Crypto criminals are getting more adaptive and smarter than ever before. But how can industry service providers keep up with them? If I say that the crypto industry is highly targeted by cybercriminals and, in particular, organized criminals, I’m sure that no one who has spent a few months within the space would be surprised. And for a valid reason.
Due to the new technology and the nascent nature of the sector, criminals and fraudsters have long identified the excellent opportunity that crypto offers to profit via illicit methods. Indeed, any “new” approach to the financial sector is welcomed by the criminal fraternity as an opportunity to launder funds and find new victims.
Mark Taylor is the head of financial crime at international cryptocurrency exchange CEX.IO. He has experience in Anti-Money Laundering and fighting against scammers. Mark also stands for KYC and more transparent relationships between the crypto industry and regulators. While in Gibraltar, Mark was a member of the Gibraltar Association of Compliance Officers (GACO) for six years, with his last two years in post as chairperson. He has also previously been a member of the Gibraltar E-Money Association (GEMA) and the Electronic Money Association (EMA) in the United Kingdom.
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