Ukraine shuts down suspected crypto-money laundering network

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The Security Service of Ukraine (SBU) has shut down several cryptocurrency exchanges that have been used since the start of this year to anonymize transactions, reported Bleeping Computer.

More than 1,000 fake customers have used the exchanges to launder money received from Russian electronic payment processors, including Yandex.Money, Qiwi and Webmoney, according to the report.

Searches were carried out at five locations in the Pecherskyi, Shevchenkivskyi and Solomianskyi districts of Kiev, which resulted in the seizure of computers and servers, mobile devices, seals and documents of incorporation of fictitious companies registered in Ukraine that had been used for money laundering, and $ 37,330 in cash, according to the report.

Among the clients of the cryptocurrency exchange network were organizers of mass protests on the eve of Ukraine’s Independence Day, the SBU added, according to the report. They received money to pay for the services of provocateurs using this particular network.

There was $ 11 million laundered per month, according to the report.

In other news, crypto-tax and accounting software provider TaxBit has raised $ 130 million in a Series B funding round, according to a press release. The round brings the company to a valuation of $ 1.33 billion.

In the past five months, TaxBit has tripled its workforce and opened a second headquarters in Seattle. It has also deployed services with the IRS and has partnered with several digital asset platforms, the statement said.

We live in an age where everything is going digital, including traditional assets, said Austin Woodward, CEO of TaxBit, in the statement. As we have built and deployed modern tax and accounting software suitable for digital assets, it has become evident that older tax reporting solutions rely on outdated technology that provides a poor customer experience. TaxBit is a game-changer by providing clients and their users with modern, real-time technology that provides opportunities for visibility and tax optimization throughout the year.

The cycle was led by IVP and Insight Partners. Other investors included Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group and Anthony Pompliano.

The company also had a $ 100 million Series A earlier this year.

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NEW PYMNTS DATA: 58% OF MULTINATIONAL COMPANIES USE CRYPTO-CURRENCY

By the way: Despite price volatility and regulatory uncertainty, a new study from PYMNTS shows that 58% of multinational companies are already using at least one form of cryptocurrency, especially when transferring funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, polling 500 executives examines the potential and pitfalls that crypto faces as it becomes part of the mainstream financial sector.

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