Laughing Hyena
  • Home
  • Hyena Games
  • Esports
  • NFT Gaming
  • Crypto Trends
  • Game Reviews
  • Game Updates
  • GameFi Guides
  • Shop
Tag:

Watchdog

Decrypt logo
NFT Gaming

Singapore Financial Watchdog to Ban Overseas Crypto Services Without License

by admin June 2, 2025



In brief

  • Singapore’s financial authority has set a June 30 deadline for crypto firms operating overseas from Singapore to obtain a license or shut down, citing financial crime risks.
  • The new rules apply to firms incorporated or staffed in Singapore serving only foreign clients, with no exemptions or transition period.
  • The move follows similar global crackdowns, including a recent AUSTRAC penalty against crypto exchange Cointree over delayed money laundering reports.

Crypto firms serving Singapore customers from outside the country must obtain a license or shut down by June 30, as the Monetary Authority of Singapore crack down on financial crime risks.

In a policy response published on May 30, MAS confirmed it would proceed with the full implementation of Section 137 of the Financial Services and Markets Act (FSM Act), which allows the regulator to license Digital Token Service Providers (DTSPs) operating from Singapore, a leading hub for digital asset businesses.

That includes companies incorporated locally or with staff based in Singapore that serve only overseas users.

“There will be no transitional arrangement,” the regulator said, warning that firms continuing operations without a license after June 30 would be guilty of an offence and subject to penalties.

MAS said a 4-week notice period issued alongside the document constituted sufficient lead time, urging all affected firms to act immediately.

The document was released in response to industry feedback on a consultation paper first published in October 2024, which sought views on how to regulate DTSPs that operate cross-border.

MAS said most respondents supported licensing such entities, but several pushed for exemptions, especially for firms engaged in proprietary trading, OTC services, or those using overseas infrastructure.

The watchdog rejected those suggestions, saying that technology-neutral, activity-based regulation was needed to close regulatory gaps that could otherwise be exploited.



It justified its decision by citing heightened “money laundering and terrorism financing risks” associated with the borderless nature of digital token services.

The regulator also flagged “reputational risks” to Singapore if crypto businesses were allowed to operate internationally without controls simply because they had no domestic footprint.

Firms will be required to hold at least  $185,000 (SGD 250,000) in base capital, re-onboard customers with fresh due diligence, implement the FATF Travel Rule, and comply with stringent technology risk standards.

MAS also warned that individuals working as independent consultants or freelancers for foreign crypto firms may fall under the licensing requirement, depending on the nature of their role and whether they are deemed to be conducting regulated business from Singapore.

As Singapore closes its doors on unlicensed players, other jurisdictions are stepping up enforcement too.

Last month, AUSTRAC fined Melbourne-based exchange Cointree $75,120 for late filings of suspicious matter reports linked to potential money laundering, saying the delay hampered swift law enforcement action.

As of June 2, 2025, the Monetary Authority of Singapore (MAS) has issued 33 digital payment token licenses, with major players like Coinbase, and Anchorage among the recipients.

Cumberland SG, the Asia subsidiary of U.S.-based crypto trading firm Cumberland, has received in-principle approval in March but has not yet been granted a full license.

Edited by Stacy Elliott.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

June 2, 2025 0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
Crypto Trends

Cambodia’s $19 Billion Financial Scam Empire Fueled by Crypto, Says Watchdog Group

by admin May 26, 2025



In brief

  • Cambodian officials are profiting from a $19B crypto-fueled scam industry involving trafficked labor, fraud compounds, and platforms such as Huione Guarantee, a report by Humanity Research Consultancy alleges.
  • Cambodia-based Huione has reportedly processed $24 billion via Telegram and launched its own stablecoin to bypass financial oversight.
  • Telegram recently banned Huione-linked accounts, as UN reports warn Cambodia has become a global hub for crypto-based fraud.

Cambodia’s ruling elite is entangled in a global scam economy powered by crypto, according to a new report that links senior government officials to billion-dollar laundering networks and platforms built to evade oversight.

High-ranking members of the Cambodian People’s Party have helped enable and profit from transnational fraud schemes that rely on trafficked labor and untraceable cryptocurrency, according to a May 16 report published by the Humanity Research Consultancy (HRC), an organization which campaigns against human trafficking.

One firm in particular, Huione Group, is singled out as critical infrastructure in what the report calls a “vertically integrated” scam industry now worth up to $19 billion a year, or 60% of Cambodia’s GDP.

“Cambodia is likely the absolute global epicentre of next-gen transnational fraud in 2025,” wrote Jacob Sims, the report’s author and a visiting fellow at Harvard University’s Asia Center.

Sims accuses the state of providing support “systematically and insidiously” to criminal networks operating behind scam compounds, human trafficking, and crypto rails.

Among those named is Hun To, cousin of Prime Minister Hun Manet, who sits on the board of Huione Group, parent company of Huione Guarantee, a Telegram-based escrow platform through which more than $4 billion has flowed since 2021, according to the U.S. Treasury. HRC also named Deputy Prime Minister and Minister of the Interior Sar Sokha as a co-investor in one of Cambodia’s largest scam compounds.

Decrypt has reached out to the Minister’s office and will update the story if they respond.

A “focal point” for crypto scams

HRC’s findings align with a UNODC report released last month, which warned of Southeast Asia’s scam infrastructure spreading into Africa, the Middle East, and Latin America.

The report named Cambodia as a key node in this global expansion, with syndicates relocating scam operations from Sihanoukville and Phnom Penh to rural provinces including Koh Kong, Bavet, and Pursat, where new compounds have been rapidly constructed since 2022.

HRC cites blockchain analytics firm Elliptic’s January report, which revealed that Huione had launched its own stablecoin, expanding its ability to process illicit payments while bypassing traditional financial channels.

“The scale of these operations makes Cambodia a focal point for crypto-based fraud globally,” Deddy Lavid, CEO of blockchain analytics platform Cyvers, told Decrypt.

Telegram recently banned channels and accounts associated with Haowang Guarantee, a rebranded Huione Guarantee, citing violations tied to fraud and money laundering.

What are pig butchering scams?

Huione Guarantee, had become central to laundering proceeds from romance scams, crypto investment fraud, and “pig butchering” operations targeting victims worldwide.

Pig butchering scams are where victims are emotionally groomed by fake romantic or business partners and ultimately convinced to invest large sums under false pretenses.

“Unfortunately, the use of crypto as the final payout method in pig butchering scams is widespread due to cryptocurrencies’ inherent characteristics: pseudonymity, ease of cross-border transfers, and lack of centralized control,” Lavid told Decrypt.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

May 26, 2025 0 comments
0 FacebookTwitterPinterestEmail
Kash Patel, director of the Federal Bureau of Investigation (FBI), during a Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing in Washington, DC, US, on Thursday, May 8, 2025.
Product Reviews

FBI Director Kash Patel Abruptly Closes Internal Watchdog Office Overseeing Surveillance Compliance

by admin May 21, 2025


If there’s one thing the Federal Bureau of Investigation does well, it’s mass surveillance. Several years ago, then attorney general William Barr established an internal office to curb the FBI’s abuse of one controversial surveillance law. But recently, the FBI’s long-time hater (and, ironically, current director) Kash Patel shut down the watchdog group with no explanation.

On Tuesday, the New York Times reported that Patel suddenly closed the Office of Internal Auditing that Barr created in 2020. The office’s leader, Cindy Hall, abruptly retired. People familiar with the matter told the outlet that the closure of the aforementioned watchdog group alongside the Office of Integrity and Compliance are part of internal reorganization. Sources also reportedly said that Hall was trying to expand the office’s work, but her attempts to onboard new employees were stopped by the Trump administration’s hiring freezes.

The Office of Internal Auditing was a response to controversy surrounding the FBI’s use of Section 702 of the Foreign Intelligence Surveillance Act. The 2008 law primarily addresses surveillance of non-Americans abroad. However, Jeramie Scott, senior counselor at the Electronic Privacy Information Center, told Gizmodo via email that the FBI “has repeatedly abused its ability to search Americans’ communications ‘incidentally’ collected under Section 702” to conduct warrantless spying.

Patel has not released any official comment regarding his decision to close the office. But Elizabeth Goitein, senior director at the Brennan Center for Justice, told Gizmodo via email, “It is hard to square this move with Mr. Patel’s own stated concerns about the FBI’s use of Section 702.”

Last year, Congress reauthorized Section 702 despite mounting concerns over its misuses. Although Congress introduced some reforms, the updated legislation actually expanded the government’s surveillance capabilities. At the time, Patel slammed the law’s passage, stating that former FBI director Christopher Wray, who Patel once tried to sue, “was caught last year illegally using 702 collection methods against Americans 274,000 times.” (Per the New York Times, Patel is likely referencing a declassified 2023 opinion by the FISA court that used the Office of Internal Auditing’s findings to determine the FBI made 278,000 bad queries over several years.)

According to Goitein, the office has “played a key role in exposing FBI abuses of Section 702, including warrantless searches for the communication of members of Congress, judges, and protesters.” And ironically, Patel inadvertently drove its creation after attacking the FBI’s FISA applications to wiretap a former Trump campaign advisor in 2018 while investigating potential Russian election interference. Trump and his supporters used Patel’s attacks to push their own narrative dismissing any concerns. Last year, former representative Devin Nunes, who is now CEO of Truth Social, said Patel was “instrumental” to uncovering the “hoax and finding evidence of government malfeasance.”

Although Patel mostly peddled conspiracies, the Justice Department conducted a probe into the FBI’s investigation that raised concerns over “basic and fundamental errors” it committed. In response, Barr created the Office of Internal Auditing, stating, “What happened to the Trump presidential campaign and his subsequent Administration after the President was duly elected by the American people must never happen again.”

But since taking office, Patel has changed his tune about FISA. During his confirmation hearing, Patel referred to Section 702 as a “critical tool” and said, “I’m proud of the reforms that have been implemented and I’m proud to work with Congress moving forward to implement more.” However, reforms don’t mean much by themselves. As Goitein noted, “Without a separate office dedicated to surveillance compliance, [the FBI’s] abuses could go unreported and unchecked.”

An annual transparency report from the Office of the Director of National Intelligence shows that the FBI’s searches for Americans’ information has fallen. Last year, the FBI only used 5,518 query terms about Americans, compared to 57,094 in 2023 and 119,383 in 2022. While this looks like progress, it doesn’t mean that the Office of Internal Auditing’s work is done.

“The FBI should maintain its audits,” Scott said, “and if they do, the FBI must make very clear who is responsible for continuing the internal audits and ensure the oversight gets done.”



Source link

May 21, 2025 0 comments
0 FacebookTwitterPinterestEmail

Categories

  • Crypto Trends (991)
  • Esports (746)
  • Game Reviews (690)
  • Game Updates (871)
  • GameFi Guides (982)
  • Gaming Gear (937)
  • NFT Gaming (964)
  • Product Reviews (927)
  • Uncategorized (1)

Recent Posts

  • Shiba Inu Forms Bullish Golden Cross, Yet Not All Is as It Seems
  • La Liga Soccer: Stream Levante vs. Barcelona Live From Anywhere
  • Rory McIlroy — Cleaned out Masters Shop with 1,100 flag buys
  • How Crypto Could Be Impacted by Fed’s Shifting Stance on Inflation in Q4 2025 and Beyond
  • Original Metal Gear Solid Delta: Snake Eater voice actor says playing Snake was “the definitive role in his life”

Recent Posts

  • Shiba Inu Forms Bullish Golden Cross, Yet Not All Is as It Seems

    August 24, 2025
  • La Liga Soccer: Stream Levante vs. Barcelona Live From Anywhere

    August 24, 2025
  • Rory McIlroy — Cleaned out Masters Shop with 1,100 flag buys

    August 24, 2025
  • How Crypto Could Be Impacted by Fed’s Shifting Stance on Inflation in Q4 2025 and Beyond

    August 24, 2025
  • Original Metal Gear Solid Delta: Snake Eater voice actor says playing Snake was “the definitive role in his life”

    August 24, 2025

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

About me

Welcome to Laughinghyena.io, your ultimate destination for the latest in blockchain gaming and gaming products. We’re passionate about the future of gaming, where decentralized technology empowers players to own, trade, and thrive in virtual worlds.

Recent Posts

  • Shiba Inu Forms Bullish Golden Cross, Yet Not All Is as It Seems

    August 24, 2025
  • La Liga Soccer: Stream Levante vs. Barcelona Live From Anywhere

    August 24, 2025

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2025 laughinghyena- All Right Reserved. Designed and Developed by Pro


Back To Top
Laughing Hyena
  • Home
  • Hyena Games
  • Esports
  • NFT Gaming
  • Crypto Trends
  • Game Reviews
  • Game Updates
  • GameFi Guides
  • Shop

Shopping Cart

Close

No products in the cart.

Close