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Monero Compliance Workgroup Says XMR Exempt From Funds Travel Rule

News The Monero Compliance Workgroup has stated that the Monero (XMR) network is not subject to U.S. Financial Crimes and Enforcement Network (FinCEN) guidelines regarding the Funds Travel Rule, in a Dec. 5 blog post. What is the Funds Travel Rule?The Funds Travel Rule requires financial instituti..

FinCEN Director Notes Improved Oversight of Cryptocurrency Industry

News The director of the Financial Crimes Enforcement Network (FinCEN) says the cryptocurrency industry has begun to fall in line with the agency’s regulations on money transmission services. In a speech delivered at the American Bankers Association/American Bar Association Financial Crimes Enforc..

FinCEN Director: Stablecoin Projects Are Money Transmitters in U.S

In the U.S., the Bank Secrecy Act (BSA) clamps down against financial crimes by requiring money services businesses (MSBs) — generally any enterprise dealing with the transmission of money — register as such and then record and report certain transactions. Now, the head of the Financial Crimes Enfo..

FinCEN Chief: US Will Strictly Enforce Anti-Money Laundering In Crypto

News The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco said that Anti-Money Laundering (AML) laws will be strictly enforced in the world of cryptocurrencies. On Nov. 15, Reuters reported that Blanco made it crystal clear that cryptocurrency companies engaged i..

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

In depth For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way crypt..

Crypto Derivatives Ban: UK Govt Won’t Interfere with FCA Decision

The UK government says it has no power to interfere with any decision by the Financial Conduct Authority (FCA) regarding the fate of crypto derivatives. This report comes amid speculation that the financial watchdog is moving to ban crypto derivatives over investor protection concerns. Meanwhile, s..

Anti-Money Laundering Laws Apply to Crypto Too, Says FinCEN Chief

News The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke at the University of Georgetown where he made it clear that Anti-Money Laundering (AML) laws apply to everyone. On Oct. 21, banking trade publication American Banker reported that Blanco said that fi..

Launch of Binance US Can Have Far-Reaching Effects on Crypto Market

Analysis From the outside looking in, the United States seems to present a host of amazing financial opportunities. However, when it comes to launching cryptocurrency exchanges or altcoin trading platforms, these possibilities start to dwindle and fade quite rapidly. In this regard, over the past..

US Congress Asks Financial Crime Director to Study Blockchain Tech

News The United States House of Representatives has passed a bill that calls for the Financial Crimes Enforcement Network (FinCEN) to study blockchain technology in its fight against financial crime. On Sept. 19, the House passed the bill “Advancing Innovation to Assist Law Enforcement Act”, which..

US Government Vague On Bitcoin Role In Fentanyl Drug ‘Epidemic’

The US government has singled out cryptocurrencies including Bitcoin as a funding mechanism for the ongoing trend for smuggling the drug fentanyl.FinCEN Advisory Mentions Cryptocurrencies In an advisory issued on August 21, the Financial Crimes Enforcement Network (FinCEN) highlighted the use of ..

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