US sanctions Russian crypto platforms for money laundering ties
[Sep 26 9:33 PM] Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.
1 / 2 Relevant items tagged with #FinCEN
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R.I.P. Unhosted Wallet Rule
[Aug 23 2:30 AM] In 2020, the Financial Crimes Enforcement Network proposed imposing know-your-customer requirements on unhosted wallets, drawing immense backlash from the crypto industry. This week, the Treasury Department formally withdrew the proposal.
US mulls applying fiat reporting mandate on crypto transfers
[Aug 19 8:27 AM] The US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, as they aim to include cryptocurrencies and digital assets in new reporting requirements.
Crypto Exchange Bitmex Pleads Guilty to Violating Bank Secrecy Act, AML Failures
[Jul 12 6:33 PM] Crypto exchange Bitmex has pleaded guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an adequate anti-money laundering (AML) program, resulting in the company being a vehicle for large-scale money laundering. The DOJ announced…
BitMEX expects ‘no further fines’ for ‘old’ AML violation in US
[Jul 11 1:23 AM] BitMEX addresses the DOJ’s BSA charge as a past issue, highlighting their compliance improvements and founders’ prior penalties.
Hawaii crypto firms no longer need MT license, regulator rules
[Jul 1 2:34 AM] While being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal licensing laws.
In Conversation With Brian Nelson
[Jun 11 10:30 PM] Last October, the Financial Crimes Enforcement Network (FinCEN) – the U.S. Treasury Department's money laundering watchdog – announced a proposal to label crypto mixers as a "primary money laundering" concern, a move that alarmed a broad swath of…
DOJ’s Unlawful Interpretation Threatens Bitcoin and Crypto Innovation, Lawmakers Warn
Sens. Lummis, Wyden oppose Justice Dept. stance on Tornado Cash charges
[May 13 1:29 PM] If the Justice Dept. prevails in the case against the cryptocurrency mixer, internet service providers and the post office may also be liable to transmitter requirements, they said.
U.S. Senators Question Justice Department's Pursuit of Crypto Mixers
[May 13 11:32 AM] A bipartisan pair of U.S. senators is questioning Attorney General Merrick Garland about the "unprecedented interpretation" of law the Department of Justice (DOJ) is using to pursue cryptocurrency software services as unlicensed money-transmitting…
Anti-Crypto Mixer Blockchain Integrity Act Introduced in US House of Representatives
[May 10 11:34 PM] The Blockchain Integrity Act, a piece of legislation that seeks to put a 2-year moratorium on using cryptocurrency mixers, was introduced by U.S. Congressman Sean Casten on March 7 in the U.S. House of Representatives. Co-sponsored by Reps. Bill…
Samourai Wallet: Breaking Down Dangerous Precedents
[Apr 29 9:03 AM] On Wednesday, the founders of the Bitcoin privacy wallet Samourai Wallet were arrested and charged on behalf of the US Government. The indictment could set dangerous precedents beyond Bitcoin privacy services.“If your government is worried about…
FBI Warns Against Using Unregistered Cryptocurrency Money Transmitting Services
[Apr 27 11:36 PM] The Federal Bureau of Investigation (FBI) has issued a warning about using unregistered cryptocurrency money transmitting services that fail to comply with U.S. anti-money laundering laws. The agency has provided tips for the public to protect…
FinCEN Is Analyzing $165M in Transactions That May Tie Crypto and Hamas, Senior Official Says
[Mar 13 6:09 PM]
FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
[Feb 15 5:00 PM] The Financial Crimes Enforcement Network (FinCEN) has released an analysis that reports an alleged increase in the use of cryptocurrency in human trafficking cases. According to FinCEN, reports of cryptocurrency linked to these purposes grew from…
Bitcoin Favored in Human Trafficking, Child Exploitation: FinCEN Report
[Feb 13 5:41 PM] A few years ago, bitcoin {{BTC}} became a popular means to conduct illegal transactions to support a booming global business in the smuggling and exploitation of people, according to an analysis released Tuesday by the U.S. Department of the…
Polygon Labs Execs Outline Regulatory Framework to Combat Illicit Activity in Defi
[Jan 31 2:00 AM] A paper prepared by two Polygon Labs executives and a former Financial Crimes Enforcement Network (FinCEN) director presents a framework to combat illicit activity in decentralized finance (defi) markets. The document proposes three different…
How the Crypto Industry Responded to FinCEN's Proposed Mixer Rule
[Jan 30 8:30 AM] Last October, the Financial Crimes Enforcement Network proposed implementing a new regulatory regime for crypto mixing services that would treat the entire class of privacy tools as money laundering threats and force new recordkeeping rules on U.S…
Samourai Wallet, Strike and Others Ask FinCEN to Withdraw Proposed Rules Tied to Crypto Mixing
[Jan 25 4:30 AM] Samourai Wallet, River, Strike, Swan, and other companies in the cryptocurrency space have sent a letter to the Financial Crimes Enforcement Network (FinCEN), commenting on the proposed rules over mixing transactions introduced in October. These…
Samourai Wallet Response To FinCEN Proposed Rules For Bitcoin Mixing
[Jan 24 11:00 AM] On October 23, 2023 we asked our attorney, Rafael Yakobi of The Crypto Lawyers to assemble an expert legal team to respond to the U.S. Department of the Treasury and FinCEN’s proposed rules that would seriously harm your privacy by effectively…
Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto
Crypto Exchange Bitzlato Co-Founder Pleads Guilty to U.S. Money Transmitter Charge
[Dec 6, 2023 3:59 PM] Anatoly Legkodymov, a co-founder of Hong Kong-based crypto exchange Bitzlato, pleaded guilty to operating an unlicensed money transmitter. Bitzlato was sanctioned by the U.S government in January.
Binance's Busy Day, Kraken's Second SEC Fight
[Nov 21, 2023 7:30 PM] Binance is paying one of the largest fines in corporate history to the U.S. Department of Justice, while its founder and CEO, Changpeng "CZ" Zhao, stepped down from his role running the platform as part of a settlement with multiple federal…
Swan Bitcoin to terminate customer accounts that use crypto-mixing services
[Nov 14, 2023 4:45 AM] Swan co-founder Yan Pritzker said the firm is pro-privacy and doesn’t oppose customers’ use of such services, but to work, it has to follow FinCEN regulations.
Swan Bitcoin to Terminate Accounts Interacting With Bitcoin Mixing Services
[Nov 13, 2023 11:30 PM] Swan Bitcoin, a bitcoin exchange platform, announced recently that it would terminate accounts of users directly interacting with mixing services. The company explained that this was due to the pressure from banking institutions after the Financial…
Ethics watchdog rats out Circle for links to Tron in letter to Sens. Warren, Brown
[Nov 10, 2023 8:41 PM] The Campaign for Accountability wanted to let the anti-crypto senators know that the threat of terrorist financing with crypto was worse than they thought.
Bitcoin = Anti-Totalitarianism
[Oct 25, 2023 9:00 AM] In the face of ongoing challenges to our cherished freedoms, it is imperative to critically examine the forces at play that threaten the very fabric of democracy. The ideals of freedom and open markets are at risk of being undermined by influential…
Why Blockchain Surveillance Needs FinCEN’s PATRIOT Act Ploy
[Oct 25, 2023 7:04 AM] FinCEN’s Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern would criminalize Bitcoin privacy tools under the suspicion of money laundering. The proposal cites…
Regulators around the globe assert more control over crypto: Law Decoded
[Oct 23, 2023 1:00 PM] From Hong Kong to Europe and the United States, regulators are pushing for more oversight and control over digital assets.
FinCEN Proposes Insane Special Measures
[Oct 20, 2023 2:47 PM] Yesterday’s FinCEN rule proposal is incredibly overbroad, comprehensive, and perfectly designed to allow arbitrary information collection at any scope they choose to enforce. It truly is a mind-blowingly large grab attempt at private information of…