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FinCEN Addresses Illegal Sports Betting

FinCEN issued an alert indicating that certain organizations and individuals have been circumventing various laws related to sports betting, including by permitting "third-party betting" and reminding the industry about the...more

1/28/2015 - Anti-Money Laundering FinCEN Sports Sports Betting Third-Party Risk

IRS Issues Significant Convertible Virtual Currency Ruling - Bitcoin Community Abuzz

The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible...more

3/26/2014 - Bitcoins FinCEN IRS Virtual Currency

FINCEN Virtual Currency Guidance

As recently reported, FINCEN issued significant guidance on legal isesues with virtual currency. Shortly thereafter, an enforcement action was intitiated against Mt. Gox, one of the largest bitcoin exchanges for operating...more

7/5/2013 - Bitcoins Enforcement FinCEN Foreign Exchanges Virtual Currency

Money Laundering through Virtual Currency Provider Shut Down

The U.S. Department of the Treasury has targeted Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). According to Financial Crimes...more

5/29/2013 - FinCEN Money Laundering Patriot Act U.S. Treasury Virtual Currency

Bitcoin Exchange Assets Seized

Federal authorities executed a seizure warrant against a bank account associated with one of the leading bitcoin exchanges. The warrant was not based on bitcoins themselves being illegal. Rather, the entity was not registered...more

5/20/2013 - Bitcoins FinCEN Virtual Currency

FINCEN Issues Virtual Currency Regulations

FINCEN has recently issued what is perhaps the most specific pieces of regulatory Guidance on the financial regulatory issues with virtual currencies. ...more

3/22/2013 - Bank Secrecy Act FinCEN

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