Cryptocurrency Live News & Updates : Singapore Fines Firms in $2.2B Money Laundering Case
Nine financial institutions, including UBS and Citigroup, were penalized a total of S$27.5 million ($21.5 million) for their roles in Singapore's largest money laundering scandal, which involved the Fujian gang and led to significant asset seizures. In recent developments, Singapore's Monetary Authority has concluded a two-year investigation into a massive $2.2 billion money laundering case, resulting in fines for nine financial firms, including UBS and Citigroup. This scandal, linked to the Fujian gang, saw authorities seize luxury properties, cash, and cryptocurrency. Meanwhile, Bitcoin Cash has experienced a notable rally, rising 75% over the past 90 days, driven by whale activity and bullish technical signals, despite low network usage. Ethereum is currently in a consolidation phase, trading around $2,500, but shows signs of accumulation, indicating potential for a bullish breakout. The ongoing trend of whale accumulation and reduced exchange balances suggests a shift towards long-term holding among investors. Additionally, the U.S. stock market's performance, particularly the Nasdaq's outperformance, reflects a narrative of U.S. exceptionalism, which may positively influence Bitcoin's value. As the cryptocurrency landscape evolves, these developments highlight the interplay between regulatory actions, market dynamics, and investor behavior. Show more
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Time of India
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Cryptocurrency Live News & Updates : Singapore Fines Firms in $2.2B Money Laundering Case
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