FinCEN

US Resident Operated Illegal Bitcoin Exchange Business – Faces 25 Years in Jail

<div class=”featured_image_container”> </div> <strong>An Ontario man based in San Bernardino County of the U.S. has agreed to plead guilty to federal charges of illegally operating a bitcoin to cash exchange business. According to the U.S. Department of Justice (DOJ), the man, Hugo Sergio Mejia, 49, operated the unregistered exchange business between May 2018 and September …

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Joe Biden Freezes FinCEN’s Crypto Wallet Rulemaking — US Crypto Regulations Under Review

<div class=”featured_image_container”> </div> <strong>New U.S. President Joe Biden has frozen all agency rulemaking, including the proposal by the Financial Crimes Enforcement Network (FinCEN) relating to cryptocurrency wallets. Biden will appoint someone to “review any new or pending rules,” the White House has announced.</strong> FinCEN’s Crypto Wallet Proposal Frozen, Pending Regulatory Review Joe Biden, the 46th …

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Law Decoded: The guard changes, and with it, the tweets, Jan. 8–15

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Armed National Guardsmen are building up concentric perimeters of black barricades around the U.S. Capitol and its whole neighborhood of federal buildings in preparation for the Biden inauguration and protests against it on Wednesday. …

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Treasury backs down: Crypto monitoring rule will wait until new administration

In response to a deluge of comments, the Treasury’s anti-money laundering office is slowing its roll on a rushed proposal to monitor a whole new range of cryptocurrency transactions. On Jan. 14, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that they were extending the window on comments in response to a rule originally announced …

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Law Decoded: Insurrections, transitions, monitoring transactions and 2021, Jan. 1–8

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note January takes its name from Janus, the god of transitions and the guardian or the gates of Rome, looking always forward and backwards. So while this has been going on for over two millennia, …

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Square’s Jack Dorsey Hits Out at FinCEN’s ‘Burdensome’ Proposed Crypto Wallet Rules

Jack Dorsey, CEO of payments company Square, has joined the ranks of those criticizing the Financial Crimes Enforcement Network’s (FinCEN) proposed regulations around collecting data on crypto wallet users. In a Jan. 4 letter addressed to FinCEN, Dorsey said, if the rules are approved, cryptocurrency customers maybe pushed to use unregulated services outside of the …

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Jack Dorsey warns that FinCEN regulations will drive crypto users offshore

Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties. A Jan. 4 letter from Jack Dorsey, CEO of financial services firm Square takes aim at the proposal for seeking to impose reporting obligations that go “far beyond what …

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FinCEN to Impose New Regulation for Crypto Holdings at Foreign Exchanges

<div class=”featured_image_container”> </div> <strong>The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting </strong><strong>cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets.</strong> FinCEN’s New Crypto Rules FinCEN, a bureau of the U.S. Department of the Treasury, issued a notice on …

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FinCEN Wants US Citizens to Disclose Offshore Crypto Holdings of $10K+

The Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department wing tasked with monitoring potential legal violations of domestic financial laws, wants Americans to report if they have more than $10,000 in cryptocurrencies with foreign financial or virtual asset service providers. FinCEN announced its intention to amend the Bank Secrecy Act’s Foreign Bank and Financial …

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Proposed FinCen Rule on Crypto Wallets Would Likely Be Ineffective, Elliptic Says

The U.S. Treasury Department’s proposed rules which would require users to comply with KYC requirements if they seek to send their crypto to a private wallet could end up being ineffective, according to blockchain analytics firm Elliptic.  In its published response to the rule, Elliptic said that the rules could “adversely impact” the effectiveness of …

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