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Latam Based Cryptocurrency Exchange Ripio Expands To US

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Latam Based Cryptocurrency Exchange Ripio Expands To US

Ripio, an Argentina-based cryptocurrency exchange, has announced that it will expand its operations to the U.S. The company, which serves more than 4.5 million customers in Latam, received a license in the state of Florida to operate and will start offering its Ripio Select services to companies and institutional investors.

Ripio Expands Operations to US

Ripio, one of the largest exchanges in Latam, with more than 4.5 million customers on the continent, has announced it will expand its operations to the U.S. The company obtained a license granted by the Florida Office of Financial Regulation, that will allow it to offer its suite of services to United States customers.

With this endorsement, the company is ready to bring its products to customers in the country, including its custodial wallet and exchange services, and its newly launched Web3 wallet. Also, Ripio is planning to provide B2B integration with other companies.

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Ripio decided to first introduce its Select platform, which focuses on offering crypto-based solutions to other companies and institutional investors. This will be the tip of the spear for the company in the country, with other services to be introduced later on.

To Ripio co-founder and CEO Sebastian Serrano, this is a dream come true for the company and its investors. In a statement offered to Livecoins, Serrano declared:

We are very happy and proud to achieve this goal, as we worked hard to be able to operate in a country like the United States, which is undoubtedly one of the dreams and achievements of any entrepreneur.

Furthermore, Serrano declared the company chose the state of Florida due to its status as a crypto hub where Ripio’s Select platform has great potential.

Compliance and Growth

Ripio had to comply with all of the requirements of Florida’s financial regulation to be able to operate in the state. The company is one of the few exchanges that has received audits by several big four firms, including PWC, KPMG, and EY, and it is also registered with the Financial Crimes Enforcement Network (FinCEN).

Ripio, whose latest funding round raised $50 million in Sep 2021, has managed to stay afloat and even expand during this cryptocurrency market downtrend that has affected several crypto exchanges and lenders such as Celsius and Blockfi.

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The company announced its expansion to Colombia in April, stating that its operation would offer a financial education proposal. Later, in July, the company presented an educational textbook and released its own metaverse Web3-enabled wallet.

What do you think about the expansion of Ripio into the United States? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

afip

Argentina To Revamp Anti Money Laundering Law, Proposes Creation Of VASP Registry

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Argentina To Revamp Anti Money Laundering Law, Proposes Creation Of VASP Registry

Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated to do on the subject next year.

Argentina Might Create a Unified VASP Registry

The discussion of a proposed revamp of the anti-money laundering and terrorism financing law in Argentina might include the creation of a unified VASP registry. The proposal, which is being made by several institutions in the country, including the Argentine tax authority (AFIP), and also the national securities regulator (CNV), would bring the legislation up to modern standards.

This would be the first modification that legislators press on a law that has been untouched for 11 years. The institutions presented the changes to the Deputy chamber of the nation in a meeting that took place on Nov 25. One of the objectives of this move would be to prepare the country for the review that the FATF is slated to conduct about Argentina’s controls next year.

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The reform would also allow the AFIP to build a database of unique beneficiaries, with the CNV being at the head of the proposed VASP registry.

Modifications Focused to Bring Safety to Users

The proponents of these modifications explain that these are inspired by similar changes that have been implemented by other countries already reviewed by the FATF, and are part of the steps that must be taken before embarking on preparing cryptocurrency-specific regulation in Argentina.

Sebastian Negri, head of the anti-money laundering organization in the country (UIF) expanded on the need for these modifications to be approved and implemented. He stated:

We have to be able to create a registry that meets international standards for the prevention of money laundering and terrorist financing.

Furthermore, Negri also stated that these modifications would be useful to protect users’ funds in these platforms from potential failures and even bankruptcy, taking cues from the situation that FTX, one of the top three cryptocurrency exchanges, is currently facing.

Negri also mentioned that the usage of personal data that these companies possess would be tackled in this reform.

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Argentina was recently part of a study made by Global Financial Integrity, a Washington D.C.-based think tank, that colluded that cryptocurrency regulation on Latam was still ineffective in detecting and convicting crypto-related crime.

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afip, anti-money laundering, Argentina, CNV, fatf, ftx, Global Financial Integrity, Regulation, sebastian negri, terrorism financing, UIF, vasp, virtual assets service provider

What do you think about the reforms proposed to the anti-money laundering laws in Argentina? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, SC Image, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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AML/KYC

Latam Still Unprepared To Deal With Crypto Crime And Scams, According To GFI Report

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Latam Still Unprepared To Deal With Crypto Crime And Scams, According To GFI Report

Latam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish crypto-related crimes.

GFI: Latam Still Vulnerable to Crypto-Related Crime

While the adoption of cryptocurrency has grown immensely in Latam due to the unique economic situations and difficulties of the countries in the area, cryptocurrency regulation has failed to develop on par. This is one of the conclusions that a report titled “Cryptocurrencies: A Financial Crime Risk within Latin America and the Caribbean,” issued on Nov. 14, found.

Produced by Global Financial Integrity, a Washington DC-based financial think tank, the report examined the legal cryptocurrency developments in Latam and the Caribbean, focusing on countries with high crypto adoption like Argentina, Brazil, Colombia, El Salvador, and Mexico.

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The report found several holes in the regulations of some of these countries that could allow criminals to use crypto to commit money laundering crimes which could go undetected by the authorities. Also, the study remarks that some of these countries still lack crypto-specific regulations to tackle more than just crypto taxation, given that Latam’s cryptocurrency usage follows different trends compared to other regions.

Policy Recommendations

As per the study, it is fundamental for these countries to understand that cryptocurrencies are a new asset class that calls to be studied in order to establish effective regulations, taking the needs of each one of the countries in Latam into account. The promotion of campaigns that educate about crypto and the possible risks that users and investors can face while using these new currencies is another tool that governments can utilize.

However, according to the report, one of the most important measures that these governments must apply has to do with the implementation of KYC/AML (Know Your Customer/Anti-Money Laundering) protocols amongst service providers, which can serve to identify possible threats.

In the same way, the adoption of the recommendations of international organizations like the Financial Action Task Force (FATF) is advised, in conjunction with the interconnection of these agencies to collaborate and exchange data that could lead to prosecuting suspected criminal cases.

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AML/KYC, Argentina, Brazil, colombia, cryptocurrency crimes, DC, El Salvador, GFI, Global Financial Integrity, latam, Mexico, vulnerabilities

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What do you think about GFI’s latest report on the vulnerabilities that Latam countries face regarding cryptocurrency-connected crimes? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Flight Radar Report Shows FTX Co-Founder’s Private Jet Flew To Argentina, SBF Says He’s Still In The Bahamas

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Flight Radar Report Shows FTX Co-Founder’s Private Jet Flew To Argentina, SBF Says He’s Still In The Bahamas

According to Flightradar24’s official Twitter account, the most tracked flight at 3:33 a.m. on Nov. 12, 2022, was Sam Bankman-Fried’s (SBF) private jet flying from the Bahamas to Argentina. While the flight track doesn’t mean SBF took the flight, a number of people suspected someone from SBF’s inner circle did fly out of the Bahamas. The former FTX CEO, however, texted Reuters after the flight and told the news outlet he did not leave the Bahamas.

Former FTX CEO’s Private Jet Embarks to Argentina, SBF Claims He Remains in the Bahamas

The former FTX CEO and frontman, Sam Bankman-Fried (SBF), has been under the spotlight all week after his exchange, which was once worth $32 billion, shuddered and filed for bankruptcy protection.

Following the bankruptcy registration in Delaware, FTX US users started to complain about withdrawal issues. Then reports on Nov. 12, at around 3:00 a.m. (ET) indicated that FTX wallets may have been hacked. Some of the funds were sent to Kraken and Kraken’s chief security officer, Nick Percoco, told the public they have identified the user.

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Interestingly, roughly around the same time, people started to notice FTX wallets were getting drained, Flightradar24’s official Twitter account tweeted about the most tracked flight at around 3:33 a.m. on Nov. 12, 2022.

“Most tracked flight right now,” Flightradar24 wrote. “According to tweets, the founder and former CEO of [FTX] is en route to Argentina after the FTX collapse earlier this week.”

Flightradar24’s flight tracker was shared via Twitter (pictured left). It has been reported that SBF owns and operates a Gulfstream G450 private jet (pictured right).

Some observers of the Flightradar24 tweet, like the popular whistleblower Fatman, did not like Flightradar24’s statement. “Shouldn’t be tweeting this. Zero confirmation or evidence of this being SBF,” Fatman replied to Flightradar24’s tweet.

While the radar report does show SBF’s private jet did embark to Argentina, there’s no way of telling who was on the trip without the official flight logs. Following the speculation, the news publication Reuters published an article that said SBF did not leave the Bahamas.

“When asked by Reuters whether he had flown to Argentina, Bankman-Fried responded in a text message: ‘Nope.’ He told Reuters he was in the Bahamas,” the article’s author explained.

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Argentina, bahamas, Bahamas Inner Circle, Bankman-Fried denies leaving, bankruptcy registration, Fatman, Flight, Flight Tracker, Flightradar24, Flightradar24’s Twitter account, Former FTX CEO, ftx, FTX Bankruptcy, FTX wallets, FTX.US, Kraken CSO, Nick Percoco, Reuters, Reuters Report, Reuters SBF, sbf, wallet hack, whistleblower

What do you think about the tweet from Flightradar24 and the following report from Reuters that says SBF claims he is still in the Bahamas? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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