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.
The Bitcoin ecosystem continues to advance at a steady pace as it becomes more mature and integrated into everyday life.
It doesn’t matter whether you are a stablecoin, decentralized or centralized, you must comply with AML laws, the FinCEN chief insists.
The House of Representatives has approved a bill for FinCEN to begin looking at how blockchains could assist in the global fight against financial crimes.