The proposed regulations may mean the end of anonymous digital currency transactions in the United States, and it also implies that MSBs will have to collect more information on their users.
The proposed rules include redefining ‘money’ to include digital currencies and lowering the transaction data-gathering threshold for cross-border financial transactions.
FinCEN has penalized Larry Dean Harmon, operator of coin tumblers Helix and Coin Ninja, on charges of violating the Bank Secrecy Act and its implementing regulations.
U.S. authorities said Kais Mohammed helped customers to convert BTC to fiat, charging a 25% commission for his service.
According to FINCEN, there have been over 70,000 cases of digital currency-related fraud reported to their agency since 2013.
Asian digital currencies derivatives platform Bitgate has applied for a money services business license with the U.S. FinCEN as it eyes expansion into the U.S.
The Department of Homeland Security acknowledges that it has a team working to track illegal crypto activity.
FinCEN has announced that it is preparing guidance on a new framework to oversee the cryptocurrency space.
Cryptocurrencies, and those developing them, must conform to existing anti-money laundering principles or face action.
As Bitcoin continued to gain recognition since the first block of the cryptocurrency was established in 2009, it saw its ups and downs, just like any new innovation.