Category Archives: Seychelles

The Tirumala Tirupati Devasthanams (TTD) is likely to get land property in Victoria, the capital of Seychelles, if the proposal received to this effect materialises.

Business Network Cabinet (BNC) group Vice-President and TTD board member S. Shankar recently met a group of business leaders and NRIs at Chennai along with Tirupati MP M. Gurumoorthy, seeking their support for the development of Tirupati and TTD.

Ramakrishna Pillai, an Overseas Citizen of India (OCI) settled at Seychelles, reportedly agreed to donate his four acres of land worth 5 crore in Victoria city to the TTD for building a temple for Sri Venkateswara.

At a meeting held in Tirupati on Sunday, TTD Additional Executive Officer A.V. Dharma Reddy appreciated Mr. Pillai for his generous offer and promised to get back after taking the boards approval as well as referring to the land procurement policies in Seychelles. This is the first land donation proposal coming to us from abroad, he said.

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TTD likely to get land in Seychelles - The Hindu

Thoothukudi MP and DMK leader Kanimozhi has assured a delegation from the International Fishermen Development Trust (INFIDET) that she will take efforts for the release of five captains and their boats detained in Seychelles.

According to P. Justin Antony, president of INFIDET, a voluntary service team based in Kanniyakumari met Ms. Kanimozhi in Chennai on Saturday and submitted a memorandum. The MP promised to take up the issue with officials concerned in New Delhi and help in securing the release of the captains and their five boats.

As many as 61 fishermen and five boatswere detained betSeychelle authorities ween March 7 and 9. INFIDET had sent representations to the Central and State governments and to the Indian Embassy in Seychelles, whose timely efforts resulted in the release of 56 fishermen, except the five captains of the vessels, without any penaltyon March 22 . The next hearing of their case was scheduled for April 19, Mr. Antony added.

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Fishermen team meets Kanimozhi for release of five captains from Seychelles - The Hindu

In Tulip Trading Ltd (TTL) v Bitcoin Association for BSV, the High Court determined that TTL had not established a serious issue to be tried on the merits of its claim. Further, it held that, as a result, the order from the lower court granting permission to serve a claim form out of the jurisdiction and service of the claim form were to be set aside.

The High Court also assessed the lex situs (location) of crypto assets when a corporate entity is concerned.

The Claim

TTL, a Seychelles company, alleged that it had suffered a hack that caused the loss of a significant amount of digital currency assets. As a result of the hack, private keys and information that would allow access to the keys were removed from the computer systems of Dr Wright (who asserts that he is Satoshi Nakamoto, who developed bitcoin). These private keys would allow dealings in the crypto assets.

TTL claimed $4.5 billion from 16 developers, alleging that they owed fiduciary and common law duties under English law. Furthermore, it was argued that the developers should be required to write and apply a patch to the blockchain network in order that it could be transferred to a new Bitcoin address for the benefit of the claimant.

The defendants in this action were the core developers and/or otherwise control the software in respect of four relevant digital asset networks, namely:

None of the defendants are in the jurisdiction.

TTL claimed that the defendants owed TTL fiduciary and/or tortious duties, effectively meaning that they should assist TTL in regaining control and use of its assets. Specifically, TTL requested:

In relation to point 2 above, TTL indicated that it would not be technically difficult for the defendant to write and implement the software patch enabling TTL to regain control of the assets.

There was also a question as to the location of the assets and TTL. TTL claimed that the assets were in the jurisdiction, namely England. But the defendants argued that the assets were in the jurisdiction that the company was domiciled in, namely the Seychelles.

Judgement

The court determined that there was no good or arguable case that open source Bitcoin developers (the defendants), whose code is widely adopted and used, do not owe fiduciary duties or a common law duty of care to those who use that code to trade or store their crypto assets.

Furthermore, the court also considered that there was sufficient information to amount to a good arguable case that (a) TTL is resident in the jurisdiction; and (b) that the property is located here.

The court determined the lex situs (location) of the bitcoin held by corporate entities, with Mrs Justice Falk stating that a company is resident where its central management and control is located, that being where its real business is carried on.

Please see link to the full judgementhttps://www.bailii.org/ew/cases/EWHC/Ch/2022/667.html

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Cryptocurrency and Jurisdiction - Lexology

Seychelles is beach lovers dream vacation destination. A fun-filled beach day is all you need. Travellers can visit pristine beaches, participate in outdoor activities like hikes and treks, island excursion and all-time favourite, sailing. Travellers can also enjoy an indoor day at beautiful hotels with picturesque view.Also Read - 'Don't Travel to Jammu And Kashmir': US Issues New Travel Advisory

The beaches of Seychelles draw visitors from all over the world. Whether seeking lively or secluded beaches, long never-ending stretches of sand or tiny half-moon patches fringed by trademark boulders, visitors are sure to find their signature style of beach. Also Read - Surajkund Mela : 12 Quirky Items to Buy From The International Crafts Mela Under Rs 200

Did you know that the typical summer vacation months in India, April and May, coincide with one of the best times to visit Seychelles? Travelers can expect especially calm waters at this point. Also Read - Planning a Trip to Qatar? Top 10 Unique Day Trips From Qatars Capital

Seychelles is a 115-island archipelago. Even on a long vacation, you will struggle to cover all of them. Excursions by boat can introduce you to the refreshingly unique landscape that can be found on various islands.

Seychelles has something for everyone, whether you want to wander through bustling markets, take enviable photos around colonial-style mansions, or explore coastal mangrove forests and unspoiled nature reserves. Nature lovers will thrive in this reincarnated Eden, which is home to over fifty endemic plants and trees, including the rare coco de mer palm.

People all over the world have rediscovered their love of the great outdoors in the last two years, and there is no better place to get your fix. Take a leisurely stroll along a nature trail or put yourself to the test by ascending a steep mountain path. Indulge in bird-watching or simply enjoy the sensation of life slowing down as you take a deep breath in natures lap.

Some visitors enjoy the overall summer vibe, the vibrant colours that everything takes on in the brilliant sunlight, and, of course, the fact that children are off from school, but would rather enjoy a pristine beach from the comfort of a restaurant, spa, yacht, or hotel room with a view. Spend the day relaxing in your luxurious hotel room, which offers 360-degree views of azure waters and powder-white beaches lined with palm trees. Step outside to savour sumptuous Creole cuisine. On a sheltered boat ride, you can get a dose of both vitamin sea and adrenaline. Relax in a relaxing spa session and let your stress melt away. Whatever you do, ocean views are almost always present.

The last two years have made everyone more conscious of their personal space than ever before. Seychelles is an exclusive holiday destination with a very small population, allowing visitors to enjoy just the right level of seclusion and ease.

(With IANS inputs)

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Here Are 3 Reasons Why You Should Visit Seychelles This Summer

Those following the high-profile case of the group that has been coined the Seychelles 9 were taken by surprise on February 11 when weapons charges were added to the range of accusations already filed against the defendants. The nine arrested include former President France-Albert Renes widow and son, a former chief of staff of the defense forces, a retired presidential chief security officer, a prominent businessman and his attorney wife along with a reportedly future presidential candidate. The suspects have been accused of aiding and abetting in the theft of $50 million in a case which goes back to 2002.

It is a well-known fact that the Seychellois government has been trying hard to rebrand the islands public perception. Often associated with those seeking to hide funds, sometimes with illicit intentions, the Seychelles Islands featured prominently in the Pandora Papers. Despite this expose, the island nations efforts to stem laundering and instill adequate regulation led the European Union to announce its intention to remove the Seychelles from its official blacklist of tax havens in October 2021.

And although progress has seemingly been made on the international front, the relatively new government of President Wavel Ramkalawan feels it still has a lot to prove regarding the way it handles corruption and laundering. It would appear that the president is most concerned with creating a sense of daylight between the old government, which was more closely associated with Rene, and his own governments efforts.

It is this sense of urgency that has encouraged what has become the most invasive witch-hunt the East African nation has known to date. Indeed, it is a witch-hunt because all suspects have an association, either personal, professional, or political, with the government of former President Rene. More often than not, when weapons charges surface out of the blue, it is a good indication that something is amiss in paradise.

Those familiar with the archipelagos history will know that the country has a long record of attempted coup dtats. This was first seen in June 1977 when supporters of Rene, who would become president, overthrew President James Mancham when he was in London. Those seeking to restore Manchams government attempted a (failed) counter-coup in November 1981, also known as Operation Angela. 1986 saw Operation Distant Lash, a further coup attempt against Rene, while 1987 saw yet another unsuccessful attempt to overthrow Renes government.

All of this is important because it was exactly this lack of political stability that led Renes government to seek supporters willing to stash weapons for use in case of future attempts at sowing instability. One such supporter was the arrested businessman Mukesh Valabhji. According to his defense team, Valabhji, out of both a sense of patriotism and a personal interest he had in maintaining stability on the island, allowed the Seychelles Peoples Defence Force to stash these weapons in his home.

This defense claim begins to make sense when one considers the extent of weapons found. According to court records, this included seventy-two Draco guns, AK assault rifles, and Makarov pistols, 122 assault rifle magazines as well as 43,416 bullets. All these weapons have serial numbers which show they were imported by the Seychelles Peoples Defence Force under official government licenses. The weapons were stored behind a large cement wall in the house of the accused, which also gives credence to the theory that it was a government military weapons stash to be employed in case of another coup attempt.

Further questions, highlighted by the organization Seychelles Justice, must be raised when taking into account the way in which the government has been treating the suspects. International law firm Kobre and Kim, representing some of the accused, has publicly accused the government of employing intimidation tactics against its lawyers, alongside leaving the accused without representation. The defendants have also been held incommunicado and, according to the lawyers, in inhumane conditions. One must question what it is the government might be trying to hide.

A government trying to distinguish itself from the authoritarian rule of a former president would be smart to consider the implications of such attempts to run a kangaroo court trial. Although seemingly doing a good job combatting corruption, politically motivated trials and false accusations with national security implications do not bode well with the international human rights community and national ratings agencies. They also dont bode well with those considering doing business on the island.

A true test of the governments intentions will be the March 25 bail hearing for Laura Valabhji, the businessman Mukesh Valabhjis wife. Having worked with the attorney general in the past in her capacity as a lawyer alongside reportedly weak evidence of her complicity in the alleged crimes and her not being a flight risk, it will be seen if some semblance of justice can indeed be attained in a Seychellois court.

If all it takes to rid the country of political enemies are accusations of corruption and weapons possession, without any due process, the government cannot expect the international business community to view it as an attractive destination for investing their money. This becomes even more concerning, when the crusade is being led by the Anti-Corruption Commission of Seychelles (ACCS), an organization whose sole purpose is combatting corruption. One would, perhaps naively, assume this includes political corruption, among which false charges being levied against political enemies should be top of the list.

Jean Baptiste is a French freelance writer who studied cinema and audiovisual writing. He is currently the editor of the newly launched Indian Ocean Economic Times.

Image: Reuters.

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Ongoing Corruption Trial in the Seychelles Spells Trouble ...

There is a welcome and wonderful sight appearing on beaches in the Seychelles.

The endangered green turtle is making a comeback here, after several decades of protection and close monitoring. Turtle hunting was banned in the Seychelles, an archipelago of 115 islands off the coast of East Africa, in 1968, but it was a slow recovery. In the early 1980s, researchers would find just one or two turtle tracks on a beach, but by the mid-1990s, there would be 10 to 20.

It's only been up from there. This month, a new study was published in Endangered Species Research about the Aldabra Atoll in the Seychelles. Researchers found that in the late 1960s, the annual number of green turtle clutches was in the 2,000 to 3,000 range, and that increased to more than 15,000 in the late 2010s.

"There's potential for this population to double, triple, we're not even sure," lead author Adam Pritchard from the University of Exeter told Popular Science. "This could just be the start. It's amazing that, after slower growth in the beginning, there's been this real explosion in recent years."

The Aldabra Atoll has one of the world's largest green turtle populations, and in addition to the hunting ban, the fact that the area was designated a UNESCO Heritage Site in 1982 has helped the species with its recovery. It takes at least 20 to 50 years for green turtles to reach sexual maturity and start reproducing, making long-term monitoring another important step in ensuring the population continues to grow.

Over the last five decades, hundreds of people have been recording data on the green turtles, collecting information from more than 50 beaches across Aldabra. "One thing that people have learned is protection works," Jeanne Mortimer, founder and chair of Turtle Action Group Seychelles, told Popular Science. "But you may need to be patient and wait for 35 years."

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In the Seychelles, conservation efforts are paying off for the endangered green turtle - The Week

2022 US Open Water National Championships

Though its April Fools, this is no joke! Katie Grimes (SAND) is your womens 10k National Champion. The Tokyo pool Olympian finished 6 laps around the Fort Meyers Beach course ahead of Mariah Denigan and Frances Carolina Jouisse.

The conditions appeared to be extremely rough as cloudy skies, high winds, and massive waves could be seen throughout the swimmers course.

It was actually Grimes Sandpipers and Olympic teammate Erica Sullivan who took the early lead over the entire field through the first 3 laps. Grimes was hanging onto the 2nd spot, and made her move heading into the 4th lap. Grimes would maintain her lead through the final 3 laps to win the event.

Sullivan, who won the womens 10k last year, faded out of the top 3 finishers.

The event will serve as a selection meet for the 2022 US Open Water National Team, as well as the perks and funding that go along with that status. The top 6 finishers in the 10k will automatically earn a spot on the National Team, which means that Grimes and Denigan have both qualified for the National Team. This is Grimes 1st Open Water National Team appearance.

This weeks meet also serves as a selection event for the 2022 World Junior Open Water Swimming Championships, set for September 1st-4th in Beau Vallon, Seychelles.

Grimes swim earns her a spot on both the 2022 US Open Water National Team and Junior Team, as well as a roster spot on the 2022 FINA World Junior Open Water Championships which will take place in Beau Vallon, Seychelles.

Well have to wait until the end of the meet for the selection of the 2022-2023 US Open Water National Team and 2022 World Championship Team, as these both follow a points-based system throughout the National Championships.

The 2022 Open Water National Championships didnt include the United States two female open water Olympians, Haley Anderson and Ashley Twitchell. Anderson announced her retirement yesterday, and Twitchell is expecting her first child in 2022. This wouldve been their 13th-consecutive appearance at the US Open Water Nationals.

Full results are not yet available, but we will update as they are published.

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2022 US Open Water Nationals: 15 Year-Old Olympian Katie Grimes Wins 10k - SwimSwam

With miles of bone-white sand, scalloped bays, coral-hooped lagoons and clotted-cream island specks lapped by liquid Hockney blues, the islands of the Indian Ocean have store cupboard ingredients baked in.

If you think that these island idylls are the preserve of honeymooners and luxe-seeking types, you may need to think again. A holiday to Mauritius, the Seychelles and the Maldives is never going to be a cheap proposition, but it can be affordable and packed with experiences. In fact, if you know where to look, you can find paradise for a song.

In both Mauritius and the Seychelles, many of the islands guest houses, self-catering chalets and three-star properties are a hop, skip and a jump from top-drawer strands of sand. Buses and speedy inter-island ferries will get you around and, if self-catering, there are daily markets and fishermen hauling in the days catch at beaches. In Mauritius follow your nose to the food trucks. A delicious dholl puri or a fragrant Creole rougaille (made with tomatoes, spices and sausage) washed down with a fresh sugar cane juice will cost just a couple of pounds.

Avoiding peak season (December to January and July to August in the Seychelles and mid-November to April in Mauritius) can also bring significant savings. Trailfinders, for example, currently offers a week at the five-star Hilton Seychelles Labriz Resort and Spa in November for 1,599pp (020 7084 6500; trailfinders.com), including flights and breakfast.

Unlike Asia and the Caribbean, where different islands adopted different restrictions, the Indian Ocean has been much more accessible to travellers throughout the pandemic. The Caribbean has been tricky due to fluctuations and island curfews, says Anna Hilley, long-haul trading manager at Travel Republic. The Maldives remained open throughout and we saw strong demand for Mauritius in November and December [when it reopened to visitors October 1]. Now were seeing lots of last-minute bookings and weeks in June, July and August are filling up fast.

The Indian Ocean isnt just a destination for fly-and-flop visitors, either. Now that many restrictions on travel have been lifted, those seeking adventure and a sabbatical (or both) are booking trips. Rich in marine life, the region offers extraordinary marine and wildlife conservation opportunities. In the Seychelles, for example, you can volunteer on Cousin a protected island reserve.

From Sri Lankas cultural heritage to an adventure break in Mauritius, diving in the Maldives and island hopping in the Seychelles, the Indian Ocean wont disappoint and its more affordable than you think. Here are 20 holidays to fit the bill.

For a fresh twist on the Indian Ocean, why not consider pairing Dubai with Sri Lanka? Youll go from a gregarious, cosmopolitan city to tuk-tuks, temples and Ayurvedic massage. Stay three nights at the family-friendly Hyatt Regency in Deira, on Dubais waterfront corniche, before taking a short flight and winding up at the stylish, understated Avani Bentota Resort and Spa, which overlooks one of Sri Lankas finest beaches. Yoga, two freshwater pools, watersports and beach volleyball its all here.

An 11-day Dubai and Sri Lanka holiday costs from 1,249pp with Travelbag (020 7001 4112; travelbag.co.uk) spending three nights in Dubai at the Hyatt Regency and seven nights at the Avani Bentota Resort and Spa on a half-board basis; includes flights.

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With a robust portfolio of hotels, tours and catamaran cruises across the region, family-run Tropical Sky is a reliable go-to for inspiration. Visit out of season to snap up an action-packed all-inclusive holiday at the five-star Maritim Resort and Spa, near Baklava, in Mauritius. Within its sprawling 25 acres there are tennis courts, an equestrian centre, a golf course and a Padi dive centre with the full complement of watersports activities. And if you just want to sit at the rooftop bar and gaze at the alabaster beach, thats OK, too.

Seven nights at Maritim Resort and Spa (01342 395475; tropicalsky.co.uk) costs from 1,549pp for rooms sleeping two adults and one child; includes flights.

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The luxurious Indian Ocean holidays that cost as little as 62 a day - The Telegraph

Manchester Citys new official cryptocurrency exchange partner appears to be offering a product to UK consumers which is banned by the UK Financial Conduct Authority because of likely harm from sudden and unexpected losses, The Athletic can reveal.

The product was mentioned in the publicity surrounding the City deal.

An OKX spokesperson said the company remains in compliance with the rules outlined by the Financial Conduct Authority and does not sell crypto derivatives to UK consumers.

On March 4, City announced the deal with OKX, a fast, secure and innovative cryptocurrency exchange based in the Seychelles. Cryptocurrencies like Bitcoin and Ethereum have boomed in popularity over the last year, after rising in value making them appealing as a high-risk asset, although they have slumped in value in recent months. Football clubs are now trying to join the gold rush.

OKX sells cryptocurrencies, which is perfectly legal in the UK. But in OKXs announcement of the deal, beneath a photo of City stars Raheem Sterling, Kevin De Bruyne and Jack Grealish, the company boasts of having the planet's most active crypto derivatives markets.

Since January 2021, selling crypto derivatives to UK retail consumers has been banned by the Financial Conduct Authority who, after a lengthy consultation, concluded that retail consumers might suffer harm from sudden and unexpected losses if they invest in these products, going on to outline concerns over crime and fraud in the secondary market.

Despite this, a look at the site and its publicity makes clear that crypto derivatives trading is a core part of the company's business, and appeared to be available when logging in from a UK computer, and derivatives were mentioned in marketing emails with no disclaimers.

An OKX spokesperson provided evidence that disclaimer messages appear for UK customers on desktop and mobile when selecting the account mode, and when attempting to upgrade an account to trade leveraged products. However, unlike other cryptocurrency exchanges, these do not appear at any earlier stage. The UK is also not mentioned as a restricted territory in the OKX terms of service.

OKX removed the mention of crypto derivatives from the City announcement after The Athletic asked questions.

This text was featured in an About OKX section on a partnership-related landing page located on okx.com, a spokesperson said. Furthermore, it described OKX global operations. We have removed the text that mentions derivatives from said text in order to avoid further confusion.

The company argues the City partnership is for a global audience, not necessarily just people in the UK, like the City fans who will see the companys logo beamed around the Etihad Stadium.

(Photo: Mike Egerton/PA Images via Getty Images)

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Manchester Citys new crypto sponsor offering banned product to UK consumers - The Athletic

Two recent guilty pleas involving a cryptocurrency exchange serve as a reminder to all money services businesses (MSBs)including those ostensibly located outside the United States but that conduct business thereof the importance of implementing anti-money laundering (AML) programs and registering as MSBs with the U.S. Treasury Departments Financial Crimes Enforcement Network (FinCEN). Last week, two founders and executives of BitMEXa virtual currency derivatives exchange whose parent company was registered in the Seychelles but operated globally, including in the United Statespled guilty to criminal Bank Secrecy Act (BSA) violations stemming from the companys willful failure to establish, implement, and maintain an AML program.[1]

The BitMEX enforcement action also highlights sanctions non-compliance risks. Without a Know Your Customer (KYC) program, BitMEX carried out transactions for customers based in Iran, a jurisdiction comprehensively sanctioned by the U.S. Treasury Departments Office of Foreign Assets Control (OFAC). As OFAC has made clear, sanctions compliance obligations remain the same regardless of whether transactions are denominated in virtual currency or fiat. A focus on sanctions compliance may become even more critical for cryptocurrency companies in the wake of the new far-reaching Russia-related sanctions imposed by the United States, the European Union, and the United Kingdom, among other governments, in response to Russias invasion of Ukraine. OFAC and the New York State Department of Financial Services (NYSDFS) have warned that as sanctioned persons and jurisdictions become more desperate for access to the U.S. financial system, they are likely to turn to cryptocurrency to minimize the crippling effect of sanctions.

The two BitMEX founders guilty pleas on February 24, 2022 follow the companys settlement with U.S. regulators in August 2021, which was one of the largest-ever resolutions with a cryptocurrency exchange. While BitMEX was incorporated in the Seychelles, it had connections to the United States, including maintaining offices there and soliciting and accepting orders from U.S. customers. FinCENand theCommodity Futures Trading Commission found that BitMEX was operating as an unregistered futures commission merchant under the BSA, and that it failed to comply with the BSAs AML program requirements, including by failing to maintain an adequate customer identification program. BitMEX resolved the allegations for $100 million, with a $20 million suspended penalty pending the companys remediation and prevention measures, including ending all operations within the United States and no longer serving any U.S. customers.

The Department of Justice charged four of the companys founders and executives in October 2020. In announcing that two of them, Arthur Hayes and Benjamin Delo, had pled guilty to willfully violating the BSA, the Department of Justice alleged that these two founders closely followed the U.S. regulatory developments and were aware of their BSA obligations due to U.S. customers trading on BitMEX. Yet, they allegedly took affirmative steps purportedly designed to exempt BitMEX from the application of U.S. laws like AML requirements and KYC requirements. For example, according to prosecutors, the defendantscaused BitMEX to formally incorporate in the Seychelles, a jurisdiction they believed had less stringent regulation, and from which they could still serve U.S. customers and operate within the United States without performing AML and KYC. Without even basic AML policies in place, BitMEX became in effect a money laundering platform and a vehicle for sanctions violations.

This development illustrates the significant risks to which foreign-located MSBs expose themselves if they have U.S. customers but fail to comply with the BSA. Incorporating in a friendlier jurisdiction, like the Seychelles in the BitMEX case, does not protect an MSB from BSA liability if it operates in the United States. The BSA applies to MSBs wherever located if they conduct business wholly or in substantial part within the United States. Thus, all MSBs, including those transmitting cryptocurrencywith any U.S. nexusshould take note of the BSA requirements. Those include registering with FinCEN; implementing a written AML program with policies, procedures, and internal controls, including regarding customer identification and verification; and controls to detect and report suspicious activity. The AML programs must be commensurate with the risks posed by the location, size, nature and volume of the services provided by the MSB and be effective in preventing the MSB from being used to facilitate money laundering and the financing of terrorist activities.

An effective AML/KYC program will also help ensure compliance with sanctions regulations. As noted, cryptocurrency exchanges will likely face increased sanctions risks due to the sweeping sanctions recently imposed against Russian banks, entities, and individuals by the United States, European Union, United Kingdom, and other governments, and additional measures that may be imposed in the coming days or weeks. As such, cryptocurrency exchanges may face, and must address, unique risks.

By implementing a KYC program, which includes sanctions screening, cryptocurrency companies can help ensure they do not engage, directly or indirectly, in transactions prohibited by sanctions, such as dealings with blocked persons or property, or engaging in prohibited trade- or investment-related transactions. To ensure compliance, cryptocurrency exchanges should also employ geolocation and IP-address blocking to prohibit access by parties from sanctioned jurisdictions, perform transaction monitoring to detect suspicious activity, and file required reports with FinCEN and OFAC. Exchanges operating outside the United States that do not yet have but want to attract U.S. users should also consider implementing such measures.

[1]Also last week, on February 25, 2022, BitConnect founder Satish Kumbhani was indicted in a cryptocurrency Ponzi scheme, which the government alleges deprived investors worldwide, including in the United States, of over $2 billion. According to the indictment, to avoid regulatory scrutiny and conceal BitConnects fraudulent scheme, Kumbhani evaded and circumvented U.S. regulations, including those enforced by the FinCEN. Among other things, BitConnect never registered with FinCEN, as required under the BSA.

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Non-U.S. Crypto and Other Money Services Businesses: Have Customers in the U.S.? Beware of AML and Sanctions Compliance Risks - JD Supra