Tagged: fincen

Today: House Committee on Financial Services Hearing on FinCEN plus Fintech Task Force to Discuss Mobile Banking, Payments

Congressman Lynch HFSC 2019

The House Committee on Financial Services has a busy day planned. Frist, a full Committee hearing is scheduled to address “Oversight of the Financial Crimes Enforcement Network”  or FinCEN. FinCEN is the enforcement arm of the US Department of Treasury. Himamauli “Him” Das, Acting Director… Read More

Here is FinCEN Alert on Russian Sanctions and Evasion, Includes “Virtual Currency Exchanges”

Washington DC Department of Treasury

Yesterday, FinCEN, the enforcement branch of the US Department of Treasury, posted an Alert on “Increased Vigilance for Potential Russian Sanctions Evasion Attempts.” Russia, along with Belarus, have been targeted with economic sanctions designed to pressure these countries following the unprovoked invasion of Ukraine. FinCEN… Read More

White House Report: Executive Order on Crypto Regulation Expected this Week

The White House Washington DC

Multiple reports are claiming that the White House will issue an Executive Order on cryptocurrency at some point this week. The news follows days of concern from some policymakers that Russia and its elites may leverage crypto to evade the growing list of economic sanctions…. Read More

US Department of Treasury Reports on Money Laundering in the Art Market, NFTs May Present New Risk

US Department of Treasury

Yesterday, the US Department of Treasury issued a statement on illicit activity in the “high-value art market.” More specifically, activities that include money laundering and terrorist financing risks. The study found that while there is some evidence of money laundering risk in the high-value art… Read More

Lenders Beware: 2022 Could See Increased Enforcement Activity

danger beware no more than three mortals per doom buggy

2022 could see aggressive movement by some federal agencies, an experienced industry hand suggests. Joseph Lynyak III is a partner at the international law firm Dorsey & Whitney and one of the nation’s foremost experts in the country on the Consumer Financial Protection Bureau (CFPB),… Read More

FinCEN Is Seeking Comments on Modernization of US AML/CFT Regulations

New and Improved 2

The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions to combat money laundering, terrorist financing, and other financial crimes, is issuing a request for information (RFI) “seeking comments on ways to… Read More

BitMEX CEO Says Crypto Is Changing and They’re Changing with It, After $100M Penalty Pertaining to Alleged Illegal Trading, AML Violations

Lane Change Ahead

Crypto is “changing,” and BitMEX is “changing with it” according to Alexander Höptner, the CEO at the Bitcoin Mercantile Exchange. In a blog post dated August 10, 2021, the team at BitMEX revealed that they’ve reached a “resolution” with the US Commodity Futures Trading Commission… Read More

Bitmex Hit with $100 Milllion Penalty Pertaining to CFTC Action Claiming Illegal Crypto Trading, AML Violations and More

nathan shively Unsplash Referee Legal Penalty Violation Fraud

The Commodity Futures Trading Commission (CFTC), has announced a consent order against BitMEX and its affiliated entities. The order stems from a CFTC action filed on October 1, 2020, against BitMEX and its three individual founders, Arthur Hayes, Benjamin Delo, and Samuel Reed. The CFTC’s… Read More

Jake Chervinsky, General Counsel at Compound Finance, Shares Insights on Newly Proposed Infrastructure Bill

Ben Franklin US Capitol Washington DC

Jake Chervinsky, the General Counsel at Compound Finance, recently shared insights and his take on the deal with the recently proposed US infrastructure bill. 1/ 🚨 Here's the deal with the US infrastructure bill: A new provision has been added that expands the Tax Code's… Read More

FinCEN Issues Very First Priorities List for AML/CFT Policy, Includes Use of Crypto for Ransomware Payments, Money Laundering

Handcuffs Bitcoin Crime Theft Criminal Crook Crypto

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes, issued its first… Read More

Over 4.5M Unique Bitcoin Addresses Associated with 72K+ Iranian IP Addresses, CipherTrace Sanctions Research Reveals

Iran Money

Sanctions research from blockchain security firm CipherTrace reveals that over 72,000 “unique” Iranian IP addresses have been linked to over 4.5 million “unique” Bitcoin (BTC) addresses. CipherTrace notes that since monitoring sanctions-related IP usage across the Bitcoin (BTC) blockchain network, they’ve been able to identify… Read More

Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Wrong Way neonbrand unsplash

Several months ago, FinCEN submitted for publication in the Federal Register its Notice of Proposed Rulemaking (NPRM) regarding certain transactions that involve virtual currency or digital assets. FinCEN or the Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury that… Read More

Pushing Through the Fintech Frontier: Financial Regulators Poised to Expand Fintech and Cryptocurrency Oversight


Joe Biden Press Conference 2020

President Joe Biden’s young administration is poised to deliver heightened – and perhaps unprecedented – regulatory scrutiny of the exploding Fintech industry.  The groundwork for a more active regulatory regime has been set over the course of the past decade.  Prior administrations harnessed existing enforcement… Read More

Coin Center Reminds that Deadline for Comments on FinCEN Rulemaking for Crypto Transactions Is End of March 2021

Peter Van Valkenburgh

Peter Van Valkenburgh, the Director of Research at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that his organization will be using the additional time provided by FinCEN to submit another comment in “ongoing surveillance rulemaking.” Coin… Read More

FinCEN Worries that Art and Antiquities May Be Utilized by Nefarious Actors to Launder Funds

Vatican City Art Painting Italy Old Master

While there is a good amount of discourse regarding the risk of digital assets and the ability for bad actors to use crypto to launder money or perhaps finance illicit activities FinCEN recently indicated their attention in a more tactile direction. Earlier this week, FinCEN… Read More

Justin Mart, Ryan Yi from Coinbase take a Closer Look at Ethereum, DeFi Growth, Also Review OCC, FinCEN Developments

Abe Lincoln Eyes Watch Look Dollar Money

Digital asset exchange Coinbase recently published its Around the Block #11: “A snapshot of decentralized finance (DeFi) and two sides of the crypto regulatory spectrum” (report), which aims to cover important issues in the crypto and blockchain industry. In this latest edition, released on February… Read More

FinCEN Extends Comment Period on Digital Asset Transactions in Small Win for Crypto Industry

US Department of Treasury Washington DC

FinCEN has submitted for publication in the Federal Register an Extension Notice, which will extend the comment period on its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving virtual currency or digital assets. FinCEN, part of the US Department of Treasury, came under criticism… Read More

Crypto Exchange Coinbase Requests Rulemaking Pause from FinCEN following the Issuance of Biden White House Guidance to US Agencies

Pause Coins Money Red

San Francisco-based crypto exchange Coinbase has requested a rulemaking pause from the Financial Crimes Enforcement Network (FinCEN) following the Biden White House guidance to agencies. Coinbase writes in a letter that was reportedly shared with Kenneth Blanco, Director, FinCEN on January 25, 2021, that after… Read More

New Law Increases Anti-Money Laundering Efforts Including Digital Assets

Washington DC Capitol Congress

The [William M. (Mac) Thornberry] National Defense Authorization Act for Fiscal Year 2021 (HR 6395) was signed into law at the beginning of this month. While the title of the law is pretty accurate as the bulk of the legislation addresses defense issues, buried within… Read More

Grayscale Commits $1 Million to Crypto Non-Profit Advocacy Group Coin Center

Peter Van Valkenburgh at HFSC March 2018

Grayscale, the creators of multiple publicly traded crypto funds, has committed $1 million to Coin Center – the well-known crypto non-profit and advocacy group. Additionally, Grayscale said it would top up this amount with another $1 million in matching funds through February 2021. The matching… Read More

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