Tag: money laundering in crypto

Access Bank’s Freeze on Crypto Trader Accounts Sparks Controversy

Access Bank has obtained a court order to freeze all crypto trading accounts for investigations. Digital asset fraud is common today, with...

The relationship between crypto and the law

The relationship between cryptocurrency and the law becomes even more pronounced because no intermediary or authority has exclusive jurisdiction to settle cryptocurrency-related disputes. For instance, in a conventional financial transaction, if a party claims theft of their account credentials and fraudulent transfer of money from their account, their financial institution (such as a bank) can intervene and help resolve the matter. However, suppose a parallel situation occurs on a blockchain platform. In that case, no mechanism is in place for settling such a dispute because cryptocurrency is decentralized and has no financial institutions that act as intermediaries. Accordingly, victims of cryptocurrency theft will likely have no legal avenue to compensate for their losses.
You have not selected any currencies to display