Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice
This is a guest post by Eugene Illovsky, a partner at Morrison & Foerster in Palo Alto. He advises on corporate compliance and represents companies in their interactions with government investigatory, enforcement, and prosecutorial authorities. What compliance expectations does the Department of Justice have for businesses entering the virtual currency....
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US Attorney General Eric Holder believes bitcoin criminals pose a new set of challenges for law enforcement. During his testimony this morning before the House Judiciary Committee Holder said the US Justice Department is keeping track of bitcoin-related developments. Of course, this does not mean that the Justice Department is treating all bitcoin transactions as suspect. Holder stressed that the department is working with financial regulators in an effort to weed out the bad apples. Bitcoin can pose challenges for law enforcement. Holder's interest in bitcoin is focused solely on "bad....
Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion. BREAKING: Binance, the world's biggest crypto exchange, is under investigation by the Justice Department and IRS https://t.co/mk0Njo7tUE — Bloomberg Crypto (@crypto) May 13, 2021 According to […]
When New York's Department of Financial Services (DFS) released the details of its BitLicense proposal, it made it clear that it wanted input from the industry. They even caved to pressure and doubled the original comment period, which now runs until October 19th. If they were expecting a negative reaction from the Bitcoin community, they got it. But the Bitcoin community and related businesses might not be their primary concern. They may be more concerned with what other companies, outside of the current Bitcoin ecosystem, think about the coming regulation. “[DFS Bitcoin Regulations need....
The US Justice Department has laid an iron hand on an undisclosed American citizen who has sent roughly $10 million worth of digital coins to a location sanctioned by the Office of Foreign Assets Control (OFAC). The defendant has allegedly transferred cryptocurrencies to a country that is currently under US sanctions such as Russia, Cuba, […]