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Coin On’s First Chief Compliance Officer Samuel Lim Indicted by CFTC

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According to reports, according to litigation information submitted by the U.S. Commodity Futures Trading Commission (CFTC), Samuel Lim, the first chief compliance officer of Coin

Coin On’s First Chief Compliance Officer Samuel Lim Indicted by CFTC

According to reports, according to litigation information submitted by the U.S. Commodity Futures Trading Commission (CFTC), Samuel Lim, the first chief compliance officer of Coin On, was also indicted. CFTC stated that Samuel Lim had held the position until at least January 2022 and currently lives in Singapore, but Coin On refused to provide its Singapore address in response to the CFTC’s investigation subpoena.

CFTC: Samuel Lim, the first COO of Coin An, was also indicted, but Coin An refused to provide his Singapore address

The cryptocurrency industry has seen its fair share of regulatory roadblocks over the past few years. Amid a growing number of scams and frauds, government bodies across the world have stepped up their scrutiny of the digital currency market. In the latest development, Coin On’s first chief compliance officer, Samuel Lim, has come under the radar of the U.S. Commodity Futures Trading Commission (CFTC).

The Indictment

According to reports, Samuel Lim was indicted by the CFTC on charges of failing to implement adequate anti-money laundering (AML) measures at Coin On. CFTC stated that he had held the position until at least January 2022, and currently resides in Singapore. However, Coin On refused to provide the Singapore address in response to the CFTC’s investigation subpoena.

Background

Coin On is a Singapore-based blockchain project that provides a platform for cross-chain asset exchanges. It was founded in 2017 by tech entrepreneur Wang Feng and is backed by well-known investors, including Sequoia Capital, Matrix Partners, and Zhen Fund. With its mission to create a global decentralized financial system, the platform has gained a lot of attention from investors and traders alike.

The Allegations

The CFTC alleges that Coin On did not comply with AML regulations and KYC (know-your-customer) requirements, thereby enabling money laundering and other illicit activities on its platform. As the chief compliance officer, Samuel Lim was responsible for ensuring that the platform adhered to these regulations. However, the indictment claims that he failed to implement proper procedures to identify and prevent illegal activities that were taking place on the platform.

Implications

The indictment of Samuel Lim is a reminder of the growing regulatory pressure on the cryptocurrency industry. It highlights the need for businesses to implement strong AML measures to prevent illicit activities on their platforms. With regulators across the world stepping up their scrutiny of the digital currency market, companies that fail to comply with AML regulations risk facing severe legal consequences.

Conclusion

The indictment of Samuel Lim by the CFTC underscores the importance of compliance with AML regulations and KYC requirements in the digital currency market. As regulatory bodies across the world increase their scrutiny of the industry, it is essential for companies to take proactive measures to prevent illegal activities on their platforms.

FAQs

1. What is Coin On?
Coin On is a Singapore-based blockchain project that provides a platform for cross-chain asset exchanges.
2. What are AML regulations?
AML stands for anti-money laundering. AML regulations are designed to prevent the use of financial institutions for money laundering activities.
3. What are KYC requirements?
KYC stands for know-your-customer. KYC requirements are designed to prevent money laundering by verifying the identity of customers before they can access financial services.

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