George Bachiashvili, the former head of the Georgian Co-Investment Fund, is facing allegations of misappropriation of cryptocurrency and money laundering. The case is being handled by the Prosecutor's Office of the Republic of Georgia, which claims that Bachiashvili misused a significant amount of Bitcoin in 2015.

George Bachiashvili, founder of the Georgian Co-Investment Fund, has been charged with cryptocurrency misappropriation and money laundering. The Prosecutor’s Office of Georgia alleges that Bachiashvili misappropriated a large amount of Bitcoin in 2015, which was invested in Bitcoin mining.

Namibia's National Assembly has passed a bill to regulate digital assets and cryptocurrencies, establishing a framework for licensing and supervising virtual asset service providers. The legislation aims to ensure consumer protection, prevent market abuse, and mitigate the risks of money laundering and financing terrorism.

June 28 (Cointime) - The Russian Supreme Court has overturned a previous ruling that converting cryptocurrencies to rubles constitutes money laundering. The decision was made in response to a case where a drug manufacturer received payment for narcotics in cryptocurrencies. The court considered the Russian Armed Forces' 2019 classification of cryptocurrency as a crime subject under articles 174 and 174.1 of the Russian Federation's Criminal Code.

June 26 (Cointime) - The Financial Action Task Force (FATF) has renewed its call for countries to implement the "travel rule" to combat money laundering and terrorism financing activities facilitated by cryptocurrencies. The UN body expressed concern that "many" member states have failed to implement the rule. FATF urged countries to implement anti-money laundering and counter-terrorism financing measures on crypto-related activities "without delay" to prevent criminals from exploiting significant loopholes not protected by regulation. A report will be published on June 27 calling on member countries to implement FATF's recommendations to close the loopholes which criminals look to exploit, including North Korea's illicit virtual asset activities.

June 16 (Cointime) - Binance is facing an investigation in France for allegedly providing illegal digital asset services and supporting acts of aggravated money laundering. The company is accused of offering these services to French customers through its local division, and regulators have been investigating since February 2022. Binance recently exited the Netherlands after failing to obtain a license and comply with anti-money laundering regulations. The company is also under scrutiny from the US Securities and Exchange Commission for allegedly operating an unregistered securities exchange and offering illegal securities trading to American investors.

June 16 (Cointime) - Binance is currently being investigated by French authorities for allegedly providing illegal digital asset services and engaging in acts of aggravated money laundering. The investigation centers around Binance's illegal exercise of the function of PSAN and its involvement in operations of investments, concealment, and conversion. Binance is also facing a lawsuit from the U.S. Securities and Exchange Commission for failing to register as a trading platform and selling unregistered securities. The company has announced that it is quitting the Netherlands after failing to obtain a license that meets the country's anti-money laundering guidelines.

June 15 (Cointime) - Blockchain analytics firm Chainalysis has reported that ransomware hackers are using mining pools to launder their funds. The firm identified 372 exchange deposit wallets that received both mining profits and ransomware proceeds, totalling $158.3m since 2018. Chainalysis suggests that mining pools may play a key role in ransomware actors’ money laundering strategies, with funds from ransomware-related wallets increasingly being sent to mining pools. The mining pool then acts as a mixer, obfuscating the origin of funds and creating the illusion that the funds are proceeds from mining rather than from ransomware.

John Reed Stark, former director of the U.S. Securities and Exchange Commission’s (SEC) Office of Internet Enforcement, tweeted that he believes the U.S. Department of Justice will or has filed a sealed criminal indictment related to Binance. The CFTC and SEC complaints, which are more like criminal indictments, include allegations of fraud, deception, obstruction of justice, and money laundering.

Former SEC official John Reed Stark has suggested that Binance, a cryptocurrency exchange, may face criminal charges for alleged money laundering, fraud, deception, and obstruction of justice. The charges could be related to disguising financial assets to avoid detection of illegal activity.