U. S. Treasury's FinCEN Advises Some Bitcoin Businesses to Be Compliant
The United States Treasury's FinCEN (Financial Crimes Enforcement Network) has sent letters to a number of bitcoin-related businesses that serve as warnings to be compliant with anti-money laundering regulations set forth by United States federal and state legislation. This letter, described as an "industry outreach" essentially requests more information about the recipients' business and operating models, and intimidatingly suggests that operating around the bitcoin cryptocurrency is somewhat of a "gray area," and as such, business owners should "err on the side of caution". What that....
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On December 27th, CoinText.com reported that FinCEN has issued a clarification to the money service business rules for Bitcoin miners. Individuals and companies who mine Bitcoins for their own accounts will not be considered money service businesses or money transmitters within the meaning of the Bank Secrecy Act. The clarification was outlined in a letter sent in response to an inquiry on behalf of Atlantic City Bitcoin, LLC, which was reprinted in full at CoinText's website. Since July of 2011, FinCEN has advised that many companies that deal with Bitcoins, including miners, must....
Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen has issued a firm warning to bitcoin exchanges who haven't yet registered with the Treasury's FinCEN (Financial Crimes Enforcement Network) department. Cohen said that the U. S. Department of the Treasury "know[s] there are many virtual currency exchangers and administrators that have not registered with FinCEN and are not fulfilling their recordkeeping and reporting requirements," at a Bloomberg News event in New York City. "Those that do not comply with these rules should understand that their actions will....
The Financial Crimes Enforcement Network (FinCEN) has sent out warning letters to bitcoin-related businesses notifying them that they must comply with federal money transmission laws, according to reports. FinCEN, a unit of the US Treasury Department, has sent out "industry outreach" letters regarding anti-money laundering practices. Around a dozen letters have been delivered to bitcoin businesses so far. Back in November, Jennifer Shasky Calvery, the head of FinCEN, suggested at a Senate hearing that virtual currency exchanges and administrators should do three things: register with....
The US Financial Crimes Enforcement Network (FinCEN) has published a new Suspicious Activity Report (SAR) analysis and, notably, the bulletin covers bitcoin. FinCEN, which is a bureau of the Department of the Treasury, has already weighed in on bitcoin in the past. In the last six months, it has ruled that bitcoin miners and investors, as well as cloud mining and escrow services built on the bitcoin protocol, are not money transmitters. FinCEN is tasked with policing financial transactions in the US and all money transmitters are expected to register with the bureau. This issue has....
The Financial Crimes Enforcement Network (FinCEN) has issued a notice extending the comment period for its crypto wallet proposal. The extension came shortly after the U.S. Senate confirmed Janet Yellen as the new U.S. Treasury Secretary. FinCEN Extends Comment Period for Crypto Wallet Rulemaking FinCEN, a bureau of the U.S. Department of the Treasury, announced Tuesday that it has submitted for publication in the Federal Register an extension notice affecting crypto regulation. The announcement came shortly after the U.S. Senate confirmed Janet Yellen as the new Treasury Secretary. The....