil transaction using local currencies, bypassing the US dollar, by integrating the XRP Ledger System’s CryptoTradingFund (CTF). This move is part of the BRICS initiative to reduce reliance on the US dollar, leveraging blockchain technology to lower transaction costs and speed up financial transactions. The integration of the XRP Ledger signifies a strategic innovation in financial technology, potentially setting a precedent for other BRICS nations and highlighting a shift towards a multi-currency future where blockchain plays a crucial role in global trade. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
>This system reportedly even rewards users with CryptoTradingFund (CTF) tokens as cashback. I didn't get this part of the story.
Has anyone done a deep dive on the CTF token that keeps popping up in articles lately? Like who the devs are for the project?
The CTF token has been mentioned in other specious articles. I'd take that part with a large grain of salt, as it were.
This is huge. I need a clear lead on how to obtain CTF. Someone, give me access to info that will help me get CTF. Thanks.
I got kicked off of r/XRP for making this comment awhile ago: Ripple the company, and Ripple the coin, are two very different things. The company has been approached by a number of governments who want to use Ripple’s code and/or expertise to create their own CBDCs I’d bet that this CTF token is an example
I have to question the veracity of this article While I know UaE and India did an exchange, other sources mention that they used local currencies not XRP and this CTF token was never mentioned. I have to wonder what the CTF token is, because I keep seeing it mentioned as a "reward" to using XRP. Anyone have a clue? I'm going with scam unless someone has better information.
Fiat debasing and becoming useless is not the greatest problem . A bigger problem is the intergovernmental organization like FATF, IMF etc wants total control of how u spend and where u get to spend your fiat . Its proxy a person legally gain for providing goods and service. A perfect propaganda is controlling due to money laundering, CTF etc but I think it’s affecting ordinary folks more than these criminal organizations.
I was about to write fuck the EU and their greedy little shit taxmongering… But on reading the above, this is really just 100% standard AML that even non-financial institutions have to adopt. And it’s not just in the EU either. Just basic compliance with AML/CTF lists, checklists, etc.
This is a tad misleading. The Emergency Act does not allow actions that violate the Charter of Rights and Freedoms, so constitutionally protected rights remain intact. Two developments are new: 1) If you are using business property to engage in illegal blockades, it is now easier (and the government is saying to expect) for law enforcement to seize corporate accounts. Not your rent or food money, but if you are using your business to try to overthrow the government, you may lose your business. 2) Anti-money laundering (AML) and countering terrorist financing (CTF) laws have been extended to apply to cryotocurrencies. What constitutes a violation of these laws hasn't changed -- it is still determined by international treaties -- it just now applies to cryptocurrencies. The main implication here is that, if you run a crowdfunding service that raises money for something that runs afoul AML or CTF rules, you cannot claim "it's only bitcoin, not real money" as a loophole. Not only is Canada the USA's little brother, but now Canada temporarily has a law that is like the USA's civil forfeiture law's little brother.
This is extremely misleading and alarmist. The reality is that the Emegencies Act is being used to broaden the scope of existing anti-money laundering (AML) and countering terrorist financing (CTF) laws to allow the courts to block unlawful crowdfunding of crypto in much the same way as they can block unlawful crowdfunding of central bank currency. If you are not laundering money or financing terrorists (or the beneficiary of somebody doing so), this does not affect you. If you *are* laundering money or financing terrorists, it doesn't matter if you're doing it from an exchange or from a private wallet: Any third-party service you rely upon to do so may be legally obligated to cease and desist helping with it.
I scanned the qr. Signed up for their NFT platform. Never got the airdrop. I'll still keep an eye out for Easter eggs. I love anything with a CTF feel.
This executive order will be nothing good. Governments silently (and some not so silently) hate crypto as it removes their ability to track, trace and tax funding. Whole government branches are set up for Anti Money Laundering (AML), Counter Terrorism Funding (CTF), drug enforcement and tax avoidance, that are all predicated on the transfer of money being transparent. They **HAVE** to eventually shut down crypto if the adoption gets too big to preserve these regulatory functions. They very well may create their own fed coin as a replacement but it will not have transaction privacy as a core tenet. This executive order to investigate crypto is definitely a big negative for bitcoin et al. I haven't mentioned the mining energy requirements and also the governments responsibility to reign in speculative investment and avoid people getting scammed / pump and dumped / insider trading etc, but these will also likely get a mention in this report.
There are central banks in countries friendly to the US that are seriously exploring the possibility of issuing CBDCs with privacy comparable to ZCash and Monero (but with some added fancy crypto for things like AML/CTF enforcement). Source: Am developing proof-of-technology prototypes of fancy crypto for such systems for such a central bank.
I made an ASA that became a part of a CTF challenge I created. I think that was pretty cool.
> It can be a fine line to tread, given the crypto industry grew up with few regulations, so many players baulk at government officials’ attempts to impose guardrails. One important element in the credibility of regulations is that they should be reasonably hard to circumvent. At the same time, the very nature of cryptocurrencies makes them cryptographically hard to impose or enforce. Why would anybody feel compelled to do something burdensome when it is trivially easy not to do it? In other words, crypto-regulations often lack credibility. Another problem is that regulators have merely national authority while the internet is global. Hence, regulations are also very vulnerable to jurisdiction shopping. You already need to be an attractive jurisdiction to attract crypto-activity in the first place. That is often not compatible with existing regulations in finance such as KYC (and AML, CTF, ...). Especially KYC is contrary to the interest of the user. The government wants to know precisely where exactly they can locate ALL assets of each person. That should allow them to freeze these assets with one click of the button. The user obviously does not want to give that kind of power to the ruling mafia.
In fact, Andreas emphasizes hereby that KYC, AML, and CTF are merely tools to exclude the global poor from the global economy, and to extract usurious fees out of the little they have. The first step in liberation is to point out the ruling elite's fake morality. We must reject, repudiate, reprobate, and utterly condemn the fake laws that they so liberally invent in order to oppress the poor. Of course, we do not ask for permission, and we never will. On the contrary, now that the ruling elite has been decisively defeated during the 20-year long battle of Afghanistan, we must challenge them to prove that they are actually willing to risk their lives and die for what they believe in. Therefore, the war against the ruling elite is not over. No, on the contrary. The war has just begun.
KYC legislation focuses on the fiat on and off ramps and it will be increasingly successful. It is business that is forced to apply these checks via legislation. There is a very good article in last week's economist magazine about this as, wait for it, banks are not playing nice by the rules. But you bet your ass it is crypto companies that will face the most stern AML/KYC/CTF auditing. Staying hidden is easy....until you want to spend it in any significant way.