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ETH $2,440.60 +4.35%
BNB $642.01 +2.77%
XRP $1.48 +3.81%
SOL $89.76 +3.71%
TRX $0.3250 -0.28%
DOGE $0.1003 +3.43%
ADA $0.2630 +4.17%
BCH $458.27 +3.78%
LINK $9.75 +3.62%
HYPE $44.90 +0.33%
AAVE $116.10 +6.38%
SUI $1.02 +3.90%
XLM $0.1741 +6.95%
ZEC $343.19 +1.75%

nct

The U.S. Treasury Department will issue proposed rules requiring stablecoin issuers to assume anti-money laundering and sanctions compliance obligations

According to CoinDesk, the U.S. Treasury is set to release proposed rules requiring stablecoin issuers to establish standards to combat money laundering and sanctions violations.According to a summary of the proposal obtained by CoinDesk, the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) will jointly formulate rules that clarify how issuers can comply with the GENIUS Act passed last year, including establishing controls to block, freeze, and reject suspicious transactions. FinCEN will require issuers' anti-money laundering programs to be able to pause flagged transactions and focus more resources on high-risk customers and activities.When U.S. authorities pursue specific targets, regulated issuers must screen their records for activities related to flagged individuals or entities. OFAC requires issuers to operate risk-based sanctions compliance safeguards in both primary and secondary markets, identifying and rejecting transactions that may violate U.S. sanctions regulations. The proposal emphasizes respect for the industry, believing that financial institutions are best aware of their own money laundering and terrorist financing risks, and companies that maintain appropriate anti-money laundering measures typically do not face enforcement actions.U.S. Treasury Secretary Scott Bessent stated that these measures will protect the U.S. financial system from national security threats while not hindering the development of U.S. businesses in the stablecoin ecosystem. The proposal will enter a public comment period and may be revised before finalization.

Hu Xiaowei, an associate of the Prince Group in Cambodia, has been sanctioned by the UK

According to Caixin, after being detained for more than two months, the UK has further imposed sanctions on a Southeast Asian fraud network, which includes Hu Xiaowei, who is closely associated with Chen Zhi, the founder of the Prince Group. The UK government refers to Hu Xiaowei as "Chen Zhi's long-term collaborator" in the Prince Group, with their association originating from the "Legend" private server, and later jointly establishing companies both domestically and internationally.The UK government website announced this sanction information on March 26, targeting multiple individuals and entities related to the Prince Group. Chen Zhi, 38, is the founder of the Prince Group, hailing from a fishing village in Fujian. He previously operated an internet café and worked as a network administrator, starting out by hacking and "robbing" the "Legend" private server. He moved to Southeast Asia over a decade ago and changed his nationality to Cambodian, quickly controlling a global telecom fraud network, earning millions daily in his duke position, with a net worth of several billion dollars. The Bitcoin seized by the US alone is valued at $15 billion. At the height of his power, Chen Zhi also expanded his operations in Singapore, the UK, and Taiwan, China. In early January 2026, he was stripped of his Cambodian nationality and extradited back to China for multiple crimes, including fraud, illegal business operations, and concealing criminal proceeds.
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