Connect with us

Technology

HX5 Encrypted explain how a simple check can stop a $240 Billion money laundering scandal

Published

3 years ago

on

HALIFAX, England, Nov. 27, 2023 /PRNewswire/ — Hx5 Encrypted build software to help businesses remain ethical and to protect their reputation. Andy Parr, the company’s, founder explains what checks HX5 do to stop money laundering.

“Money Launderers use a range of tactics to conceal the real source of their funds. It usually involves offshore companies and financial vehicles to feed the money through,” Andy said. 

The Tax Havens of the Caribbean are a popular place to hide wealth and the real beneficial owner of it. This is because while those places must adhere to international standards in place to stop money laundering, they rarely use them to do so. The Cayman Islands have never convicted a money launderer internationally and this is despite it being the sixth largest financial centre globally is an example of this at play.

The latest Crypto scandal, this time against Binance, is another classic example. Binance is registered in the Cayman Islands as a business. But it is not registered anywhere globally as an Asset Exchange. In the US the regulators have been chasing it out of the country to protect US citizens from losing their lifesavings. The US regulators have eventually caught up with Binance and fined them over $4 billion for facilitating money laundering on an industrial scale globally. They have also barred the CEO, Changpeng Zhao, from running the company and fined him personally $50 Million.

The lax way Binance have implemented (or not dependent on your viewpoint) money laundering controls has been an issue for some time. This lack of due diligence has resulted in terrorist organisations like Al Qaeda, ISIS and Hamas using the platform to move money globally as well as any number of criminals using it to ‘clean’ their money.

The question here is, why the US? Binance are registered in the Cayman Islands so why haven’t the Cayman Islands regulated it and punished the company themselves? And why have they allowed the company to register just as a business and not enforced them to also register as an asset exchange thereby forcing additional levels of scrutiny and standards on Binance? And finally, what action will they now take to sanction Binance bearing in mind it is in their backyard?

Andy says he isn’t holding his breath. “The Cayman Islands have a failed regulatory system. They don’t have the staff, the skills or the will to manage global finance and the Binance saga shines a light on this globally. They shouldn’t be allowed to operate within the highly regulated financial sector until they get their house in order to stop money laundering and tax evasion.”

HX5 Encrypted is building a software platform that will facilitate intelligence sharing between financial institutes to trace money transfers on both sides of the transaction. Andy says this will be a game changer for money launderers. “Our system is called Acrintel. Currently for a wire transfer the receiving bank only does three checks. Acrintel will complete nine and behind those checks is a huge level of data that ensures business and people are real – identified biometrically – and businesses are trading and operating properly something that wasn’t the case in  another scandal involving Danske bank.”

A single branch of Danske Bank moved $240 billion out of Russia and into the global financial sector by filtering it through 16 UK businesses that had other business beneficial owners in tax havens globally. The problem was the UK businesses were registered as dormant despite $20 million being moved daily through their accounts. Acrintel will spot that kind of activity and stop it. Acrintel will check the registration of the business and ask, why is it registered in the UK but trading with Russia, why is the bank branch in Estonia, why is the UK business shown as dormant and finally, why are they owned by offshore opaque entities?

“All of these things are a red flag for money laundering. A single red flag may mean little but a series like that is a huge signal that something isn’t right. Our software will alert the receiving bank and the transactions would be stopped,” Andy said.

“Acrintel will also spot Crypto exchanges facilitating bad actors to launder their assets because the real money moves in and out of traditional banks and when it does Acrintel will spot it.”

HX5 are currently searching for investment to help them build Acrintel as the second software solution to come out of the firm. The first is already trading internationally and is a whistleblowing software.

About HX5 Encrypted Ltd

HX5 Encrypted is incorporated in the UK and builds software for businesses. They are currently working on a risk intelligence platform to enable banks and other large financial institutes to share intelligence to prevent money laundering and tax evasion. They are seeking financial investment to bring that solution to the market. For more information about the company or their software contact Andy via the details below.

Contact:
Office@hx5encrypted.co.uk for more information
www.HX5Encrypted.co.uk

Video – https://mma.prnewswire.com/media/2285069/HX5_Encrypted_Ltd.mp4

View original content:https://www.prnewswire.co.uk/news-releases/hx5-encrypted-explain-how-a-simple-check-can-stop-a-240-billion-money-laundering-scandal-301998252.html

Related Topics:
Continue Reading

Technology

De¹ Introduces Tokenized Asset World on BNB Chain, Developing Financial Intelligence Across the Full RWA Financial Landscape

Published

52 minutes ago

on

October 19, 2026

By

NEW YORK, Oct. 19, 2026 /PRNewswire/ — De¹ is launching Tokenized Asset World on BNB Chain, the first domain-specific world under its Financial World Model (FWM). It introduces specialized financial intelligence designed to understand the full onchain RWA landscape, from trading and collateral to borrowing, credit, liquidation and agent activity, and apply that knowledge to real financial decisions.

Traditional finance moves assets through separate networks of brokers, custodians, clearing systems and lenders. Each institution sees a different part of the lifecycle, while transfers, reconciliation and collateral requirements add friction to capital deployment. Bringing assets onchain makes financial activity more programmable, but it does not automatically connect the knowledge held across trading, financing and risk systems.

De¹ is establishing Tokenized Asset World on BNB Chain, where that real-assets financial ecosystem already unfolds in live markets. PancakeSwap, ListaDAO, Venus, Binance Agent OS and BNB Agent SDK span public trading, collateralized lending, structured credit and authorized agent activity. These activities produce distinct signals: executed prices, liabilities, vault constraints, liquidations and the outcomes of agent actions.

Tokenized Asset World brings fragmented financial knowledge into a coherent, learnable model of the full RWA landscape. The domain model is designed to understand the relationships and consequences across financial operations, with verified execution outcomes continuously refining De¹’s understanding of onchain financial physics. This introduces a new layer of intelligence to BNB Chain, enabling a more complete understanding of the tokenized-asset stack across trading, collateral, credit, vaults and agent activity.

AI agents can tap into this intelligence to operate across tokenized-asset markets with a more comprehensive view of liquidity, borrowing conditions, collateral exposure and liquidation risk as a whole. This deeper market understanding could raise more sophisticated strategies, execution and risk decisions. Each agent interaction, in turn, generates new evidence for the model, creating a continuous feedback loop between financial intelligence and live market execution while strengthening De¹’s broader Financial World Model.

About De¹

De¹ is the intelligent infrastructure platform at the intersection of DeFi and AI, building the Financial World Model grounded in live execution and real market feedback. It serves developers, traders, institutions, and AI agents through intelligent execution, unified liquidity, reinforcement learning optimization, and a continuously evolving data flywheel.

Contact: Marketing, pr@de1.ai

View original content:https://www.prnewswire.co.uk/news-releases/de-introduces-tokenized-asset-world-on-bnb-chain-developing-financial-intelligence-across-the-full-rwa-financial-landscape-302912966.html

Continue Reading

Technology

Plata reaches $1 Billion ARR Milestone, becoming the fastest digital bank ever

Published

52 minutes ago

on

October 19, 2026

By

The Mexico based digital bank shatters traditional digital banking scaling timelines, reaching a $1 Billion Annual Recurring Revenue  in less than 3.5 years from launch

MEXICO CITY, Oct. 19, 2026 /PRNewswire/ — Plata, the world’s fastest growing digital financial institution, today announced that in September 2026 it has crossed $1 billion in Annual Recurring Revenue (ARR), reaching the milestone in less than 3.5 years from launch in April 2023 and less than a year after receiving its full banking license. Plata´s growth makes it the fastest digital bank in history to reach this benchmark, and puts it on par with some of the world’s fastest growing leading AI companies, underlining Plata’s own AI and tech capabilities.

Plata reaches this goal after having reached more than 4 million customers in Mexico and having launched operations in Colombia at the beginning of September. In Mexico, Plata is now the fourth credit card issuer in the country by number of customers, and the only digital bank with a full product suite including credit, debit, investments, and small business banking. Plata’s growth is also nearing profitability, which is expected to be reached for its Mexico business within the next 6 months.

Plata changed the rules by building a universal financial platform powered by its own technology from day one. By setting up its core banking system, the company proved that regulated financial institutions can scale at AI-like speed without undermining operating performance.

“By building our own technology from scratch, we proved that a bank can move at AI company speed without compromising anything. Now we are ready to accelerate our innovation, make finance effortless and accessible for everyone.” Neri Tollardo, CEO of Plata.

As digital adoption accelerates across Latin America, Plata´s performance sets a new benchmark for financial infrastructure scaling, financial adoption, and operational efficiency in emerging markets.

About Plata

Plata is the fastest-growing financial institution in Latin America and the largest private digital bank by customer volume. In less than three years, we reached a valuation of $3.1 billion with 4 million active credit card customers and crossed $1 billion in Annual Recurring Revenue (ARR). Backed by $1.5 billion in equity investment, 1.5 in financing, and a workforce that includes 800 in-house developers, in Banco Plata we have built our own technological ecosystem, which includes a core banking system, CRM, and an app focused on simplifying the financial experience.

View original content:https://www.prnewswire.com/news-releases/plata-reaches-1-billion-arr-milestone-becoming-the-fastest-digital-bank-ever-302912970.html

SOURCE Plata

Continue Reading

Technology

Trends International Announces Kenneth Smith as President and Chief Executive Officer

Published

52 minutes ago

on

October 19, 2026

By

Experienced executive to lead company’s next phase of retail, digital commerce and strategic growth

INDIANAPOLIS, Oct. 19, 2026 /PRNewswire/ — Trends International, LLC, a leading publisher and manufacturer of licensed posters, calendars, stickers, wall art and social stationery products, today announced that Kenneth Smith has been appointed President and Chief Executive Officer, effective May 2026.

Smith will spearhead the company’s overall strategic direction and growth initiatives across its retail, wholesale, e-commerce, licensing and direct-to-consumer businesses. In his role, Smith will oversee Trends International and its portfolio of digital businesses, including Art.com and AllPosters.com.

Smith’s appointment comes as Trends International enters a new phase of expansion focused on broadening its retail presence, accelerating e-commerce, strengthening strategic customer relationships, developing new products and licenses, and pursuing partnerships and business opportunities.

“I am honored to lead Trends International and build on the strong foundation established by the company, its founders and its talented employees,” said Kenneth Smith, “We have an exceptional portfolio of brands, licenses, products and customer relationships, and we see significant opportunities to grow the business. Our focus will be on strengthening our retail partnerships, accelerating our digital businesses, developing innovative products and creating new strategic opportunities that deliver value for our customers, consumers, licensors and partners.”

Expanding Retail and Digital Footprint
Under Smith’s leadership, Trends International will continue to invest in its core retail business while broadening its digital commerce capabilities.

The company is focused on deepening relationships with major retailers, expanding distribution, improving merchandising, and developing new product platforms designed to create incremental sales opportunities.

Trends will also continue to build Trends Digital, bringing together the company’s e-commerce capabilities and creating a platform for future digital growth and potential e-commerce acquisitions.

The company’s digital portfolio includes Art.com and AllPosters.com, providing consumers with access to millions of images, posters, prints, wall art, and complementary décor.

“Trends has a tremendous opportunity to build upon its heritage while positioning the company for the future,” Smith said. “We are focused on growth, but equally important is how we achieve that growth — through strong customer partnerships, disciplined execution, innovation and a culture that empowers our people to succeed.”

Strategic Priorities
Smith’s leadership agenda includes several key areas of focus:

Retail growth — Expand relationships and sales with major national retailers and specialty channels.Product innovation — Develop new product formats, displays and seasonal programs that create incremental retail opportunities.Digital commerce — Accelerate the growth of Trends Digital, Art.com and AllPosters.com.Strategic partnerships — Forge new licensing, brand and business partnerships that expand the company’s market opportunity.Operational excellence — Improve organizational alignment, processes, technology, and execution across the company’s businesses.Talent and culture — Build a high-performing organization focused on accountability, innovation, customer service and sustainable growth.

“Kenneth brings a strong combination of leadership, customer focus and business development experience to Trends International,” said Phil St. Jean, Founder and Co-Executive Chairman of Trends International. “His vision for the company and his commitment to our customers, employees and partners make him the right leader for this next chapter. We are excited about what the future holds for Trends International and its businesses.”

About Kenneth Smith
Kenneth Smith is an experienced business executive with a background in sales leadership, strategic account development, business development, customer relationships, and organizational transformation. Throughout his career, Smith has focused on developing strategic growth initiatives, building high-performing teams, and creating long-term partnerships with major customers and business partners.

As president and chief executive officer of Trends International, Smith is responsible for the company’s overall strategy, growth, organizational leadership and business performance.

About Trends International
Trends International, LLC is a leading publisher and manufacturer of licensed posters, calendars, stickers, wall art and social stationery products. Established in 1987, Trends built its business around strong partnerships between licensors, retailers and licensees. Today, the company delivers a broad portfolio of licensed and proprietary products distributed through major retail, specialty, and digital channels.

Art.com, acquired by Trends International in 2023, is a leading online specialty retailer of high-quality wall art and complementary décor. The business offers millions of images and products through its digital commerce platform and interactive visualization tools.

AllPosters.com, part of the Trends International family of businesses, offers consumers a broad selection of posters, prints and wall décor.

For more information about Trends International, Art.com, AllPosters.com or Kenneth Smith, contact:

View original content to download multimedia:https://www.prnewswire.com/news-releases/trends-international-announces-kenneth-smith-as-president-and-chief-executive-officer-302912992.html

SOURCE Trends International

Continue Reading

Trending