Tag Archives: FinCen

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations Body

Photo of Jonathan A. FormanPhoto of Teresa Goody GuillénPhoto of Keith R. MurphyPhoto of Robert A. MusialaPhoto of Veronica ReynoldsPhoto of Joanna F. WasickBy Jonathan A. Forman, Teresa Goody Guillén, Keith R. Murphy, Robert A. Musiala, Veronica Reynolds and Joanna F. Wasick on Posted in Alert
On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a major U.S. cryptocurrency exchange, as part of a global settlement with FinCEN and OFAC related to Bittrex’s alleged historic violations of the Bank … Continue Reading

US Firms Launch Bitcoin Products, Seek Approvals; Federal and State Agencies Take Enforcement Actions Against Cryptocurrency Industry Firms

Photo of Joanna F. WasickPhoto of Keith R. MurphyBy Joanna F. Wasick and Keith R. Murphy on Posted in Bitcoin, Cryptocurrency
In this issue: • US Firms Launch Bitcoin Products, Seek Approvals, Advocate for Crypto Rules • Multiple Federal and State Agencies Take Actions Against Crypto Industry Firms US Firms Launch Bitcoin Products, Seek Approvals, Advocate for Crypto Rules By: Joanna F. Wasick According to reports, in an internal memorandum issued earlier this week, a major … Continue Reading

FinCEN Extends Crypto Rule Comment Period, Crypto Products Launch; Enforcement Agencies Target Crypto Crimes in US, Japan and China

Photo of Robert A. MusialaPhoto of Joanna F. WasickBy Robert A. Musiala and Joanna F. Wasick on Posted in Cryptocurrency, Enforcement
In this issue: • FinCEN Extends Crypto Rule Comment Period, Crypto Payment Products Launch • Enforcement Agencies Target Cryptocurrency Crimes in US, Japan and China FinCEN Extends Crypto Rule Comment Period, Crypto Payment Products Launch By: Robert A. Musiala Jr. This week the U.S. Financial Crimes Enforcement Network (FinCEN) published a notice extending the comment … Continue Reading

FinCEN Proposed Rule Halted, Exchanges and Banks Expand Crypto Products, SEC Brings Action Against Token Issuer, Crypto Threat Reports Published

Photo of Jordan R. SilversmithPhoto of Veronica ReynoldsPhoto of Robert A. MusialaBy Jordan R. Silversmith, Veronica Reynolds and Robert A. Musiala on Posted in Cryptocurrency, Enforcement, Securities & Exchange Commission
In this issue: • Exchanges and Banks Expand Cryptocurrency Services and Products • FinCEN Proposed Rule Halted, Banks and Crypto Exchanges Adjust Policies • SEC Brings Action Against SAFT and Token Issuer, Related Statement Published • Reports Provide Details on Criminal Activities Involving Cryptocurrencies Exchanges and Banks Expand Cryptocurrency Services and Products By: Jordan R. … Continue Reading

Major U.S. Firm Offers Cryptocurrency Services, Blockchain Solutions Launch Across Industries, CFTC Issues Crypto Guidance, FinCEN Fines Tumbler Service

Photo of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of Joanna F. WasickBy Robert A. Musiala, Teresa Goody Guillén and Joanna F. Wasick on Posted in Blockchain, Cryptocurrency, Supply Chain
In this issue: • Major U.S. Payments Firm Launches Cryptocurrency Service as Adoption Grows • Blockchain Supply Chain, Copyright and Satellite Comms Solutions Launch • CFTC Guidance Addresses Crypto Deposits, Travel Rule White Paper Published • Arrests Target Criminal Network Using Crypto, FinCEN Fines Tumbler Operator Major U.S. Payments Firm Launches Cryptocurrency Service as Adoption … Continue Reading

New FinCEN Guidance for Cryptocurrency and Blockchain Businesses

Photo of Robert A. MusialaPhoto of Jonathan A. FormanPhoto of Joanna F. WasickBy Laura E. Jehl, Robert A. Musiala, Jonathan A. Forman and Joanna F. Wasick on Posted in Banking
On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN) published FIN-2019-G001, which provides new guidance on the application of the Bank Secrecy Act (BSA) and FinCEN regulations to money services businesses that engage in money transmission involving convertible virtual currencies. While stating that it “does not establish any new regulatory expectations or requirements,” the … Continue Reading

New Blockchain Solutions Debut Amid Enforcement Actions, New FinCEN Guidance and Warnings of ‘Blockchain Fatigue’

By Diana Stern, Brian P. Bartish and Simone O. Otenaike on Posted in Bitcoin, Blockchain, Capital Markets Offerings, ICOs
In this issue: • Blockchain Solutions for Supply Chain and Digital Identity Announced Despite Predictions of ‘Blockchain Fatigue’ • Blockchain Capital Markets Diversify Amid ICO Slumps; Regulators Issue New Warnings • FinCEN Issues Guidance, SIM Hackers Charged, Bitcoin Ransomware Traced to Sanctioned Countries Blockchain Solutions for Supply Chain and Digital Identity Announced Despite Predictions of … Continue Reading

Institutions Adopt Cryptocurrencies, CFTC Warns on Smart Contracts, “Crypto-sweep” Continues

Photo of Jordan R. SilversmithPhoto of Robert A. MusialaPhoto of Taylor ThompsonBy Jordan R. Silversmith, Brian P. Bartish, Robert A. Musiala and Taylor Thompson on Posted in Blockchain, Cryptocurrency, ICOs
In this issue: • Cryptocurrency Capital Markets Announcements by Institutional and Startup Firms • Public and Private Blockchain Pilots Announced, CFTC Warns on Smart Contracts • Crack Down on ICOs Continues, U.S. Marshals Prepare to Auction Seized Bitcoin Cryptocurrency Capital Markets Announcements by Institutional and Startup Firms By: Jordan R. Silversmith On Oct. 15, a … Continue Reading
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