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Cryptocurrency exchange Coinbase has received an award from the Financial Crimes Enforcement Network (FinCEN) for its contribution to criminal investigations. In an April 11 post on X (formerly Twitter), Paul Grewal, Coinbase’s Chief Legal Officer disclosed the official letter from the government agency.
FinCEN Stresses Compliance
Coinbase contributed to the investigations of one of the seven major criminal cases spurring the FinCEN Director’s Law Enforcement Award. Firms bagged the award after reporting under the Bank Secrecy Act (BSA) was used to effectively prosecute cases.
“The investigations nominated for consideration in this year’s award program may not have been pursued without the BSA reports that financial institutions like yours make, pursuant to FinCEN’s regulatory requirements…. We want to provide this letter and a summary of related cases about your institution’s invaluable contribution.”
The agency urged financial firms not to comply based on requirements but to fight crime and protect the United States financial markets. In recent months, United States regulators have ramped up regulatory efforts to curb digital asset fraud in a bid to protect investors. Global authorities have joined their United States counterparts seeking collaborative regulatory efforts.
The agency underscored the importance of the BSA reporting to prevent illicit finance in many sectors as it helps in the development of risk indicators.
Coinbase Expresses Support for Authorities
In an X post, Grewal restated Coinbase’s commitment to remove bad actors from the crypto space, hailing the efforts of the team. Furthermore, he added that the exchange compliance team does not engage in lawlessness despite criticisms by people who prefer scapegoating to solutions.
We received this letter from FinCEN congratulating @coinbase on our substantial contributions to one of seven significant criminal cases to receive the FinCEN Director’s Law Enforcement Award. We appreciate this recognition of our commitment to weeding out bad actors in whatever… pic.twitter.com/lQFSP1gRjv
— paulgrewal.eth (@iampaulgrewal) April 11, 2024
“Our compliance and government investigations teams are the best in the business. They do not abide by any culture of lawlessness, notwithstanding the slurs and misrepresentations of those who prefer scapegoating over solutions.”
Recently, Coinbase has been in the middle of SEC’s regulatory battles with the exchange criticizing the Commission’s approach and pushing for clear-cut rules.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- El Salvador is the first country that recognised Bitcoin as legal tender.
- Bitcoin City has been recognised as a sustainable and highly efficient project.
- El Salvador is building the new city in the country’s East, with clean energy entirely sourced from nearby volcanoes.
El Salvador made history when it became the first country in the world to adopt Bitcoin (BTC) as legal tender. The country also announced an ambitious project dubbed ‘Bitcoin City’ – a move that continues to inspire many other nations and jurisdictions across the world.
Importantly though, and in one of the many positive news around the El Salvador Bitcoin bet, the eco-friendly project Bitcoin City has just received international recognition.
According to a news report by Noticias de Bariloche, Bitcoin City won an award after getting a thumbs up approval from a panel of experts over its architectural design.
The award was given by LOOP, a Costa Rica-based sustainable architecture and design studio. Per the the LOOP Designs Awards 2022 website, Bitcoin City was picked as category winner from a pool of 705 submissions from 56 countries.
Volcano-powered Bitcoin city
EL Salvador’s Bitcoin City is a new city project under development in the country’s East, and is designed by Fernando Romero Enterprise EE, a Mexico-based design studio. The project features revolutionary urban planning with Bitcoin and nearby volcanoes powering financial investments and everyday activities.
The two volcanoes (Tecapa and Conchagua) will provide clean energy.
“A number of incentives for investors will make this city a reference on how to make a city both efficient and sustainable at the same time,” LOOP wrote in a brief description of the project.
As CoinJournal previously reported, building Bitcoin City is expected to take at least ten years.
El Salvador proves critics wrong on Bitcoin bet
On Tuesday, El Salvador president Nayib Bukele slammed international media for their negative reporting on the country since it adopted BTC as legal tender. His comments came as the country repaid in full its $800 million in maturing bonds – despite Bitcoin price plummeting in 2022.
Mainstream media reports had pointed out that El Salvador risked defaulting on the payments if it failed to strike a deal with the International Monetary Fund (IMF). President Bukele slammed the forecasts by “experts” and rating firms for their “lies”.
Yesterday, El Salvador demonstrated that the big media, the “experts”, the financial analysts and the credit rating agencies, shamelessly lie to the people, their audiences and their clients.
The next time they say anything, remember that. https://t.co/Lb2uDPlYxr
— Nayib Bukele (@nayibbukele) January 24, 2023
MappedSwap, a high-performance decentralized swapping protocol supporting up to 10X leverage for on-chain margin trading, will award 800,000 MST to its global community in a month-long campaign from April 13, 2022.
According to the DEX, the campaign’s objective is to popularize some of the protocol’s exciting features, including a staking feature suitable for preserving value during a steep bear market and a non-hierarchical referral program designed to draw maximum benefit for participating users.
600,000 MST For a Social Media Campaign
As part of the campaign, MappedSwap will be offering 600,000 MST in a social media promotion where 50,000 users drawn from the Twitter and YouTube communities will be rewarded for completing simple tasks. To stand a chance to win a part of the 600,000 MST, users on Twitter will be required first to follow the trading protocol. Afterward, they have to like and retweet MappedSwap’s promotional tweet, tagging three friends as they spread out the message.
The exchange aims to tap on the all-important network effect generated from the thousands of users on Twitter, helping reach out the prospective users who will then connect to the platform enjoying the high performance of the secure, low-fee on-chain margin trading protocol. In the last step, users will also have to watch a YouTube video and share a mystery code.
MappedSwap requires participating users to complete all the steps in this campaign to qualify for the free $12 worth of MST. Winners will be notified via Telegram after a 24-hour verification period.
200,000 MST For Active Traders and Promoters of MappedSwap’s Referral Program
In the second part of the MappedSwap campaign, the protocol will seek to distribute 200,000 MST to participants. Users will complete any of the three steps offered in this campaign. Specifically, in the first step, users may choose to share the MappedSwap referral program link to users on Twitter and stand a chance to win 5 USDM. This slot is only open for the first 10,000 users and will be awarded on a first-come, first-serve basis.
The second and third steps will be available for 4,000 and 1,000 traders, respectively. There, active traders will be required to maintain their position on the leaderboard for a chance to receive rewards from the prize pool.
MappedSwap is a Superior Margin Trading Protocol with a 10X Leverage
Traders will experience the distinguishing features of MappedSwap. Interested traders will plug into the trading protocol using the Eurus Wallet or MetaMask since the underlying blockchain anchoring MappedSwap is EVM-compatible.
MappedSwap is one of the most funded trading DEXes allowing up to 10X leverage. Notably, traders can take loans. If they repay within one hour, the loan will be interest-free.
At the same time, MappedSwap has one of the industry’s lowest slippage tolerances of less than 0.01 percent. Furthermore, because of the highly scalable Eurus blockchain, MappedSwap’s transactions settle in less than two seconds.
Lucrative Staking and Referral Program
However, most importantly, the second campaign highlights MappedSwap’s lucrative referral program.
By adopting a non-hierarchical model, referrers can earn up to 40 percent rebates for every user who subscribes without necessarily trading and up to 80 percent for successful conversion.
Meanwhile, users who choose to stake their MST earn 100 percent + 20 percent extra APY during the promotional period. Staked MST can be withdrawn over 50 weeks, while the extra 20 percent can be withdrawn anytime.
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