Financial Watchdog FinCEN Recruits First-Ever Chief Digital Currency Advisor
Following the Financial Crimes Enforcement Network (FinCEN) explaining the misuse of cryptocurrencies is a national priority last week, the bureau announced on Tuesday it hired its first-ever chief digital currency advisor. FinCEN’s acting director Michael Mosier detailed that Michele Korver will be the bureau’s new crypto expert and she brings “a wealth of digital currency expertise.” FinCEN Enlists Former DOJ Digital Currency Counsel as New Chief Digital Currency Advisor FinCEN, the U.S. regulator that combats domestic and international financial crimes, has....
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FinCEN digital currency advisor, Michele Korver, believes cryptocurrency is a natural evolution in financial technology. Michele Korver, the first-ever chief digital currency advisor for the Financial Crimes Enforcement Network’s (FinCEN), believes crypto assets are just another way of transferring value.Speaking to Law360 on July 29, the newly appointed Korver said cryptocurrency was "just another means of payment or value transfer that's developed over time, just like any financial technology." Korver offered a cool assessment of the digital asset sector, describing it as a natural....
The U.S. FinCEN has hired Michele Korver, previously in the DOJ Digital Currency Council, as the first-ever Chief Digital Currency Advisor.
Michele Korver has been involved in crypto-focused anti-money laundering operations since as early as 2013. The Financial Crimes Enforcement Network, or FinCEN, has recruited Michele Korver, formerly of the United States Department of Justice, to serve as the agency’s first chief digital currency advisor.In her role, Korver will be tasked with advancing "FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation,” the agency announced....
Larry Dean Harmon, founder and operator of early bitcoin mixing services Helix and Coin Ninja, is being fined $60 million by the U.S. Treasury’s Financial Crimes Enforcement Network (Fincen) for allegedly violating anti-money laundering rules. According to documents published Oct. 19 by Fincen, the fine surrounds the transmission of “at least 356,000 bitcoin transactions through Helix between June 2014 and December 2017” on behalf of criminals using the dark web. Prosecutors allege Harmon was running an unregistered money services business (MSB) in violation of the Bank....
FinCen has issued two basic administrative rulings over digital currencies. The first one relates to the application of FinCEN regulations to a virtual currency trading platform, while the second discusses the application of FinCEN regulations to a virtual currency payment system. In ruling FIN-2014-R011, FinCen states that any and all digital currency exchanges must become licensed as a money transmitter including: On the exchange you are buying/selling bitcoins. The exchange carries the burden of giving you legal tender or a different cryptocurrency. According to the FinCen, regulations....